Coronado

3909 Clairmont Avenue South
Birmingham (Forest Park), AL
Entitled Multi-Family Land + Development

Purchase
Landology purchased this midtown vintage multi-family property in the heart of upscale Forest Park following the underwriting of significantly improved density in redevelopment. One of the most desirable neighborhoods in the city, Forest Park received full preservation historic status in 1994, barriers to entry are strong and multi-family land is scarce.

Value Creation
Landology capitalized the property for a mid-term hold and is preparing a full redevelopment plan. Twenty vintage apartments stay 95% leased providing income for the investment during predevelopment. Landology secured a 36 unit entitlement package for the property prior to closing. This new multi-family development will face no direct competition due to a scarcity of multi-family land in the Forest Park historic neighborhood. Coronado's design emphasis will focus on blending into the neighborhood context. The structure will be is clad in light weight stone veneer-a material similar to several of the local historic homes. The front terrace flanked by landscaped berms will offer a community space for gathering and for those who wish to be a part of Clairmont Avenue's active pedestrian streetscape.

Anticipated Development Timeframe
Pre-sales will take place in early 2012 with construction completion anticipated in mid 2013.