Lane officials expect to have the first apartment units ready for occupancy in first quarter 2006 with completion slated for summer 2006. A projected rent range is still being reviewed for the mix of affordable and market-rate units. Based on the success rate of the company's three previous projects, they expect the new enterprise to rent up quickly.
For example, they cite the 231-unit Park District apartments at 401 17th St. NW, now 65% preleased but won't be completed until year end. At the Element, a $55-million, five-story, 322-unit condo community at 390 17th St. NW, Lane is 87% preleased even though the project won't be completed until summer 2006. The developer has sold 280 units at $100,000 to $300,000 each in the first month of sales activity.
On Nov. 4, the company set what is believed to be a local one-day condo sales record by signing contracts for 84 units at a total cost of $88 million or about $261,904 per unit, as GlobeSt.com previously reported. Condo buyers make a $1,000 non-refundable reservation fee at all Lane projects.
And at Art Foundry, a 69-unit condo project completed in spring 2004 at 400 17th St. NW, Lane has sold every unit priced from $140,000 to $300,000.
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