Faced with a shortage of prime development sites, a growing number of builders are taking an unconventional approach to securing land: buying entire condo and co-op buildings, and then tearing them down to make way for new projects. As the Wall Street Journal reports, it's a practice that's become more common in states like Florida, where condominium associations established after July 2007 can be dissolved with an 80 percent vote, as long as certain conditions are met. Still, the process requires an extraordinary amount of patience on the part of the developer and, more importantly, the ability to make an offer owners can't refuse.
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