I don't know what will happen when retail sites are available at the Palace. But I know that real estate development has a lot of luck inherent in it. One spends years developing a building plan, buying the land, obtaining government approval and then years building the structure. Over that time, no one can accurately predict the market.
A small case in point. I live in a lovely 40 unit condo opened in 1987. The original builders went bankrupt and the mortgage holder auctioned off the unsold units, some of which hadn't been finished inside. Since then the condo has been well managed and cared for. The structural part is steel and concrete so it's solid and quiet inside units. It's on a lovely site, above a large river, next to a 1927 bridge, overlooking the small city skyline. The properties turn over quickly when someone moves. The condo was a good idea. But the financial times trapped the original builders. (Incidentally, the original plan was to build a twin of this building on an adjoining lot . That didn't happen.) |
