Underground site preparation has begun for Two Light, the second major apartment tower tied to the Cordish Cos.’ Power & Light District development.
An official groundbreaking is scheduled for March 14, according to Nick Benjamin, who leads the company’s Power & Light business.
Meanwhile, traffic lanes on westbound Truman Road have been narrowed to accommodate work on the 24-story tower, which will occupy the block between Grand Boulevard and Walnut Street. The site currently is a parking lot.
Two Light, proposed as a $105 million project, comes on the heels of the successful debut last fall of One Light, a 25-story tower at 13th Street and Walnut. The initial $80 million tower opened with 315 luxury units that were 80 percent leased at the outset.
The Two Light plan, as introduced last April, will include 300 luxury residential units on 18 floors atop six stories of parking and commercial space. The garage, proposed for 499 spaces, will include public parking.
Both towers are receiving public dollars, primarily to assist the garage construction costs. The deals also provide 25-year property tax abatements on the added value of the developments, but Cordish is making payments in lieu of taxes that Benjamin said are greater than the 50 percent abatement.