FenwayResident
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- Jul 17, 2013
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Really this is a hedge by Samuels. He's turning this lot into something that can make him money in the mid-term, until he can put up something new that will make him more money in the long-term.
Yeah this is my read on it too. He's waiting 5-10 years to see if the rental and condo markets are still going gangbusters. If the market has cooled off to the point that building another large building doesn't make economic sense, he at least has the renovated hotel generating income.