The Commons will comprise 1,150 mid-rise apartment units and an intown neighborhood with a townhouse streetscape, an undetermined amount of retail space, lofts and live/work units.
The Lane Cos. include Lane Realty Advisors, and Realty Development Corp. Lane Realty Advisors will arrange and structure the equity and debt financing for the project, in partnership with Lubert-Adler Real Estate Funds of America, a REIT with $750 million in equity, according to a prepared statement from Lane Cos.
The project's first phase comprises high-end and middle income housing. Construction should begin in early 2002 with several phases spanning four to five years. Phase One is expected to be completed and fully leased by mid-year 2004.
Lane Cos. manages more than 32,000 apartment units in the Southeast. It also has developed $1 billion in projects, acquired $100 million in property since 1995 and built 7,500 apartment units and condos valued at $456 million, along with extended-stay and assisted living communities, according to the company's statement.
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