Is This a Real Estate Deal?

This is one of those deals that this owner has probably been convinced for the last 30 years is about to happen. It's imminent. This thing's going to be redeveloped. The city's on board. We just have to put together funding. And for 30 years, it's never come to fruition. So the big key to me would be getting in there and figuring out what is real versus what is pro form about this list thing. Because i am a little bit sceptical about the two million dollars in cash flow on it. But i think, you know, at first glance my head, this looks pretty good. What am i missing?

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