Quote:
Originally Posted by bhawk66
every single unit would have to be sold and occupied and each paying through the nose for that number to equate, imo.
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if built, the individual owners of the 125 7-figure condo units will certainly be paying "through the nose" property taxes on them.
and whatever entity ends up owning the 439 rental units will also be paying a large multi-million dollar annual property tax bill.
you're also neglecting to consider the hotel component of the project. the city slaps a hefty tax on hotel rooms (much more per SF per year than a residential unit), so a very significant percentage of that $25M annual figure would be coming from the 200 hotel rooms.
and then there's the 11,000 SF of retail space that will also generate property and sales taxes.
the $25M figure is just a very rough ballpark projection subject to all kinds of unknowable variables at the present, but in a massive mixed-use project like this, the various taxes really do add up to very real money.
on the surface, it seems rosy to me, but it's not a totally inconceivable number or anything like that.