Nice story on the PD's late-breaking news site this afternoon about LeBron James investing in new home development in Glenville. Olivera Perkins writes:
LeBron James will be the featured attraction Wednesday at the groundbreaking for Parkside Townhomes at Rockefeller Park in Glenville, but it won't just be a celebrity appearance.Ummm... wait a second. Twenty units. $20 million. That means each unit will cost (or sell for) a million dollars, right? Near Superior and East Blvd.? A million bucks a unit?
He is one of the investors in a 20-unit, $20 million project being built with the nonprofit Glenville Development Corp.
A little googling leads us to Hotel Bruce's 2005 interview with GDC director Tracy Kirksey, in which Tracy said:
I’m excited about the Parkside Townhomes being built on Superior Ave between E. 101 and E. 103 close to East Blvd. We assembled the land, got some housing trust fund money for infrastructure, and even asked the Rockefeller trust for some green space for 20 units that are selling in the mid to high 200s.This raises so many questions a person hardly knows where to start. But for now, I just want to know how Perkins and her editor figured out that 20 units X "mid to high 200s" = $20 million.
Of course, it's possible that the asking prices have quadrupled in the last year. Everything the King touches turns to gold, right?
UPDATE 6/21: The version of this story in today's real (dead tree) newspaper says Parkside Townhomes is a $4.3 million project, not $20 million, and has other details not included in yesterday afternoon's "Latest Updates" version (linked at the beginning of this post).
But the corrected story isn't on line... and yesterday's online version hasn't been corrected.