“They’re typically building high-end condos, build it and sell it. Capital return is in a few years. That’s something that is ingrained in the companies that have been coming here because that’s how they’ve grown in the last 35 years. It’s always been a development game for them. So they’re just repeating their business model here,” he said.
Selling development sites, not condos
Interestingly enough, a Forest City Realty Trust executive said--perhaps mistakenly?--that those were sites for rentals.
And are they selling from strength, or weakness?
Now they're seeking new investors "to make the project run even more expediously," in the words of Forest City Ratner's Ashley Cotton. And a FCRT executive said the sale was to take "advantage for demand for residential buildings," which sounds like a sale from strength.