Post Properties, an Atlanta-based REIT, is beginning construction on a $35 million, 271-unit apartment-loft community in Midtown. The currently vacant site is a prime location next to the former grande dame Biltmore Hotel, now an office building.

Scheduled for initial occupancy in late 2001, the entire building will be completed in the summer of 2002. The project will have one and two-bedroom units and lofts.

Although rental rates have not been established, it is likely they will be among the highest in the downtown and Midtown markets. Post apartments for similar units are running at more than $1.50 psf. Since the purchase and renovation of the Biltmore, the once-run-down section of Midtown has become a hotbed of major upscale office and residential developments.

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