I love what they did but if it really cost $3 million that's nuts. You could buy 4 nice homes in Avondale, San Marco or Ortega for that and have a quarter of a million dollars left over. Would love to see a detailed breakdown of the expenses on this one.
I don't believe they rehab buildings with profit in mind. They are the historic preservation version of a legacy developer (i.e more concerned with creating something special and improving their community). The good news is that what they do is amazing. The bad news is that it isn't easily replicated and they seem to work on one project at a time. It would be amazing if someone could do a higher volume version of what they do, but the economics probably just don't work.
What's their total body of work now-this building, the Powell Apartments in Springfield (near 6th and Walnut), their house on Hubbard Street, and the amazing Klutho office on 4th and Laura? That's an awesome legacy already.