What do you do when every lot around you is redeveloped? In a single-family neighborhood, you hold out for last, assuming your lot gets more valuable with each sale and rebuild. However, when you’re in a commercial area, waiting too long often has a price, not a reward.
As you can see highlighted above, one lot is surrounded by the Gables Uptown Trail apartment building. You know that Gables tried desperately to acquire that Uptown parcel well before it came online in 2011.
Today, a new Marriott is under construction by Alamo Manhattan. When it was first announced, there was a lone holdout on the corner of their half-block parcel. It was an old house-turned-art gallery. Ultimately Alamo Manhattan persuaded the owners that selling was better than being an orphan on a tiny, un-developable lot.