ATLANTA, GA - Construction has begun on Lane Company's newest development, "No. 10 Park." The $60 million upscale rental community is in the rapidly-growing Central Perimeter area, a prime hub of business and retail activity. "The Perimeter area is one of the strongest markets in the Metro Atlanta area," said John Bell, Development Partner for Lane Southeast, LLC. "Low apartment vacancies and strong job growth will mean a continued demand for luxury apartments," he added.
Located on Perimeter Center East near Perimeter Mall, No. 10 Park will have 312 one and two bedroom apartments. Luxury amenities will include a resort-style pool with a sundeck and cabana. The clubhouse will feature a 24-hour state-of-the-art fitness center, WiFi Internet café, conference room and open theater-style kitchen available for resident gatherings. Exteriors of the contemporary-style five-story building will include landscaped courtyards with seating areas, fountains and gardens. Covered parking will be concealed from public view.
"It's just a stone's throw from Perimeter Mall, so upscale shopping and dining are close at hand," said Development Manager Jeff Sherman. "We're building a truly walkable community." No. 10 Park is within one-half mile of I-285 and less than two miles from Ga. 400. The proximity to the highways will make it easy to get to Downtown, Alpharetta and Cobb County; it also is within a few miles of a MARTA rail station.
The two equity partners for the development are Eagle Realty Group (a real estate investment management firm and member of W&SFG) and an affiliate of WLD Enterprises Inc. Guaranty Bank is the lender. Lane Realty Construction, LLC is the general contractor. Lane Management, LLC will lease and manage the completed apartments. The Preston Partnership is the architect.
The first residents are expected to occupy their new homes in summer of 2009, followed by full completion in the fall. Lane Company's other recent projects include several apartment communities and condominium developments in Atlantic Station, the popular live/work/play community in Midtown Atlanta. In cooperation with The Dawson Co., Lane Southeast is constructing the eon at Lindbergh condominiums, as well as a mixed-use development, in the fashionable Buckhead community. Lane Northeast is building The Quarter, another large mixed-use community, in Towson, Maryland. Many more projects are in the pipeline.
Source: dBusinessNews.com