New Condos Coming in Uptown.....
Post Properties Breaks Ground on Mercer Square Condominiums in Uptown; Boutique Offering Features 85 Sleek Units in Uptown's Best Location
ATLANTA & DALLAS--(BUSINESS WIRE)--April 28, 2006--Seeking to build on the success of its previous for-sale effort in Dallas, Post Properties, Inc. (NYSE: PPS) today announced that it has begun construction on Mercer Square, a new condominium community on McKinney Avenue in the heart of Uptown.
Mercer Square will feature 85 homes ranging from approximately 840 to 2,290 square feet in a 4-story mid-rise building. The average unit size will be approximately 1,100 square feet. Interiors will reflect a sleek, contemporary design, and the exterior features will include expansive glass and balconies with masonry and stucco details and construction. Prices will start in the low $200s.
"Mercer Square will offer a desirable location and an outstanding mix of livable units for the residents who continue to flock to Uptown," said David Ward, Post Properties' executive vice president and regional investment director for Southwest markets. "Based on the success of our 588(TM)conversion, we believe there is still a desire for well-designed, modern living options in Uptown."
Uptown is located just north of the city's downtown district, and features a mix of entertainment destinations, restaurants, retail, offices, and high-end multifamily homes. Post owns 2,078 apartment homes in Uptown, and is 95 percent sold out of 588(TM), a conversion project it launched in Uptown in February 2005.
Mercer Square will be the third community marketed by Post Preferred Homes in Texas. Post Preferred Homes is the company's marketing and sales arm for its for-sale homes, including conversions of existing Post(R) apartment communities and new construction. To date, Post Preferred Homes has converted and actively marketed 588(TM) in Dallas and RISE(TM) in Houston, as well as four other communities across the U.S.
Mercer Square will feature a pool and deck for residents on its second floor, controlled-access entry, exposed spiral ductwork, granite countertops, hardwood and stained concrete floors, stainless steel appliances, and luxurious spa baths. The architect of record is BGO Architects of Dallas.
The community will contain approximately 95,000 square feet of residential space. Post broke ground on the development in April and expects to deliver the first homes in the summer of 2007. The project's estimated cost of construction is approximately $17 million, and Post Preferred Homes has enlisted Al Coker & Associates to manage the sales and marketing process.
"The modernist, curvilinear feel of the building combined with what is one of Uptown's best remaining development sites should make this building a big success," says Coker, who has been consulting and selling real estate in Uptown for a number of years. "We expect units to move quickly."
Those interested in more information or in being added to a preferred buyers list can call Al Coker & Associates at 214-443-9300, or e-mail
al@alcoker.com.
Post Properties, founded more than 30 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States. The Company's mission is delivering superior satisfaction and value to its residents, associates, and investors, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust (REIT), the Company focuses on developing and managing Post(R) branded resort-style garden and high density urban apartments. In addition, the Company develops high-quality condominiums and converts existing apartments to for-sale multifamily communities. Post Properties is headquartered in Atlanta, Georgia, and has operations in 10 markets across the country.
Post Properties owns 22,057 apartment homes in 61 communities, including 545 apartment homes in two communities held in unconsolidated entities and 512 apartment units in two communities currently under construction. The Company is also developing 230 for-sale condominium homes and is converting 597 apartment units in four communities (including 121 units in one community held in an unconsolidated entity) into for-sale condominium homes through a taxable REIT subsidiary.
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