Saturday, October 10, 2009

He's Bad; NOT Nationwide -OR- U2 Can Be A Real Estate MOGUL

The premise is simple; retrofitting a kitschy, quaint main-drag commercial retail/residential building from the Roaring Teens/Twenties heyday era into a grand "Tuscan Lofts" development. Every older community has such buildings anchoring the old shopping/business district. Historic Preservationists, conservationists and developers are at odds. Add in a bizzaro world layer of bureaucratic building/zoning, pissant elected glad-handers, then a tincture of economic meltdown, mortgage debacles, with a soupçon of plummeting property values and you have a recipe for....

The lawsuit conga line should fit right in at the developer's weekend Oysterpalooza Festival.
That's right folks, shoddy loft conversions aren't this developers only entreprenurial pursuit. In addition to Yuppies, he shucks oysters as well.

Update: On a related note here is info on another LSD deal from yet another civic minded developer that's gone tits up here...

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