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ATLANTA-Construction is under way on a $60-million upscale rental community being developed by Lane Co., a local multifamily real estate developer. The project, dubbed No. 10 Park, will include 312 one and two-bedroom apartments, along with luxury amenities, including a pool with a sundeck and cabana, and a clubhouse with a 24-hour fitness center. Average rent for the units will be around $1,300 per month.

No. 10 Park is located in Atlanta’s Central Perimeter area, a rapidly growing upscale area in Metro Atlanta in DeKalb County. The Perimeter Community Improvement Districts, an organization that works to enhance mobility and modernization in the area, estimates that there are currently 115,000 jobs in that area, which could grow to 213,000 jobs over the next five years. The organization also reports that the area currently has 26 million sf of office space, making it the region’s largest business district. There are also currently 30,000 households and six million sf of retail in the Central Perimeter.

“The Perimeter area is one of the strongest markets in the Metro Atlanta area,” says John Bell, development partner for Lane Southeast LLC, which will lease and manage the complex. “Low apartment vacancies and strong job growth will mean a continued demand for luxury apartments.”

Development manager Jeff Sherman says Lane is building a “truly walkable community” with this project, in proximity to upscale shopping and restaurants. No. 10 Park is located within a half-mile of Interstate 285 and a few miles from a MARTA rail station.

The Preston Partnership is the project’s architect, with Lane Realty Construction LLC serving as general contractor. The first residents are expected to arrive in summer 2009.

Lane is also responsible for several apartment communities and condominium developments at the Atlantic Station mixed-use development in Midtown Atlanta. The company, along with The Dawson Co., is currently constructing the Eon at Lindbergh condominiums, as well as a mixed-use development in the Buckhead community.

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