Smart framing here. The $1,063 psf for land isn't just expensive, it's a statement about conviction levels. What I find intresting is the timeline patience required for ground-up vs buying stabilized assets. Most capital right now wants optionality, but this play locks in a 5-7 year horizon minimum. The assemblage premium detail is key tho becauseit shows how much value gets hidden in fragmented ownership structures that nobody bothers mapping.
It’s is definitely a staggering number. That said, I’m not sure “ripped off”, as some have described it to me, is the right lens when the buyer has a long time horizon and is underwriting scarcity & super luxury more than today’s market values. Time will tell.
Smart framing here. The $1,063 psf for land isn't just expensive, it's a statement about conviction levels. What I find intresting is the timeline patience required for ground-up vs buying stabilized assets. Most capital right now wants optionality, but this play locks in a 5-7 year horizon minimum. The assemblage premium detail is key tho becauseit shows how much value gets hidden in fragmented ownership structures that nobody bothers mapping.
It’s is definitely a staggering number. That said, I’m not sure “ripped off”, as some have described it to me, is the right lens when the buyer has a long time horizon and is underwriting scarcity & super luxury more than today’s market values. Time will tell.