It's hardly unheard of, but the practice is risky enough to cause many developers to avoid it, says Wright Runstad CEO Jon Runstad. Others say Selig overpromises sometimes in an effort to get the deal he wants, and that he often feels little need to pay his bills on time. There are things that I respect about him, but not that stuff, to the extent that it's true. Selig admits to cash-flow problems from time to time. When it got tough, we've had to make two and two equal four.
Real estate is a nasty business.
But I will tell you, by the end of the day, you'll find we pay our bills. He doesn't deny he over-promises or pushes the envelope a bit. For example, he says, Columbia Seafirst Center wouldn't have been 76 stories had he not forced the city of Seattle to change its rules on bonus points to allow additional height. Martin Smith Inc. vows to be that developer. High-tech companies will be among those sought as tenants.