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June 2nd, 2011 9:22 AM by David W. Welch
I received this press release about a new development in Baldwin Park. Kim Hardcastle with Jackson Spalding gave me permission to repost. I highlighted the part about Baldwin Park. Thanks Kim.
Post Properties Announces the Development of Post Lake® at Baldwin Park, Phase III
and Post Parkside™ at Wade, Phase I
ATLANTA, June 1, 2011 – Post Properties, Inc. (NYSE: PPS) today announced the commencement of development of Post Lake® at Baldwin Park, Phase III, consisting of 410 apartment units and located in Orlando, FL, and Post Parkside™ at Wade, Phase I, consisting of 392 apartment units and 18,148 square feet of retail space and located in Raleigh, NC. The total estimated development cost of the two projects is approximately $113.6 million, and the Company currently expects the stabilized yield on the projects to average approximately 7.0%, after a 3% management fee and $300 per unit reserve, and based on current market rents, without trending. The Company currently expects to fund future estimated construction expenditures primarily by utilizing available borrowings under its unsecured revolving lines of credit and proceeds under its at-the-market common equity sales program.
Post Lake® at Baldwin Park, Phase III
Post Lake® at Baldwin Park, Phase III is located in the desirable Baldwin Park mixed-use community in Orlando. The Baldwin Park community consists of single-family homes, townhomes and condominiums, retail shops, office space and an array of neighborhood amenities. Post acquired the 350-unit Phases I and II of Post Lake® at Baldwin Park in 2007, along with lake-front land that is the subject of today’s development announcement. The Phase III development is planned to comprise an additional 410 apartment units with an average unit size of approximately 960 square feet. Construction is expected to commence in the third quarter of 2011, with first apartment unit deliveries expected by the fourth quarter of 2012.
Post Parkside™ at Wade, Phase IPost Parkside at Wade™, Phase I is located in Raleigh, at the intersection of I-40 and Wade Avenue near NC State University, the Research Triangle Park, Raleigh-Durham International Airport, and the Town of Cary. The project is part of the Wade mixed-use community, which currently consist of 200,000 square feet of Class-A office space developed and owned by Lichtin Corporation, 307 planned single-family homes and townhomes being developed by Lennar Corp. (NYSE: LEN) and a town square park. Future plans for the Wade community include an additional 300,000 square feet of office and a 300-room hotel to be developed by third parties, along with additional retail space and multifamily apartment units that may be developed in future years by Post. The Post Parkside™ at Wade, Phase I development is planned to comprise 392 apartment units with an average unit size of 907 square feet, and 18,148 square feet of retail space, fronting on the town square park. Construction is expected to commence by the fourth quarter of 2011, with first apartment unit deliveries expected by the fourth quarter of 2012.
About Post PropertiesPost Properties, founded 40 years ago, is a leading developer and operator of upscale multifamily communities. 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® branded resort-style garden and high density urban apartments. Post Properties is headquartered in Atlanta, Georgia, and has operations in ten markets across the country.
Post Properties owns interests in 21,431 apartment units in 57 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,568 apartment units in five communities currently under development. The Company is also selling luxury for-sale condominium homes in two communities through a taxable REIT subsidiary.
Forward-Looking StatementCertain statements made in this press release and other written or oral statements made by or on behalf of the Company, may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and the Company's future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. In particular, statements in this press release regarding total estimated development costs, the average stabilized yield on development projects and the timing of development projects are forward-looking statements. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. There are a number of important factors that could cause the Company's actual results and its expectations to differ materially from those described in the Company's forward-looking statements, including those included under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, and as may be discussed in subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
Kim HardcastleJACKSON SPALDINGImage Creation, Cultivation and CommunicationP 404.214.0693 M 404.276.9524E firstname.lastname@example.org W jacksonspalding.comGo behind the scenes at Jackson Spalding!On twitter | On facebook | Our blogFollow me on twitter @khardcastleWe are a member of Public Relations Organisation International (PROI)