The 20-acre development site is located along the south side ofWest Russell Road, between Interstate 215 and South Fort ApacheRoad. Gemstone acquired the properties in July 2006 in threeseparate transactions totaling approximately $31.5 million.
The land was acquired with proceeds from a $40-millionpredevelopment loan and that all the necessary developmententitlements are in place. Construction financing has not yet beensecured. Condo sales begin later this month adjacent to thesite.
Manhattan West is anchored by a nine-story tower that willcontain 74 upscale residences and the development's two-floorclubhouse, a top-floor lounge and a roof deck. At the tower's basewill be a resort-style pool. Other amenities will includeconvenience retail shops, a barbecue pavilion and a performanceamphitheater.
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