Lodha Group has completed acquisition of the heritage building Washington House from the US consulate, and has finalised the plan for development of a super-luxury, high-rise residential tower in its place. Lodha Group bought the property from the US consulate in June 2012 for Rs341.82 crore.

The tower set to be launched as early as March 2013 will be designed by Iranian born German architect, Hadi Teherani, whose projects extend from designing cufflinks for Mont Blanc to modular kitchens for Poggenpohl to high rise buildings to university campuses.

Located at the highest point on Altamount Road, the 30 storey tower will be one of the most striking and iconic features of the Mumbai skyline, standing alongside the billion dollar tower Antilla, Lodha Group said. “Fully clad in bold black tinted glass, the tower will house exclusive 3, 4 & 5 bedroom apartments with unparalleled views of the Arabian Sea from each residence.The extraordinary black tinted glass façade has been customised to provide the highest level of privacy from the outside and limit heat gain, while providing unparalleled views from the inside,” the company added. The apartments will be exclusive and private, with just one apartment of 3,000-4,000 sq. ft on each floor, private pool and elevator lobbies for each apartment and 5-level advanced security.

The existing three-storey residential building at Altamount Road, covers an area of 2702 sqm, and is listed as a grade III property falling under CRZ II. Altamount Road, dubbed as India’s billionaire mile, is one of the costliest addresses in the world, and is home to some of the richest Indians, including Mukesh Ambani and several Bollywood stars. The road has ample greenery and a number of heritage buildings, and also the consulates of Indonesia and South Africa. Property prices in Altamount Road range between Rs80,000 – 1,10,000 psf. Lodha Group will demolish the existing structure and with a developable space of almost 1.2 lakh sq. ft (including unconsumed FSI), will start construction of the super-luxury tower soon.