I think this illustrates that Armoyan used his money, his political connections, his pull at City Hall, and his leverage over the city (e.g., the old WTCC purchase) to add value in a way that no other developer could. It's all perfectly legal, and it all stinks.
A comparison: Navid Saberi, owner of United Gulf, has been trying to do essentially the same thing with the Twisted Sisters/ Skye Halifax site for decades — that is, get an up-zoned approval so he could flip the site to a developer with actual money to build something. But...
Saberi doesn't have the money / political connections / pull at City Hall / leverage over the city that Armoyan has, so deal, Navid, take a hike. (I'm not saying he should get the deal, just pointing out the difference.)
The point is Armoyan was able to monetize his political clout. He himself brought no actual value to the deal. He didn't build anything. He didn't create any services. There's no skin off his back. It was simply who he is that brought him $16 million.
