RE:Our partner is Polygon........ Not sure. The Archer Green townhomes were built by the JV.
The home builder Morningstar is associated with Polygon. Polygon specializes in density building.
A significant part of the development is density. My guess is that Polygon just likes dealing with the larger numbers.
Frankly, I am much happier with lot sales than home building. Home building is time intensive, medium margin work. Lot sales are just cash. Madison is not a big staffed co. They are not builders.
I think they are very fortunate to get teamed up with Polygon.
As for knowing, we will have to rely on Madison to ensure that they are getting a fair deal.
Grippo etc. have a huge percentage ownership of shares.
These are 65 single lots, the JV has over 7000 of them to vend.
Will there be side bonuses to pricipals etc? No idea.
Ray Heung still has a lot of shares, is very wealthy and will no doubt be watching for anything out of the ordinary.
The fact is that Madison has held this land since the sixties. For over 50 years.
The book cost will be essentially what the JV has spent on planning etc. There was a huge amount of planning work done.
In any event, I will call the co. and ask.