The development cost of $195,652 per unit is about equal to theconstruction value of class A area hotels built recently or in theplanning stage, construction industry estimators tell GlobeSt.comon condition of anonymity. The Waverly has a 394-car garage.

Locally based Zom is targeting tenants from Downtown's 60,000office work force. The developer's research finds 40% of theDowntown workers earn at least $50,000 per year.

That's why average asking rents for a two-bedroom, two-bath unitare $1,739 per month. Comparable class A average area rents are$1,200 per month. Five penthouse units have rents ranging to $9,000per month. The Waverly's average rent is $1,900 per month.

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