“In 1993, I was with a firm that looked at buying many of the run down apartment complexes in Greenspoint. Our intent was to renovate them, thinking that the many class A office buildings contained many potential residents. Greenspoint was an enigma: awful multi-family and beautiful office development. You don’t often see the two side by side like this. When we got into town and started touring the area, we immediately saw the two critical falacies of our plan: 1. we needed to own and renovate all of the multi-family to turn the neighborhood. One holdout property would serve as a sanctuary for all that was bad about Greenspoint. Unfortunately, not every property was available for purchase. 2. Some of the properties, in particular those developed by Fred Rizk, were functionally obsolete. For example, sliding glass doors opening directly into parking lots–no way to easily dress this up. We never spent much time on the deals after that. On a more positive note, my boss at the time corrupted my by taking me to the St. James Club, and since that time I have considered it the best strip club ever.” [LandMan, commenting on Waiting for the Renaissance: What Could $32 Million Buy at Greenspoint Mall?]
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