--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote:
>
> what's the total acerage of land that the "new" triangle would
consist
> of?
>
> The sale in LB can be looked 2 ways. One, the value of the sale
for
> conversion into condos - more like $16m. The value of the raw
land,
> that another potential suitor looked to knock down and build 88
> units...
>
> How many units can be built in the proposal on the tri?
>
I never got to figure out the total area with the street vacations
(I got fired by then). However, the Triangle itself is around 19,200
sf and rough estimates of what could be built there were around 60
units, but I think it was actually a little less. With the street
vacations, the parcel is much larger (since it is not only adding
land but expanding the outside perimeter of its triangle - remember
geometry?). There were renderings for possible developlemtn there
and I thin it was maxed at 93-95 units. What the two appraisals
failed to consider is what and how much you can build, which is the
two things one cares about when buying developable land and what
drives its value.
Figure the C-8 piece sold for $33 milion all in which includes $17.2
upfront, $11.1 in percentage of sold units, and $4.4 in
infrastructure. That's what Metro paid to buld 224 units. Do the
math and take something away because some of the Metro units will be
higher up but add something back because the Triangle is not
spearated from the beach.
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