Gulch power player MarketStreet is ready to get into the rental market with a 266,000-square-foot apartment complex.
The company's development director, Dirk Melton, said MarketStreet will break ground this fall on the six-story, 305-unit Pine Street Lofts between Velocity and Icon. The first units will become available about a year later and a total buildout will take 16 months.
Melton said the time is right to refocus on rentals.
"If you look at the condo inventory, our market is going to run out in the first and second quareter of next year. There's fairly rapid absorption," he said.
Pine Street Lofts, designed by Atlanta's Davis Architects, will have rates "pretty much right down the middle of the market," Melton said, lining up favorably with Velocity, a former condo project converting to a traditional apartment model. Melton said there will be nine floor plans ranging from studio to two-bedroom units.
In addition, Pine Street will have first-floor retail space available with a mix of tenants similar to what is seen at Icon, he said.