Land owners can add value by getting city approval for multifamily housing themselves, then sell to a builder. The entitlement work costs less than building but lets you capture the profit from the zoning and permits.
Are you in the deal room? City is because let's just say, for example, you don't know me and you don't know how to turn this into a truck parking lot. That's why it's suggesting you look at it as multifamily, because the market says this is a good multifamily spot. And so in order to get it ready for multifamily, you don't have to be a multifamily builder to do it. Okay? You literally just present the idea. You do all the legwork and paperwork to get the city to approve it. You add value to the property that way and then sell it to a multifamily developer.
