As construction crews begin pouring the foundation for the eighth story of Two Light in the Power & Light District, Cordish Cos. has started leasing apartments for its second high-rise building.
Cordish, the developer of the Power & Light District, opened a refurbished leasing office on Tuesday at 1251 Main St. to show off a model one-bedroom apartment to prospective tenants of the forthcoming 24-story Two Light building, a companion to the One Light apartment tower that opened a year ago.
The $120 million, 296-unit apartment Two Light high-rise will have units ranging from a smaller one-bedroom apartment, which leases for $1,250 a month, to 20 penthouse units that cover 1,556 square feet on two floors. Those penthouses go for $5,800. Early birds have already picked up about 10 percent of the units in the building.
Two Light, which is under construction at Truman Road and Grand Boulevard, remains on schedule to open in June 2018, according to Nick Benjamin, executive director of the Power & Light District.
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“The big remaining task is can we get through this winter without the building fully enclosed,” Benjamin said.
He’s been lucky to have a mild, even unseasonably warm, autumn season that has posed few obstacles to the construction schedule. But he’s been less blessed by increases in construction and labor costs, which Benjamin said have resulted in a 20 percent increase in overall project costs compared with One Light, which opened a year ago.
“That’s a big jump from a historical perspective in a short period of time,” Benjamin said.
Cordish isn’t alone in this phenomenon.
Arterra, a proposed 12-story apartment high rise building in the Crossroads Arts District, will go before the Land Clearance for Redevelopment Authority on Wednesday to request an exemption on sales taxes for construction-related materials to help defray increasing costs related to that project.
The original Arterra proposal was worth $27.4 million, but that cost has grown to $40.7 million, according to documents filed with the authority.
Cordish partnered with New York City real estate development firm Kushner Companies on Two Light, as it did with One Light. Kusher Companies’ chief executive is Jared Kushner, son-in-law of President-elect Donald Trump.
Cordish is planning two more apartment high-rises in the Power & Light District. Benjamin said the developer may kick off on the third building just before the opening of Two Light in 2018. That building is planned immediately west of Two Light.
“It’s a testament to the level of demand right now,” Benjamin said.
One Light is fully leased, and Cordish expects Two Light will be about 85 percent leased when it opens.
Will the third building be called Three Light? Benjamin wouldn’t commit to it, but acknowledged that the naming scheme has worked out so far.