Development Updates in Alabama:
Across the country, real estate developers and investors have been forced to face the consequences of undesirable economic headwinds. While many were left feeling deflated and ready to pull back, several developers in Alabama are choosing to push forward with projects that aim to revitalize and transform their communities. This week, take a look at the affordable and sustainable housing projects Alabama developers have planned for the new year.
Net-Zero Energy Residential Project
RCP Companies of Huntsville and Grounded Capital Partners are partnering on a net-zero energy residential development project costing over $100 million. Named Wellory Living, the project is planned for Huntsville's MidCity District and will include 342 apartments alongside 13,000 sq. ft. of retail space on the ground floor. The net-zero energy building will aim to live up to its name by generating as much renewable power as it uses, employing a mix of onsite renewable energy, electrification, and deep efficiency measures to reduce its carbon footprint.
Affordable Housing Development for Senior Citizens
The city of Mobile recently announced plans to develop an affordable housing development for senior citizens. The development, Live Oak Trace, will include 56 units and various amenities such as a clubhouse, computer center, and fitness room. It will also include adaptable units designed for usability and accessibility. The team behind the project, Aletheia House, is one of the state's largest affordable housing providers.