Here is a decent infill apartment project that just got underway in downtown Orlando:
(http://assets.bizjournals.com/orlando/news/SkyHouse-Orlando-rendering.*280.jpg?v=1)
QuoteA joint venture including two Atlanta firms and an Orlando firm plans to break ground this week on a $63 million luxury high-rise apartment complex in downtown Orlando.
Atlanta-based Novare Group Holdings LLC and Batson-Cook Development Co. along with Orlando-based Palmetto Realty Advisors announced they secured financing and issued a notice to proceed on the 23-story, 320-unit apartment complex, dubbed SkyHouse, near the Orange County Courthouse.
full article: http://www.bizjournals.com/orlando/news/2012/09/05/atlanta-orlando-jv-starts-work-on.html
There is one that is nearly complete and delivered pending last minute finishing details here in Atlanta. It's about as cheap as a new construction infill high rise can be, the standalone prefab garage next door which you don't see in the rendering is horrendous (but is much cheaper than a podium).
One is also UC in Austin and one is about to rise in Raleigh.
More renderings from the Atlanta version (they all look basically the same - prefab highrise essentially which is Novare's specialty):
(http://thumbs.forrent.com/imgs/fr/propertyFiles/865/067/1000/resized/02_134340867302099050640036075000020.jpg)
(http://thumbs.forrent.com/imgs/fr/propertyFiles/865/067/1000/resized/08_134374427502795460640036075000020.jpg)
The rendering for Atlanta's showing the curved airport hangar top feature "unique" to that location. Note everything else in rendering is the same.
(http://thumbs.forrent.com/imgs/fr/propertyFiles/865/067/1000/resized/08_134159764404113020640036075000020.jpg)
Latest construction pics via me (Note insanely large garage next door that will be half filled at best):
Taken a month ago:
(http://i916.photobucket.com/albums/ad1/jsimms3/Atlanta%20September%20Construction/Atlanta%20August%202012%20Construction/IMG_7742.jpg)
(http://i916.photobucket.com/albums/ad1/jsimms3/Atlanta%20September%20Construction/Atlanta%20August%202012%20Construction/MoreAtlantaAug-12Construction001.jpg)
(http://i916.photobucket.com/albums/ad1/jsimms3/Atlanta%20September%20Construction/Atlanta%20August%202012%20Construction/MoreAtlantaAug-12Construction012.jpg)
(http://i916.photobucket.com/albums/ad1/jsimms3/Atlanta%20September%20Construction/Atlanta%20August%202012%20Construction/MoreAtlantaAug-12Construction016.jpg)
(http://i916.photobucket.com/albums/ad1/jsimms3/Atlanta%20September%20Construction/Atlanta%20August%202012%20Construction/MoreAtlantaAug-12Construction015.jpg)
This thing is OFF the beaten path in between two 4 lane one ways, but I've included rents below to paint a picture.
1 BRs, 679-885 SF, rents from $1,313 to $1,864, $1.93-$2.75 psf, most will be in the $1500-$1650 range from what I hear.
2 BRs, 988-1016 SF, rents from $2,030 to $2,197, $2.00-$2.22 psf
3 BRs, 1,318-1,418 SF, rents from $2,677-$2,852, $1.89-$2.16 psf
Novare's building will target students and 22-28 year olds. The building rising 2 blocks down is much more expensive and is targeting a slightly older demographic, and it will have hardwood floors/granite counter/stainless steel appliances/more amenities.
The Novare building is a ~$60M project and is bare bones and has a standalone prefab garage. It will give you an idea of how cheap a new high rise can go. It also received $2M in tax abatements. Austin's CBD is more expensive and that building over there will be more expensive. I imagine due to the nature of Orlando that Skyhouse is pushing the limits there. Raleigh is on par with Atlanta along its Glenwood corridor due to land prices rising and all of the new construction/flurry of investor activity, I would imagine it will not have a problem leasing up considering it's pretty one of a kind in the market.
One other thing that should be mentioned is that UBS is acting as construction lender and an equity partner in at least one of these deals. From what I understand it was a challenge at the time to secure financing, and required the $2M tax abatement. This was when Atlanta was mistakenly lumped in economically with Detroit (and later revised towards the top, gee thanks PWC). I don't think it was a walk in the park to secure financing for this project except for maybe in Austin. I know this because I know the team via my old job that put secured the financing for Novare (and I have a copy of one of the actual packages...I haven't looked at it in a year).
I think Jax would be hard-pressed to a) fill such a building even considering how cheap it is for new construction (and construction prices in most places have risen this year, especially concrete) b) even get attention from a group such as Novare, let alone a lender like UBS c) receive the incentives necessary to get it off the ground in time (I believe these are fast paced projects...the building was announced last year, construction started in January of this year, and it will deliver later this year). Novare probably had it on the drawing board internally for 2-3 years before actively pursuing it. 5 buildings in total and counting (2 in Atl, 1 in Orlando, 1 in Austin, 1 in Raleigh).