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
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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
