Apartment rents will go for $1,195 to 3,695 per month. Also planned are 10,000 sf of restaurant; 15,000 sf of ground-floor retail; and 175 retail parking spaces. Smallwood, Reynolds, Stewart, Stewart & Associates Inc. is the architect.
The apartments will be built at a hard cost of about $150,000 per unit, the developers confirm. Completion is scheduled for first quarter 2003.
The joint venture purchased the 1.93-acre site from Ingram Properties for $6.3 million or $3.26 million per acre ($74.94 per sf).
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