26 Mar Novare Group, Batson-Cook Development Company Announce New Luxury Community in Madison, Ala.
Novare Group and Batson-Cook Development Company (BCDC) will develop a luxury mixed-use apartment community in Madison, Ala., a fast-growing city in the metropolitan Huntsville area. The joint venture closed on the 13.45 acre site and has obtained the construction financing for the 290-unit, mid-rise community from Synovus Bank and investment from Marble Capital of Houston, Texas.
Located at 375 Lime Quarry Road, the community will be adjacent to Town Madison, an under-construction 563-acre mixed-use urban, walkable community, and along the Singing River Trail, a 70-mile-long Northern Alabama trail system.
“We are excited to be partnering with BCDC and Litt Glover once again on this apartment community, which is well-located and well-positioned to take advantage of Madison’s remarkable momentum,” said President and CEO of Novare Group Jim Borders. “We are an easy commute of 15 minutes or less to all the area’s major employers including Intergraph, Redstone Arsenal, Cummings Research Park and others.”
The project will include three, four-story residential buildings with two ground-floor retail spaces totaling 5,000 square feet. Each building will have conditioned corridors and elevators, and there will be 483 surface parking spaces and 25 detached garages.
With studios, one and two bedroom residences, the apartment community will feature a resort-style swimming pool, private co-working lounge with private rooms and a conference room, state of the art fitness center with a yoga and spin room, dog park, clubroom with demo kitchen and fireplace and direct access to the Singing River Trail. The project will also include eight live/work units.
Madison’s business community is a mix of high-tech, service businesses and retail stores. The city is adjacent to Huntsville, Huntsville International Airport, Redstone Arsenal and Cummings Research Park. It is a business-welcoming, family-friendly environment that entices young professionals, retirees and growing families. The highly desirable Madison City School District is ranked second in the state. CNN Money Magazine named Madison in its top 50 Best Places to Live. Huntsville has the highest concentration of engineers in the country and is second for high-tech workers behind Silicon Valley and is the fastest growing city in the state.
“Novare has been one of the top multifamily developers in the country for going on three decades, and BCDC has enjoyed a long and successful partnership with them on 27 projects over the last 10 years,” said Litt Glover, President and CEO, BCDC. “We are thrilled to be underway in Madison and look forward to partnering with Novare Group on this and on many more projects in the future.”
Novare Group, BCDC, and Marble Capital are investors in the project, with Synovus Bank providing debt financing for the multi-family community. Niles Bolton Associates is the architect, Walter Schoel Engineering Company is the civil engineer and Doster Construction Company is the general contractor.
Construction will commence in April 2021, with the first units delivering in the Summer of 2022.
About Novare Group
Novare Group is a real estate development and investment company headquartered in Atlanta, Ga. Since 1992, Novare Group has developed over 16,000 residential units across a variety of product types across the southern and western United States. Learn more by visiting www.novaregroup.com.
Founded in 1963, Batson-Cook Development Company, BCDC, is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, Batson-Cook Development Company offers a wide variety of real estate services from development and construction to equity and credit enhancements to brokerage and property management. It is a wholly-owned subsidiary of Kajima USA. Learn more by visiting www.batsoncookdev.com.
About Marble Capital
Marble Capital is a principal investor providing capital solutions to multifamily developers and operators nationwide. Since its inception in 2016, the firm has invested in ~12,000 multifamily units worth $2.4 billion in total capitalization. Learn more by visiting www.marblecapitallp.com