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NickSabbath666 t1_j1m2hfp wrote

Hmmmmmmmmmmmm I have this theory that every property developer in America right now is just really stupid. This company realized they can probably cut their losses and build a built to rent community in the suburbs and make significantly more money. While writing off the loss of this mess on their taxes.

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nemesisinphilly t1_j1m7cfd wrote

This company has never built a residential project in the suburbs. All of their projects are in NYC including One World Trade Center the tallest building in the United States. This is not a suburban developer.

Your skepticism is valid when it comes to companies like Toll Brothers but not in this case.

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NickSabbath666 t1_j1m91rc wrote

Hold the phone… the Durst Organization? The one that produced Robert Durst, and all the empty ultra luxury condos on billionaire’s row?

This would be a very, very, very good thing for future generations in Philadelphia if this company does not develop ANY property on the waterfront.

It’s going to be abandoned multi million dollar condos that the tax payer is going to have to pay to demolish.

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ColdJay64 t1_j1m3j6f wrote

They wouldn’t have the same construction costs and financing issues in the suburbs?

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NickSabbath666 t1_j1m3seg wrote

No because land is cheap in the suburbs and Republican legislators all over the nation will incentivize companies to “create jobs” by cutting their tax bill to $0.

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mikebailey t1_j1mjck5 wrote

I’m confused, they’re developers? Why do they give a shit about land cost?

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