This first-of-its-kind project addresses California’s housing shortage by repurposing an underutilized site into a vibrant residential and retail space.Of the 800 units, 180 will be affordable housing, with amenities including a rooftop pool and fitness center.

As @Nick Harrington stated the main drawback as I see it is that you are buying at retail or very close to it.

If you're paying retail for a property, its hard to make the numbers really work. 

I would like to solicit feedback from both consumers and the pros on the feasibiltiy of buying a nice house near the beach near retail (I'm thinking NJ), then flipping it as quarter-share fractional interests at a premium.

Simply trying to beat big box/Costco pricing and their retail prices aren't less.

But they appear to be suggesting that you're paying retail. 

I don't like that hes paying retail. 

And those can be hefty compared to retail...Houzz, Home Depot, Ferguson, etc. 

Pick up a receptacle tester—available from most retail stores for less than $10.

You're paying retail again which I just don't like.