ATLANTA-Locally based Lane Investment and Development LLC has broken ground on the Metro on 16th, its seventh multifamily development at the $2-billion, 138-acre Atlantic Station redevelopment in Midtown.
The 172-unit, $24-million apartment project is being built at a development cost of about $139,535 per unit. The project will have a full slate of recreational and health amenities, including an exclusive dog park for owners' pets. The dog park is believed to be the first of its kind at Atlanta's newer apartment complexes, area brokers familiar with metro multifamily market tell GlobeSt.com.
Roderick Teachey, a development manager for Lane, says the Metro on 16th is being created at this time "to meet the continued demand for rental housing options" in Atlantic Station. "The success of Park District and the preleasing efforts of Icon tell us that people want the choice to rent apartments here," Teachey says."
He expects the first residents to move in by spring of 2007. Full completion is projected for summer 2007. Lane Realty Construction is the general contractor. Lane Management LLC will lease and manage the Metro on 16th. Rents start at $1,150 per month. The Preston Partnership of Atlanta designed the apartments.
Besides Park District and Ikon Apartments, the company's existing assets at Atlantic Station include the ATL Lofts, element and Art Foundry condos; and the Flats student housing. Teachey tells GlobeSt.com the estimated total development cost of the seven projects totaling 1,697 units is $283 million. Art Foundry is sold out and 100% occupied. Park District Apartments are at 97% occupancy. The other developments are under construction.
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