I hope the original mobile home owners have all received their $1,000,000 checks, othewise, their jealous neighbors may not let them take the money and run.
I’m sure the developer did his “due dilligence” and is sure the development will be approved, perhaps not at the 60 units per acre, that’s shooting high, but rather 30 units per acre will be the concession. Still plenty of room for proft. Let’s see at $250k per unit X 30 units/acre = $7.5mill X 50 acres = $375MILL! That’s not a bad return on paying 50mill or so for the property!
Approve them for 30 units per acre, the developer will JUMP ON IT and at the price level of $250k per unit, the developer may even get an affordable housing tax break!
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I hope the original mobile home owners have all received their $1,000,000 checks, othewise, their jealous neighbors may not let them take the money and run.
I’m sure the developer did his “due dilligence” and is sure the development will be approved, perhaps not at the 60 units per acre, that’s shooting high, but rather 30 units per acre will be the concession. Still plenty of room for proft. Let’s see at $250k per unit X 30 units/acre = $7.5mill X 50 acres = $375MILL! That’s not a bad return on paying 50mill or so for the property!
Approve them for 30 units per acre, the developer will JUMP ON IT and at the price level of $250k per unit, the developer may even get an affordable housing tax break!