In Columbus, Ohio, they acquired a local property management company and ran it into the ground.

I own a GC company and have guys with plenty of ground up/new construction experience so I'd save labor and material costs.

Again, the seller refused (although I'm not sure if this would've been resolved legally at settlement regardless). (3) The cell tower was additionally paying a portion of real estate taxes which we were unable to confirm how much they were responsible for and if they had held up their end in recent years. (4) Cell tower had the right to purchase the lot for $1 at anytime during the lease and the right for an additional 2,500 SF of ground space.In the end we backed out at the end of the due diligence period in order to recoup our earnest money.

Insurance rates in Florida have been impacted by back-to-back hurricanes, but from what I've seen on the ground, the bigger issue stems from something deeper.

@Oli C. which comes first, the chicken or the egg, the team on the ground or the property?

So, as a rule of thumb they might be considered at half the value per square foot as above ground space.

I invest in Detroit from California, and the trust I have with my boots on the ground is the key.

Has anyone ever initiated or been close to ground level in a major redevelopment of a neighborhood?

Plus developing ground up is the extreme of REI.  

These areas will require a good amount of on the ground knowledge that you probably don't want to spend the time getting.