From what I understand, there is a possible ten year timeline on this project?
Is that accurate?
If so, wouldn't it be a better idea to either partner with someone else or find a different developer for the project?
I hope it's not accurate, that there is not a ten year time limit. In any case, I must do things according to my time and money constraints. I agree that getting a partner with enough money would be a great way to speed up the process of developing the property, but I've always avoided partnerships, which, as I think about it, has a lot to do with why I'm still in business, and one reason why I've expanded overall through the years.
Although many partnerships do quite well, I recommend that all business persons avoid partnerships if at all possible, as one never knows the mental developments over time within the mind of the partner.
And as for finding another developer...... well.... the building sat for many years without anyone purchasing it, or developing it. And if I did not purchase it in April of last year, it probably would still be sitting there. As it is, as soon as I complete another construction project, we are going to begin the cleanout and limited demo within weeks. In fact, if another project had not taken my time and money, I would already be well along on this building. I suspect that even if I offered the building for sale, no new developer would come to it's rescue.
Look at all the buildings sitting in our core, with no developers. The only reason I'm able to "do" this building is because it is small enough for me, "and" it is small enough so that during these depressed times in the core, it can still produce an income, with the right business within. That's the problem with the larger buildings, such as the Barnett etc. They are too big to be profitable in the core at this time. In order for anyone to develop these giants, millions would have to be invested to ensure enough income from them. On these large buildings, who has the money, the plan, and the wish to risk? There is not enough ongoing vibrancy/population in the core to invite development of the large buildings. All we can do now is "work" the smaller projects through to income producers.
But... you will see my good friend Stephen, the project will soon begin to take shape. Be patient with me. I suspect that just as you can "smell, feel, and live" the restaurant business, among others perhaps, and therefore you have great confidence in "doing" them, I can "smell, feel, and live" projects such as this, just as some others here on MJ can do. Therefore, there is sound cause for confidence within me on things like this, even when I don't have, for a time, the money to push aggressively ahead with them.
But... yes, if there was a time limit, I would be in trouble.