Team of Black Real Estate Developers Make History With $100M Project in Birmingham, Alabama
A team of Black real estate developers is making history as they are set to launch a $100 million housing project in Birmingham, Alabama. It will be the city’s largest project that will be led solely by African Americans.
Birmingham Mayor Randall Woodfin and the city council have approved an ordinance authorizing the sale and development of approximately 222 acres of land to Green Meadow Apartments, LLC for a purchase price of $1.5 million.
According to WTVM-13, the project’s 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 area, located near Lakeshore Parkway at 1911 Tiger Walk, will be developed into a multi-phased project that will include single-family, multi-family, and senior housing for an estimated 900 residents. There are also plans to include a town center with a grocery store and commercial and retail office spaces. The total investment in this project is said to be $100 million.
Green Meadow Apartments CEO Michael German, who is the former HUD Field Office Director for the state of Alabama, is leading the project that is expected to create 2,000 construction jobs and 240 permanent jobs. The commercial areas will likely generate $500,000 in property taxes in the first 3 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.”
This story first appeared on Blackbusiness.com.