The units at 800 Madison are expected to be ready for occupancy by later this year. In the meantime, the partners have opened a leasing office for the property around the corner at 1130 Adams St. Tarragon sources did not reveal the construction cost to GlobeSt.com.
"We expect its location, amenities and design to attract residents who are looking for a lifestyle that includes large apartments in an urban setting," says William Rosato, president of the Tarragon Development unit of parent Tarragon Corp.
The new 800 Madison follows the partners' completion of the 217-unit 1000 Jefferson, which was sold earlier this year to ING Clarion Partners for $116.2 million, or $535,500 per unit. That building is currently 95% leased and 90% occupied after a seven-month stabilization.
The previous five Tarragon/URSA buildings within Upper Grand were 1200 Grand, 1300 Grand, 1100 Adams and 1118 Adams. When fully built out, the Upper Grand neighborhood's stock of new residential units is expected to add up to 1,400, along with nearly 15,000 sf of retail space, public parks and recreational facilities.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
