Post Properties Breaks Ground on Five West Condominiums, the Developer's First Local For-Sale Community

CHARLOTTE-Post Properties Inc. is running at full throttle. The Atlanta-based shelter developer is starting construction of Five West, a 40-unit condominium project with a build-out cost of $7.5 million.

The project is Post’s first for-sale community in Charlotte and is the second phase of the Post Gateway Place apartments venture.

At the same time, Post has the 232-unit, first phase of Gateway Place under construction with 37 apartments available. Monthly rents range from the upper $600s to about $2,000 per unit.

Five West prices are $140,000 to $250,000 per unit. The first units are expected to be available in third quarter 2001, with completion scheduled for first quarter 2002. Five West will offer one-bedroom and two-bedroom units and townhomes with 12 floor plans ranging from 675 sf to 1,265 sf.

Both projects are located in Charlotte’s bustling uptown neighborhood as residential components of Gateway Village, a mixed-use complex being developed by Bank of America and Cousins Properties. Phase III will be an eight-story apartment building.

In addition to nine-foot and 10-foot ceilings and expansive windows, other features of Post Gateway Place include a pool, courtyard, an open entertainment area, a fitness center and quick access to the planned YMCA at Gateway Village.