Under construction on Peachtree Road is Post Properties’ urban high-rise prototype, a $30 million, 16-story, 121-unit apartment community scheduled for occupany by spring 2001.

The 1.9-acre site is six miles north of Downtown. The structure will also offer penthouse units and two-story townhomes. Rents for the 677-sf to 2,907-sf apartments will be among the highest in the city at $1.90 to $2.20 psf.

Known for its garden apartment communities in the suburbs, Post is going after an urban market with high-rise projects nationwide. However, Post’s chairman/CEO John Williams says the long-term plan, as an exit strategy, is to convert the asset into condominiums. Similar prototypes are planned for Austin, TX, Denver, New York and Washington,D.C.

Post is also working on a $35 million, 271-unit apartment-loft community scheduled to open in late 2001 in Midtown. Units are expected to rent for about $1.50 psf.

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