There's fewer than two dozen leases so far in the 389-unit building, Pompizzi tells GlobeSt.com. "These are the first days that models have opened, we've had nothing to show people except from brochure and Web site," he says.
The property is one of the few high-rise buildings that made it from drawing board before the recession to opening this year. Pompizzi says it's not the best time to open, but It's better than opening last year. "Everyone knows this is going to be a difficult market, lease up will go slower than it did five years ago," he says. "We continue to feel good about our property and its location. We see the economy starting to come back and apartment rents starting to show movement. I think the timing is okay."
The property includes studio and one-to-three bedroom apartments, including penthouse levels. Jupiter Communities is marketing the property. Cornerstone Real Estate Advisors LLC is an equity partner for the project. Financing was provided by Bank of America and JP Morgan Chase.
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