Quote:
Originally Posted by austlar1
...I wonder why the article suggests that a new owner or owners will face "complex" issues to develop the site. What is that all about?
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Simple...Several hundred thousand square feet of current tenants.
Furthermore, as I have said for years, it was never Stacy's intention to develop the property. In simplistic terms, he purchased the property...obtained specific entitlements to maximize the value of the property...and placed it on the market at the most opportune time to maximize his potential profit.
Since he garnered the entitlements back in 2005-2006, he had to wait out the most recent economic/real estate downturn which froze most capital sources until fairly recently. It is obvious he believes he can maximize his return on investment during this window of opportunity.
Also, there is another, possibly larger, global economic recession on the horizon. Thus, he wants to try and sell it now and not have to wade through another downturn.