Homewood, AL

Midtown Birmingham, AL
Multi-Family Land Re-Entitlement Investment

Purchase
This multifamily property is located on a valuable urban site in Homewood, AL in close proximity to the 5 Points South entertainment district, Homewood village retail, upscale Mountain Brook, and Birmingham CBD. Landology purchased the property out of foreclosure at substantial discount, following re-entitlement/re-zoning of the site for a significant density increase in re-development.

Value Creation
Landology stabilized the existing property and created two potential re-development plans. These plans provide for luxury multi-family living in redevelopment with reconfiguration of the infrastructure for better circulation/access in an urban streetscape design. An adjacent 1.6 acre "triangle" parcel has been incorporated into the plan adding greenspace and room for an amenity center.

Anticipated Development Timeline
The existing apartments are leased as rental property until re-development. Landology anticipates a late 2011 or early 2012 redevelopment commencement with a mid 2013 completion.