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ORLANDO-Lane Florida, a division of the Atlanta-based Lane Co., is taking Orlando by storm now that it is eying the end of the year for the start of the Montage, an 184-unit high rise rental project. The Montage will be followed by two more rental towers, with an additional 360 units.
All three towers will rise on a one and half city block area Lane controls Downtown at the corners of Lake Avenue, Pine Street and Church Street. The Montage will carry a 101 Lake Ave. address. Company executives are not releasing construction cost figures at this time, a Lane spokeswoman tells GlobeSt.com.
Lane expects to start construction on the 19-story high rise late this year, with the first luxury apartment units coming on line in mid-2009. The Montage will offer one-and two-bedroom units. Amenities will include a rooftop pool, and a 24-hour controlled access fitness center and club room, also on the roof. While the spokeswoman did not reveal the rental rates, she did say they "will be comparable to other luxury, high-amenity buildings."
Lane Management LLC will manage the community. EDI of Houston is the project architect and Stillwater Technologies of Orlando is the civil engineer.
"The Montage is one of a number of exciting new rental developments Lane Florida is beginning this year in the Orlando, Tampa and South Florida markets," Mike Mulhall, Lane Co.'s Florida development partner, says in a statement. "We expect to begin at least four more Florida projects within the next six months."
Marcus & Millichap ranks Orlando as No. 18 on its 2007 National Apartment Report, the same position in 2006. The firm's research pegs overall asking rents to rise by 6% this year, while effective rents will increase 6.4%. It also points out that 1,500 apartment units are expected to be completed this year, up from 1,200 last year. "Of the apartments still in planning, approximately one-quarter are located Downtown," the report adds.
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