A team of Black developers is set to transform 222 acres of land in Birmingham, Alabama into an estimated 900 residential units, single-family, multi-family, and senior housing with a project that has an estimated cost of $100 million.
The Birmingham City Council, with Birmingham Mayor Randall L. Woodfin, today approved an ordinance authorizing the sale and development of real estate with Green Meadow Apartments, LLC. The development team is all African American, including the general contractor. With over $2 billion, to date, this is the largest transaction led by African Americans in the city’s history.
“This is a great day for the city of Birmingham,” said Mayor Woodfin. “Not only because of the jobs, the homes, and the economic impact, but because of the history that is being made.”
The City sold approximately 222 acres of land located in the vicinity of Lakeshore Parkway at 1911 Tiger Walk to Green Meadow Apartments for a purchase price of $1.5 million. Green Meadow Apartments will undertake a multi-phased project involving the development of single-family, multi-family, and senior housing which will include an estimated 900 residents and a commercial town center. This project is being led by CEO Michael German, who is the former Alabama representative for HUD.
Green Meadows’ preliminary studies suggest this will generate 240 permanent jobs and another 2,000 construction jobs. The total investment in this project will be $100 million. The project includes a town center with a grocery store and commercial and retail office spaces. This will generate $500,000 in property taxes in the first three years.
“We want to thank the mayor and council for their support in this transformational project,” said Cornell Wesley, director of the Department of Innovation and Economic Opportunity. “This sends a message to the entire country that African American and minority developers have a place in Birmingham, and we are aggressive and intentional about supporting their efforts.”
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The post Black Developers Make History With $100M Project in Birmingham appeared first on SHOPPE BLACK.
