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Exactly. There's really no reason not to sit on it, either. Hobby might get shorted in the long run (all investments being a gamble, after all), but the likelihood is that their property will be worth a lot more money once the LNR stuff starts coming out of the ground. Tearing those buildings down and hauling off the debris might make the site marginally more attractive, but that stuff costs money, and it would likely upset whatever financial strategy that Hobby is currently employing on the property. They could be depreciating the buildings, etc, in which case the owner is better off financially to leave them standing.

Hobby Properties isn't a "developer" in the strict sense of the word. They own a bunch of lower end properties around town. They're basically just a real estate investment company. They buy stuff, lease it, hope to sell it for a profit later. The development team wasn't particularly well prepared. They didn't do the legwork necessary on the front end, and then claimed that they were getting railroaded by the city when planning staff started asking pretty basic questions about the proposal. The CAC bought into the rhetoric. The neighborhood was pretty anxious to see the project go forward, and was willing to go to bat for the developers to help push the project through site plan approval. Despite the developer's inexperience, the project did get approved, and in less time than it takes to fast-track a similar project in Chapel Hill. The city has actually been pretty supportive of the project. Unfortunately, the developer doesn't have the resources to get it out of the ground.