I think it reflects an aggressive positioning of the major national builders to capture market share. What they are doing is throwing a lot of product out in the market and hoping that the sales will match the starts.

A lot of national and regional builders are in the market, and all are trying to gain market share quickly. To do that, they are building units quickly and keeping prices down. It's volume and a competitive price.

The market is much stronger now. From an employment standpoint it's growing in a number of different areas, not just high tech. The growth rate is slower and, in my opinion, more sustainable, and the housing market is on very solid footing.

If it was a five-acre parcel, I think I would be very hesitant to try to build mid-range housing product in that location, but the fact that it's 50 acres means you can really create an environment that changes the character of the entire area. I think that's really the key to making this successful, because otherwise you're in kind of a sea of lower-income rental housing.

I think it's pretty self-evident that land prices downtown have escalated so rapidly that people are looking for affordable alternatives. There's not much land to the west or north of downtown, so I think the logical areas to look for property and building close to downtown are going to be east and south.

We think it reflects the standards we agreed to.