Post Properties announced last week that it will begin construction on phase two of its Carlyle Square apartment project in Alexandria. The development company is confident that they will find enough Metro riders to overcome area's traffic congestion and fill the new 344-unit apartment building. Each unit at 601 Holland Lane will average 906 s.f. of freshly designed contemporary interior space, located not far from Ballenger Avenue in the southeastern corner of the increasingly dense Carlyle neighborhood.
Total development costs are estimated to top out at $95 million. Post is expecting to benefit from cyclically low construction costs, and will bankroll the project using its unsecured revolving lines of credit, it reports. Post hopes to deliver the first apartments in the spring of 2012, a time which the company predicts will present favorable rental conditions.
Sami Kirkdil of SK&I Architectural Design Group received praise and an award from Builder Magazine for his massing arrangement on Post's last Carlyle building, elegantly blending a rather large building into the roof-lines of its smaller surroundings. SK&I will again shoulder the design responsibilities for phase two of the Post Carlyle. The new building will consist of a 4-story structure abutted by a glowing 14-story tower of metal and illuminated glass intended to suggest a glowing lantern. The residencies will be amassed atop 425 below grade parking spaces.
Alexandria Virginia Real Estate Development News