Development Updates in Alabama:
As housing demand remains at an all-time high across the US, local real estate developers are doing their best to address the unmet needs of Alabama's homeowners, renters, and residents. Here's a look into the residential and mixed-use projects in the works.
New Apartments to be Developed in Chesterfield County
Birmingham-based real estate investment firm, Pivotal Residential, is planning a 324-unit project at 1145 Old Bon Air Road. The firm seeks to rezone 31 wooded acres in Chesterfield to allow for the apartment complex, which will include a co-working space, gym, pool, surrounding nature trails, outdoor kitchens, and surface parking spaces.
Major Mixed-Use Project in the Parkside Area
The Birmingham-headquartered residential development firm Novu Development Group has received government incentives for a large mixed-use development project in the Parkside Area. The project, tentatively named The Silos, includes a five-story multifamily residential building and retail complex.
The project's residential portion will include approximately 315 apartment units, a clubhouse, fitness center, saltwater pool, co-working space, sky lounge, two outdoor social lawns, and a parking deck with approximately 400 parking spaces. The retail complex will support the employment of local UAB students and residents, creating a myriad of new full- and part-time employment opportunities in the area.