In reality, the money at stake supersedes all else. This business is so profitable that there are no tax incentives attached to the project, or other government subsidies, which means there are no real clawback mechanisms if the casino developers fail to deliver what’s been promised. It boils down to a simple question: Is it worth the risk?
After more than a decade of steadily acquiring properties in Richmond, the D.C.-based firm recently found itself on the selling-side of the negotiating table for one of its downtown buildings.
Mercer Street Partners, whose other local deals have been for apartments and a stake of Common House social club, now has a small downtown office building in its portfolio.