The Lane Cos. have closed on two parcels at the site to build the apartments, condos and lofts. The locally based entity would not disclose the price of the land or the construction cost of the project.
Plans to erect the housing units follow principal developer Jacoby Development Inc.'s announcement that work is under way on the 17th Street Bridge, one of the prerequisites for residential construction, according to Jacoby Development.
The first phase of residential development by the Lane Cos. will contain 231 mid-rise apartments in the 15-acre Commons. The project will also have a pool and parking facilities. Completion is planned for fall 2003.
The second parcel, in the District sector, will have 278 mid-rise apartments and 69 condominiums. Construction is set to begin in November.
Combined, the projects will have 46 affordable units reserved for families earning no more than 50% of the median income in metro Atlanta.The one-bedroom affordable units will rent for $725 a month and the two-bedrooms will rent for $875. Market-rate rents for the remainder of Lane's units will average $1,280 a month.
Traditional financing and $36 million in tax-exempt bonds issued by the city of Atlanta, which were supplied because of the allotment of affordable housing units, will fund the project.
Lane plans to close on two other parcels at the site to develop the remaining housing units.
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