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The Montage, a $50 million, 183-unit high-rise being developed by a subsidiarhyof Atlanta-based , is “paused for because the project’s equity partner wanted to wait and see what woulde happen in the downtown rental said Mike Mulhall, regional development partner for Lane Florida LLC. The 19-storty project on Lake Avenue, whicn includes 8,000 square feet of first-floor retail space, was expectedf to be completed inspring 2010. It is unknowj when constructioncould restart, Mulhall “Our equity partner really wanted to see how thingsz would evolve during the lease-uo season in the spring and summer,” Mulhall told .
“Therr was a big chunk of units that needed to get absorbed The firm is following the progress of leasinvg atseveral projects, including The Aspire and Lofts at as well as the former condo projectw that have converted to rentalx at The Paramount on Lake Eola and 55 West on the Mulhall said. Construction financing already was secured for the so that was not what stoppedthe project, Mulhallk said. The Montage was the firsr of three projects totaling 366 units planner byLane Florida. It also was the lone high-ris project that was expected to begin constructiojin 2008, the city of Orlandok said at the groundbreakinh ceremony on Oct. 1.
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