Condo-Buying Rush Nets Lane $10M in Three Hours

ATLANTA-The magnetism of the $2 billion, 138-acre Atlantic Station, under construction for two years on the site of a former steel mill in Midtown, has drawn condominium buyers in hordes to the planned $73 million, 578-unit Residences at Atlantic Station, reports Lane Co., the condo developer.

Although the homes won’t be ready for occupancy until spring 2004, three-day sales are now at $20 million based on 104 non-refundable $1,000 reservations at the Art Foundry section of the condo development. These reservations include deposits plunked down on 49 units, priced from $140,000 to $300,000, at the planned 69-unit Art Foundry section taken over a three-hour period and valued at $10 million, says CondoLane, the developer’s marketing arm.

“We believe the event may have set a record,” says Lane’s chief operating officer Bill Donges. “I know of no other event where this many condominium homes have pre-sold in three hours.”