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Gables Montecito Under Way

PALM BEACH COUNTY, FL-Gables Montecito will cost about $56 million and contain 450 apartment homes in the county. The units are scheduled to be ready for occupancy in the second quarter of next year.

By Melissa Bogdany | Updated on February 10, 2004

PALM BEACH COUNTY,FL- Boca Raton-based Gables Residential has begun development of Gables Montecito, which will contain 450 apartment homes in this county, according to a recent company financial report. The homes will be located adjacent to the newly announced location of the Scripps Research Institute, which is expected to have as many as 50,000 employees in the next 15 years.

Gables Montecito is expected to cost about $56 million. The apartments should be delivered for occupancy in the second quarter of next year.Publicly traded Gables Residential manages, acquires, develops and constructs luxury multifamily communities in high-job-growth markets. Last year, the company finished construction of 832 apartment homes for $120 million, acquired 820 apartment homes for $122 million, sold 1,673 apartment homes for $113 million and started construction of 1,323 apartment homes anticipated to cost about $160 million. It manages 51,310 apartment homes in 182 communities, owned 84 communities with 22,887 stabilized apartment homes mainly in South Florida, Atlanta, Houston, Austin, TX, Dallas, Tampa, FL and Washington, DC, and has nine communities with 2,593 apartment homes under development or lease-up.

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