Depending on set backs, permiable (sp?) ground restictions, and useable parking stipulations, they could probably put 8 units on that property. If they are smart, they will build brand new units on that land that look exactly like the refurbished ones, except for the fact that they are new. Then use a 2 bedroom new unit and a 3 bedroon new unit as models for sales.
Or...depending on how much value added it would bring, they might consider building a nice new private clubhouse facility there with party space, workout facilities, even a supply shop for boaters...it would make a nice amenity edition and could then probably put the sales price on the refurbished units to close to $450K on average. Then you can also make the Townhomes a "Private Club" and charge an mandatory initation fee for new buyers that the developer usually takes a 30% cut on. Could make for an additional $10-20K per unit if the market would support it.
Man I love development...it's like Lincoln Logs meets Monopoly meets Sand Castle building at the beach (of course it's a bit more expensive :)
Ren
IMO
"Experience: that most brutal of teachers. But you learn, my God do you learn." C.S. Lewis
www.younglife.org
