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COVER STORY, JULY 2005
MOVING IN AND BUILDING UP
As more people decide to move to southeastern CBDs, top multifamily developers are bringing new product downtown.
Karen Stone, CCIM
New urbanization, re-gentrification, branding, work and live well, residential mixed-use, cautiously optimistic and community involvement. These concepts are part of the visions and business plans of three major multifamily developers that are shaping the communities in which we live. Though unique in their approaches to building exciting, groundbreaking living alternatives, they all are riding the wave that is lifting people back into downtowns and urban centers, where the only way is up.
The Lane Company
Almost 20 years ago, George Lane started a company that specialized in building garden-style apartments throughout the Southeast. Today, Lane is a full-service multifamily real estate company that is recognized as one of the most innovative, efficient and technologically advanced firms in the multifamily industry.
Lane is a top player in the Atlanta market, where its headquarters are located. “We currently are involved in four major Atlanta projects,” says Marc Pollack, president of Lane Investment and Development, LLC. “The redevelopment of City Hall East on Ponce De Leon Avenue in Midtown; the Uptown Atlanta redevelopment project at Piedmont and Lindbergh roads; the high rise condos being built next to Buckhead Plaza at the Peachtree/ Roswell/West Paces Ferry intersection in Buckhead; and — currently the most visible — the Atlantic Station development at 17th Street in Midtown.”
City Hall East, Uptown Atlanta and the Buckhead Plaza condos currently are in the planning stages. The Atlantic Station development is up and running — and the residential components are selling out fast. “We are developing all of the non-high-rise residential at Atlantic Station,” says Pollack. “This includes six separate projects, which will total over 1,500 units and cost over $250 million when completed.”
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In Atlanta, The Lane Company currently is constructing the 347-unit Art Foundry mid-rise condominiums, the first residential condos to be sold within Atlantic Station. The project will be complete by the end of 2005.
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Two of the projects already are sold out, and construction hasn’t been completed yet. The 347-unit Art Foundry mid-rise condos, the first condos sold in Atlantic Station, will be completed by the end of 2005. “We sold $10 million in units in just 3 hours,” notes Pollack. Designed by James Harwick + Partners of Dallas, these Modrian-style units were priced beginning at $130,000.
Also under construction at Atlantic Station and scheduled for completion in summer 2006 is Element, whose 322 units sold out in 3 months. Priced starting at $160,000, the project features loft and garden designs, each with a balcony or a patio. Preston Partnership of Atlanta is the architect for Element. Both Atlanta Foundry and Element were designed to appeal to young professionals and empty nesters.
Also currently under construction is the ATL Lofts projects, which will consist of 303 condos designed to appeal to upscale professionals and empty nesters. “These lofts offer a cutting edge living experience that is not available anywhere else. They are in the middle of Atlantic Station, above retail stores and surrounded by restaurants and night clubs and across from a movie theatre,” says Pollack. “They have been an extremely hot seller.” Prices begin at $300,000.
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In Hollywood, Florida, The Lane Company is developing Radius, a 311-unit multifamily community; it is the first newly constructed “for sale” housing project that the city has seen in 20 years.
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Lane’s reach also is spreading north and south up the eastern seaboard to Towson, Maryland, and Hollywood, Florida. In Towson, Lane has partnered with AIG Global Real Estate Investment Corporation to redevelop the Dulaney Valley Apartments. “We bought an existing community that had 250 units built in the 1950s,” says Pollack. “We are redeveloping the property into a 900-unit luxury community with upscale one-, two- and three-bedroom condos and apartments.” Construction is expected to begin at the end of 2005 and will be completed in phases through 2010.
In Hollywood, Lane is building the first newly constructed “for sale” housing project that the community has seen in 20 years. Named Radius, the 311 condos sold out in less than 4 hours. “This project is part of the vision of the Hollywood City Commission/ Community Redevelopment Agency to revitalize Hollywood’s downtown. Radius is the first of several buildings that will follow along the curve of Young Circle. Lane has partnered with Hollywood-based FIRM Realty in this project, which was designed by Mouriz, Salazar & Associates, Inc. of Miami. Current Builders of Pompano Beach is the general contractor. Construction is scheduled for completion in summer 2006.
The Altman Companies
In 1968, Joel Altman founded The Altman Companies at the age of 25. In the ensuing 37 years, his company has developed, constructed, acquired and managed more than 14,000 units in Florida, and throughout the Southeast and the Midwest. Today, Altman has a reputation for developing high-quality condominiums and luxury apartments that deliver more than the customer expects.
Headquartered in Boca Raton, Florida, Altman currently is developing projects throughout Florida in Fort Lauderdale, Plantation, Stuart, Melbourne and Tampa. Each project is designed uniquely to create a customized living experience. Current projects include Symphony, 22 stories of luxury waterfront condos in Fort Lauderdale; Harborage Yacht Club, a marina, office, residential, retail and restaurant destination in Stuart; and The Preserve at Longleaf, two-story, private-entrance luxury apartments in Melbourne. The diversity of these projects highlights The Altman Companies’ ability to build in a variety of venues, styles and price points.
In Tampa, Altman is constructing three-story garden apartment homes at the intersection of Montague and Hillsborough Avenue. Charlan Brock of Orlando, Florida, designed the 383-unit community with a focus on creating a “live and work well” environment and included business and family-oriented amenities. The traditional-style apartments should be completed in May 2006.
Across the peninsula, Altman is scheduled to begin construction on Grove East in Plantation before the end of the year. Sitting at the corner of Broward Boulevard and 441 on the site of the soon to be demolished Plaza Center, Grove East is part of the city of Plantation’s commitment to the re-gentrification of the 441 corridor. “The city gave us a grant of $2.1 million so that we could come in at a good price point and still build a high quality product,” explains Altman. “We are committed to becoming a leader in the development of work force housing and this development is our first attempt to do this.” The project also will include 17,000 square feet of retail. Condos will be priced in the mid-$100,000s to mid-$200,000s. Tseng Consultants of North Miami Beach, Florida, designed the project.
A little further South on the East Coast, Altman is getting ready to start construction on Sapphire, a 12-story luxury condominium project that is one block from Fort Lauderdale Beach on A1A, just south of its intersection with Oakland Park Boulevard. The 172-unit development was designed by Kobi Karp of Miami Beach, and caters to young professionals and empty nesters. Priced from the mid-$400,000s to the mid-$700,000s, the views of the ocean and the Intercoastal Waterway during the day, and of downtown Miami at night, are, according to Altman, “incredible.”
Altman personally is focused on being a good neighbor. In 2000, Altman established Kids@Home, a comprehensive program that provides an array of independent living services for teenagers who are transitioning out of the state’s foster care system at 18 years of age. Kids@Home helps these young adults secure an apartment, further their education, find a job and learn life skills. Altman notes, “I always have had a passion for kids — especially kids who have lived with hard circumstances. This program not only gives these young adults a chance at life, but gives them the tools to build a life actively.” Today, the Kids@Home program is making a difference in the lives of more than 300 transitioning teenagers.
Royal Palm Communities
Dan Kodsi, president of Boca Raton-based Royal Palm Communities (RPC), doesn’t just believe in following trends — he believes in creating them. In February of 2005, Kodsi announced plans to develop the more than $300 million Paramount Beach, the first project born out of RPC’s new division, a luxury brand of high-rises known as Paramount. Kodsi explains, “Paramount is more than a name. It is a brand that signifies a collection of high-end, strategically located properties that will be the residences of choice for affluent homeowners and investors. Our outstanding amenity selection, superior design and standard of excellence are the distinctions that make up the Paramount brand.”
Construction on the 45-story Paramount Beach tower is scheduled to begin in the third quarter of 2005 and should be completed by the third quarter of 2007. Located on Collins Avenue in Sunny Isles Beach, the site has 300 feet of beach frontage. The 232-unit tower will be opulent and exclusive and will feature private elevators, floor-through layouts, private terraces, an infinity-edge pool on the beach, two-story cabanas, a wireless touch pad concierge service and on-call technology personnel. The building is being designed by Fullerton-Diaz Architects and RTKL is designing the interiors of the units. Prices for three- and four-bedroom units will start at $900,000. Penthouses also will be available on request.
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In Miami’s Arts District, Royal Palm Communities is developing Paramount Bay, a 47-story mixed-use complex that will break ground this fall; Paramount Bay is located on 3 acres on North Bayshore Drive, just off Biscayne Boulevard.
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“We are building a lifestyle that will continue to grow as the number of Paramount properties grows,” notes Kodsi. “We are building a network of properties that will include several other Miami developments, including Paramount Bay, a 47-story residence mixed-use complex that will also come out of the ground in fall of 2005.” The Paramount Bay location is on 3 acres on North Bayshore Drive, just off Biscayne Boulevard, in Miami’s Arts District. A third, Paramount Park, will be built in downtown Miami, directly across from the American Airlines Arena. This is the largest Paramount development planned to date. To top it off, Paramount has secured a site on the strip in Las Vegas on which it will build a condo-hotel.
Residents of all Paramount properties will have VIP membership in the Paramount Club, a state-of-the-art health spa, fitness, entertainment and 24-hour lounge facility that will be located in the Paramount Park development. A Paramount Club also will be featured in the Las Vegas development. “Membership in the Paramount Club will extend homeowners affluent experience outside the walls of their units —creating a synergy among the properties,” notes Kodsi. “We will also unify our owners by publishing the Paramount Magazine. We are even developing our own music, available on CD.”
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Paramount Park will be built in downtown Miami directly across from the American Airlines Arena; it is the largest Paramount development planned to date.
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Once the three-unit “hub” of Paramount developments is put in place in Miami, RPC plans to take the brand into other urban areas that can support luxury downtown developments. Kodsi is optimistic that the brand only will become stronger in the future because many cities have gone “out” as far as they can — leaving “in and up” as the remaining viable option.
Altman, Lane and RPC all are companies with visions born of well-trained eyes that look to the future. For the moment, as long as the existing economic climate stays intact, and interest rates remain historically “reasonable,” moving in and building up will continue to be a smart play.
Karen Stone, CCIM, is president of Stone Consulting Group in Atlanta.
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