Quote:
Originally Posted by jollyburger
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I'm not fully convinced that they're actually going to go all the way forward and through with a full redevelopment.
As I indicated in my other post, this seems to smack of a Master plan proposal and rezoning application and then sell the site for huge profit to a more serious developer after its upzoned - just like happened with the Esso site and Bosa.
Assembling lots, upzoning and repackaging to flip them and re-sell for big profit seems to be all the rage now.
And clearly (as shown from Bosa's $121 million profit from their initial $24 million purchase a few years ago), there's money to be made there.
Why carry all the risk when you can make a (relatively) quick(er) profit with minimal effort?
There's been a domino effect that's been set of by Concord's project at the old Sears store and the mall parking lot that's going to ignite a gold rush for developers wanting to develop those lots north of the Mall along Kingsway now that the southern side is mostly all accounted for.
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