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.
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