$45 million condominium high-rise to overlook Florida bay The Waverly on Bayshore, a $45 million, 20-story condominium community on Hillsborough Bay in Tampa, Fla., is being developed by the Wynnton Group.
The 164,811 sq. ft. tower is to be completed by the year 2000, and its 53 units range in price from $435,000 to $2.75 million and offer between 2,780 sq. ft. and 7,785 sq. ft.
Tampa's Hyde Park Builders is the developer liaison between the client and the general contractor, Hardin Construction Group Inc.
The 53 custom residences may be purchased as shells and then custom designed by the owner, or pre-designed floorplans may be purchased.
Atlanta to welcome loft-style living in downtown area Construction of the 120-unit, $20 million Highland Lofts, an intown condominium loft community in Atlanta, is being built by Miller-Gallman Developers LLC.
Located on Glen Iris Drive between North Avenue and Ponce de Leon, the 125,000 sq. ft. project will occupy 3.35 acres within a block of a planned 25-acre, $50 million retail center, which will include Home Depot and a major supermarket. The lofts start at $150,000.
White & Associates is in charge of marketing the project after its success in preselling 90% of the Buckhead Village Lofts, also in Atlanta.
The first new loft building is slated for a November 1999 completion.
Apartment complex goes up in Springfield, Va., near shops Charles E. Smith Residential Realty began construction on Springfield Station, an apartment complex in Springfield, Va.
The 191 mid-rise units will be completed in February and are located minutes from Springfield Mall and Springfield/Franconia Metro.
The gated community already has 440 garden-style walk-up apartment homes, and will now offer a new clubhouse, a business center and a conference center.
Residents have leased 20% of the units in the midrise building.
Post Properties begins second phase of Florida community Post Properties began construction on Phase II of Harbour Island City Apartment Homes in Tampa, Fla.
Post comprises the residential portion of this mixed-use project, which includes 75,000 sq. ft. of retail and restaurant space, a 150-room hotel and more than 250,000 sq. ft. of commercial office space.
Phase II will feature 324 city apartment homes, the first of which will open in the first quarter of 2000. The total cost of Phase II residential part is expected to be $31 million, and the entire cost of entire development is about $200 million. Phase I was completed inNovember 1998.
Construction on two future phases of the city apartments totaling an additional 525 units begins mid-summer 1999.
ARCS closes $4.5 million loan for Los Angeles apartments ARCS Commercial Mortgage Co. closed a $4.5 million loan to refinance Los Angeles' Parklane apartments.
The 10-year loan at 30 years amortization was at a 6.55% rate, and its value was 75.37%.
The 12-year-old property features 52 controlled access units and is minutes from Rodeo Drive.
ARCS financed the property through NationsBank, and currently services a loan portfolio of $3 billion in 34 states.
Apartment report predicts changes in the new millennium in Minn. Griffin Residential Services' annual Apartment Market Report for 1999 says demand for rental housing in the Twin Cities will be strong across all product sectors, citing townhome designs, stacked units and elevator buildings with underground parking as popular choices.
The report cites these important trends to watch in future rental markets:
* Apartments will become more customized for post-millennium renters with technological advancements.
* Partnering will occur among grocers, bankers, dry cleaners and other services, which will enhance competition among apartment complexes.
* There will be a growing need for on-site technology for those residents working at home.
* Virtual reality tours and interior decorating, coin-free laundries and repair of building systems will be delivered by off-site computer links.
* Due to increased mobility among Americans, lease flexibility and customization will be available.