Additional Info on the Optima Purchase of Orchid Tree

My previous post on the topic stated the purchase price as being $15M.  The actual amount was closer to $16M.  Optima reportedly purchased the 278 unit apartment complex with the intent to tear it down and build upscale luxury condominiums on the 8.54 acre site.  I am very curious to know what the proposed time frame is.  It is my guess that we are years (maybe even five years) away from enjoying a real estate market strong enough to support new construction of mid-rise luxury condominiums.  We will see.....