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SEATTLE-A $48.9 million high-rise is about to join the Capitol Hill Community.

AvalonBay Communities, Inc. (NYSE: AVB; PCX) has begun construction on Avalon Madison, a 16-story apartment building featuring 154 luxury apartments, 12,800 sf of retail space, including a grocery store and roughly 39,000 sf of office space. The facility will be located less than three blocks from Seattle’s business and financial district and within walking distance of places such as Safeco Field, Broadway Avenue and Pike Place Market.

The community’s 154 homes will consist of studios and one- and two-bedroom apartment homes and one- and two-bedroom apartment homes with dens. The top two floors of Avalon Madison will contain penthouse apartments with numerous upgrades.

Apartment home features will include fully-equipped kitchens, private patios and terraces, walk-in closets and full-size washers and dryers. Residents also will be granted other community amenities such as a clubroom, fully equipped fitness center, two rooftop terraces and panoramic views of the Puget Sound, Elliott Bay and the Olympic and Cascade mountain ranges.

The cost to complete construction of Avalon Madison is expected to be approximately $48.9 million. Construction completion of Avalon Madison is expected during the second quarter of 2003, with initial occupancy expected to occur in the first quarter of 2003. Avalon Madison’s monthly average stabilized rents per home are expected to be about $1,990.

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