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Undeveloped Land and Construction in Progress
 6 Months Ended
Jun. 30, 2012
Undeveloped Land and Construction in Progress
Undeveloped Land and Construction in Progress
The Company currently has eight active development projects, as outlined in the table below. In addition, the Company owns approximately $207.5 million of undeveloped land parcels that are held for future developments. During the three months ended June 30, 2012, the Company initiated the development of two additional multifamily apartment communities, Colonial Grand at Ayrsley (Phase II) and Colonial Grand at Randal Park. Although the Company believes that it is probable that it will develop certain of the other projects in the future as market conditions dictate, there can be no assurance that the Company will pursue any of these particular future development projects.

 
 
 
Total Units/
 
Costs Capitalized
 
Location
 
Square Feet (1)
 
to Date
($ in thousands)
 
 
(unaudited)
 
 
Active Developments:
 
 
 
 
 
Multifamily:
 
 
 
 
 
Colonial Grand at Ayrsley (Phase II)
Charlotte, NC
 
81

 
$
1,484

Colonial Grand at Double Creek
Austin, TX
 
296

 
15,972

Colonial Grand at Hampton Preserve
Tampa, FL
 
486

 
51,033

Colonial Grand at Lake Mary (Phase I)
Orlando, FL
 
232

 
21,565

Colonial Grand at Lake Mary (Phase II)
Orlando, FL
 
108

 
4,394

Colonial Grand at Randal Park
Orlando, FL
 
462

 
16,062

Colonial Reserve at South End
Charlotte, NC
 
353

 
18,727

 
 
 
2,018

 
$
129,237

Commercial:
 
 
 
 
 
Colonial Promenade Huntsville (Phase I) (2)
Huntsville, AL
 
—

 
$
3,764

 
 
 
 
 
 
Total Active Developments
 
 
 
 
$
133,001

 
 
 
 
 
 
Future Developments:
 
 
 
 
 
Multifamily:
 
 
 
 
 
Colonial Grand at Azure
Las Vegas, NV
 
390

 
$
10,575

Colonial Grand at Bellevue (Phase II)
Nashville, TN
 
220

 
3,441

Colonial Grand at Sweetwater
Phoenix, AZ
 
195

 
7,240

Colonial Grand at Thunderbird
Phoenix, AZ
 
244

 
8,409

 
 
 
1,049

 
$
29,665

Commercial:
 
 
 
 
 
Colonial Promenade Huntsville (Phase II) (2)
Huntsville, AL
 
—

 
$
3,958

Colonial Promenade Nord du Lac (3)
Covington, LA
 
236,000

 
25,311

Randal Park
 
 
—

 
16,595

 
 
 
236,000

 
$
45,864

Other Undeveloped Land:
 
 
 
 
 
Multifamily
 
 
 
 
$
2,341

Commercial
 
 
 
 
45,338

Commercial Outparcels/Pads
 
 
 
 
14,397

For-Sale Residential Land (4)
 
 
 
 
69,924

 
 
 
 
 
$
132,000

Total Future Developments
 
 
 
 
$
207,529

Consolidated Undeveloped Land and Construction in Progress
 
 
 
$
340,530

_______________________
(1)
Units refer to multifamily apartment units. Square feet refers to commercial space and excludes space owned by anchor tenants.
(2)
The Company is currently preparing site-work for this commercial development. The Company is still evaluating plans for this commercial project. Therefore, dollars attributable to this development are subject to change.
(3)
The Company intends to develop this project in phases over time. Costs capitalized to date for this development, including costs for Phase I, which was placed into service in 2010, are presented net of an aggregate of $25.8 million of non-cash impairment charges recorded during 2009 and 2008.
(4)
These costs are presented net of $24.6 million of non-cash impairment charges recorded on two of the projects in 2009, 2008 and 2007.
Interest capitalized on construction in progress during the three months ended June 30, 2012 and 2011 was $0.4 million and $0.1 million, respectively. Interest capitalized on construction in progress during the six months ended June 30, 2012 and 2011 was $0.5 million and $0.1 million, respectively.