The vacant lot stage, I assume, is due to the lengthy process of permitting. If you're referring to the same sort of "vacant lot" as I am, there is often a foundation and a single wall or so left so that it qualifies as a remodel as opposed to new construction (though in reality is effectively new construction). Presumably there is some regulatory and/or tax advantage to doing this.
In a lot of places in California, "how are such projects economic" goes beyond regulatory delays and their associated financial impacts. When you are spending $1M on a 1/4 acre property that you tear down and spend an additional $400k redeveloping, its certainly more than just regulatory costs making that so much more expensive than the vast majority of the US and the world.
In a lot of places in California, "how are such projects economic" goes beyond regulatory delays and their associated financial impacts. When you are spending $1M on a 1/4 acre property that you tear down and spend an additional $400k redeveloping, its certainly more than just regulatory costs making that so much more expensive than the vast majority of the US and the world.