Not Every Project is a Home Run - Spring 2017

In 2009, during the height of the Great Recession, a local developer purchased a two-acre site on Ringling Boulevard zoned DTC (50 units per acre) for $1.5 million, a fraction of the amount the land had traded for just a few years earlier. Subsequently, a 39-unit townhouse development called Q was constructed, one of the first new projects completed during this cycle’s recovery phase. According to marketing materials, 11 units remain unsold, a relatively large number considering its location, proximity to downtown and Laurel Park, and its price point. Hopefully sales have picked up in recent weeks and the number of units remaining has shrunk.