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The National Trust put the building up for sale in mid-2009. The organization said it had outgrown the 60,000 square feet (5,600 m 2) building and needed about 80,000 square feet (7,400 m 2) of space. Real estate experts believed the structure would sell for $1,000 a square foot, or $60 million.
With no development, financial or construction experience, they put down a non-refundable deposit to purchase the Ritz and Mozart apartment buildings. Their commitment won over James Rouse, CEO of The Rouse Company and he helped them secure $625,000 to complete the transaction and $125,000 toward the cost of rehabilitation.
People 1 month ago Michael Jordan's Chicago Mansion Sells for $9.5 Million After 12 Years on Market The retired NBA legend's sprawling Highland Park estate has been on the market on and off since 2012
Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others.
Each year Private Equity International publishes the PERE 100, a ranking of the largest private equity real estate companies by how much capital they have raised for investment in the last five years.
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