DLJ will provide equity financing. Peebles will handle development services and marketing. Hardin Capital, affiliated with DLJ, is the construction manager. Completion is expected by December 2004.
The project is being developed at an average unit cost of $1.27 million. The 112 tower units are 1,904 sf to 5,600 sf.
In a prepared statement, R. Donahue Peebles, president/CEO, Peebles Atlantic Development, says the project is 50% pre-sold at prices from $600,000 to $6 million-plus. The community will also have six four-story Oceanside villas with 5,646 sf of living area.
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