I imagine, and using Emblems Design District building permit cost of $250MM, I can agree that these folks need some deep pockets. I do hope that they will proceed, thinking that this is still a key address in downtown
These guys are hucksters. It also doesn't bode well for this development that they somehow think they can sell units without realtors, like they have some kind of special ability. Seems very amateur hour, and I'd bet they haven't actually sold as many as they're letting on.
Oh certainly. Im under the impression the threshold for this is closer to 80-90% of units however. Only the biggest builders can go ahead at 70% or less (the absolute biggest can get by on spec alone!). I'd be impressed if they were able to go from what, 10% to 80% without the Realtor network?
Somehow they sold phase 1 and 2, but they were at the time, really the only game in town for new build in downtown.