ATLANTA-Georgia Insurance and Safety Commission investigators are hunting arson suspects today in the July 24 early morning blaze at the Atlantic Station redevelopment in Midtown where local multifamily developer Lane Co. lost 145 luxury condo units at two properties. Investigators have found a number of accelerants at the fire site. More than 100 persons have been interviewed.
Lane Co. has added $50,000 to the $10,000 reward posted by the state agency for information leading to the arrest of the arson suspects. People in a position to know tell GlobeSt.com the reward total could reach $100,000 over the next few weeks as investigators probe the debris for further clues.
Lane lost 65 condo homes under construction at the 322-unit, $55-million, sold-out Element condo community. None of the Element units were occupied. The developer also lost 80 completed homes at the two-year-old, 347-unit, fully occupied Art Foundry complex.
Brokers and other persons intimate with the value of the condo homes tell GlobeSt.com the estimated hard construction cost of the 145 lost condo units is $15 million. Marketing sources tell GlobeSt.com the sales value of the 145 units, based on an average price of $250,000, is at least $42 million. A formal fire damage count hasn't been made by either Lane or fire investigators.
Lane officials couldn't be reached by GlobeSt.com's publication deadline to learn when they will begin rebuilding and finishing the Element project. However, construction sources who have visited the fire scene and are familiar with luxury condo construction timeframes tell GlobeSt.com it will take at least six months just to clear the debris. Lane was shooting for a March 2006 opening at Element where pre-construction home prices ranged from $100,000 to $400,000. Element broke ground in September 2004.
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