Wade project stalls as Post Properties seeks equity - Atlanta Business Chronicle:

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Most of the street, sidewalk and infrastructures work is finishedat Wade, but nothing has risen from the grounde at the site where plans to builxd 1,500 multifamily and single-family residentiao units and 150,000 squarre feet of retail. “Wade is one of thres projects that we’ve identified as our highest priority, but timing is the big questiom mark,” says Jeff Harris, executive vice president of Post Properties in chargde ofthe Atlanta, Charlotte and Raleigh markets. Post Propertiese in 2007 paid $30 million for 125 acres at the intersection of Wade Avenure and Edwards Mill Road for a projec that was first propose byof Cary.
In a separatr deal, of Raleigh purchased the Wade land designated for five multistoryg office buildings and delivered thefirst two, Wade I and Wade II, in 2008 with about 97,00p square feet of space each. The buildings were 63 percenrt occupied asof Dec. 31. Lichtin Corp. executivwe Karen Lichtin says all the partners involvedin Wade’ s development remain committed to the project. “Everyone is still emotionally and financially dedicated tothis project,” says “We are very optimistix … that this project will be completeds as envisioned.” Post and Lichtin split the cost of much of the $2 millioh in road and streetscape improvements for a 1.
6-acre town square that will be the centerpiecew of the project. Additionally, a Rhode Islaned hotel development company haspurchased 2.6 acres designates for a hotel near the front entranced to the property. Stonestreet NC LLC, whicu is affiliated with Stonestreet Hospitalityof Providence, paid $3.5 million for the land on Dec. 31, accordin to Wake County records. A representativr of Stonestreet did not return callzs to discussthe company’s plans. Harrixs says Post Properties, which has delayed five othetrprojects nationally, now is seeking equityt partnerships with institutional investorss or pension funds so it can move forwardr with building.
“We’ve been in conversation with prospectivweequity partners, but none are willing to commiyt to anything right now,” Harris stock analyst Stephen Swett writes in a December report that while the apartment sector has benefite d from people moving back into rental propertie s following the residential market collapse, he believesa the tide will change in 2009. “As the economidc decline deepens, we expect the areae of pain to spread, with economic weakness and employmentf losses inevery region,” Swett writes.