Simon Development Group, which helped open the Hill Country BBQ Market in Chelsea, is starting an opportunity fund for investors interested in distressed properties. The five-person team manages, redevelops and constructs residential properties, including Tower 31 at 9 West 31st Street between Broadway and Fifth Avenue. Its new fund, which has a target value between $50 million and $100 million, is the first for the nearly 20-year old group. The Durst Organization, among others, also recently stepped into the distressed assets field. Matthew Baron, a principal at Simon, is unflappably optimistic about the pursuit, insisting that the time is right for his group to initiate the fund. Note: Correction appended [more]