development – real estate

real estate project

game of bids

key takeaways:

green means a lot of costs now and maybe some saving later

interesting idea of JV with govt, get tax break. may take a while to lobby

presentation matters. in fact it overwhelms. it is crucial. everyone was really unclear on price. offers were complex

architect is the last to get paid, if at all

there is always a government official who will do everything they can to show you that they know better

two sets of books, internal for investors and ‘public’ as there is a disconnect. 10% is low for investors and high for public officials

be more conservative: one thing goes wrong, and you will lose money


city will not give you breaks for being green, but will require you to be in order to get permit

most projects counted on

  • some break in zoning.
  • or section 42 for low-income housing
  • priced upside as if done deal while it is conditional

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