The 1.9-acre site is six miles north of Downtown. The structurewill also offer penthouse units and two-story townhomes. Rents forthe 677-sf to 2,907-sf apartments will be among the highest in thecity at $1.90 to $2.20 psf.
Known for its garden apartment communities in the suburbs, Postis 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 andWashington,D.C.
Post is also working on a $35 million, 271-unit apartment-loftcommunity scheduled to open in late 2001 in Midtown. Units areexpected to rent for about $1.50 psf.
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