I see this primarily as a land play. Any conversion at this price probably does not make a lot of sense. Being that it is an exceptional area that has seen a lot of value improvements probably means that the price would be based on cost/sq. ft. for the land. Anything that is currently there is just a place holder that may assist in the holding process.

I like land plays as well. It is always nice to own an income producing property that is backed up by the land value. That said, once the land value goes past my ability to work from a basic cap rate, I am no longer interested.

One Trick Pony.

There are plenty of other people that can and will play this game. I have my own process that I rarely deviate from.