"
at the meeting I gasped. First, if you are a business man, why
would you ever spend millions on something you were certain would lose
money?
public shareholders
would fire him for knowingly making a
bad investment.
if he is convinced it won't make money, then he has
no plans to develop it. It lends credence to the theory that he will
make money from the condos and let us take back the buildings.
Jap Del Pizzo
confirmed that Convention Hall never made money.
It is quite possible that the purpose of a Convention Hall is as
nothing more than a government service for the buisiness community.
Jap also reminded my that many college campuses have larger facilities
than Convention Hall, not to mention other convention centers. Jap
thought that Convention Hall could be profitable if you built on
to
attract far more vendors to shows."
You are without doubt the most narrowly circumscribed human I've ever
encountered; you think yourself a businessman but continue to testify
that you haven't an inkling of business practices.
Have you never heard of loss-leaders, discounting, couponing or
cutting price, margins, ultimately profit to maintain market share,
dump excess inventory, win or maintain market share?
Even if shareholders were capable of identifying a bad investment, it
is highly unlikely they would or could fire anyone.
By now it should be clear, to the densest, that Larry knows not how to
market, develop or manage real estate; he knows one thing, buy low
sell high and he obviously hasn't the skill to handle the latter.
CH, the pavilions and Casino, the ocean and beach are amenities, they
are the key elements that define and delineate the nebulous notion of
location concerning real estate; without them no one would be
contemplating 3000 housing units.
It is because of their importance, setting the tone of development,
that a developer must spend big bucks renovating and leasing them, not
for their profitable operation, but to insure the success of the
condominiums.
Money spent there is little different from money spent on
infrastructure, it is spent not by choice but by necessity.
Finally, even if CH wasn't a gem of architecture, no one would enlarge
it; there is no practical solution to deal with transportation demands
and too little parking.
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