(To read more on the multifamily market, click here.)
RESTON, VA-Two condominium towers have topped out at the residential compound known as Midtown Reston Town Center. The site is being developed by KSI Services Inc. in conjunction with construction partner Bovis Lend Lease. Known as Midtown Reston East and Midtown Reston West, the structures will offer an aggregate 293 residences.
The price tag for their development is $150 million. The entire Midtown Reston compound--which will feature about 1,000 condos and apartments, 34,000 sf of retail space and a public park--will cost a total of $275 million to complete.
At 21-stories each, Midtown Reston East and West consist of 145 units and 148 units, respectively. Both will have ground-level retail space, as well as a four-level parking facility.
The demand for condominium properties continues to be strong and the interest in Midtown Reston's condominium is already evident. As per Delta Associates' Mid-Year 2005 Apartment & Condo Report, 131 of Midtown Reston East's 145 residences had already been sold.
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