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We tend to build rental buildings and then sell them.
Additional capital will come from the Grant family, through the sale of property to developers seeking to build rental buildings.
"There just hasn't been enough rental product built," he said, as, developers have said that the price of land and the costs of construction in the last few years have made it impractical to build rental buildings.
Mr. Wolkoff said he plans to build rental housing, an entertainment center, and a business center with office buildings and light manufacturing on the site.
He chose to build rental apartments rather than condominiums.
"Over those decades nobody would come into Boston, Brookline or Cambridge to build rental housing," he said.
Similar(42)
Back then, developers had little financial incentive to build rentals, which provide profits at a snail's pace compared with condos.
The Surabaya city government has intensively built rental flats as an effort to reduce the problem of housing provision in urban areas, especially for low income people living in squatter settlement.
Though the project is the company's first development in Woodbridge, it has built rental apartment properties in nearby Edison, Mr. Rappaport said, adding, "We know the area so we pursued the seller of the land".
Trump built rental apartments and condos on the site.
But now a Manhattan developer who has leased the land is advancing plans to build a rental apartment building on the site.
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