15 Nov Foundry Yards
BCDC and Novare Group’s first foray into Alabama, Foundry Yards is situated within the Parkside District submarket of Downtown Birmingham, an emerging area with a similar aesthetic and demographics to West Midtown in Atlanta or the Germantown area in Nashville. The property, the development of which began in 2019, will consist of 268 Class‐A multifamily apartments averaging 789 square feet with a total of 359 parking spaces (structured deck). The apartments will be fully amenitized, complete with a pool, business center, fitness center, outdoor kitchen & grilling areas, and pet play areas. Further, the project will have high‐end finishes that match or exceed any competing product in the market at a very reasonable price in relation to comparable product.
The Parkside District is another excellent example of the site selection talents of the development team. This area stands apart from similar industrial residential/entertainment nodes across the Southeast in that it is directly adjacent and walkable to many of the city’s largest employers, including healthcare leaders University of Alabama Birmingham (“UAB”) and Children’s of Alabama, headquarters for several large banks (Regions, Compass and Cadence Bank), and other major employers, such as Shipt, in Birmingham’s CBD.
Co-Sponsors: BCDC/Novare Group
Lender: BBVA Compass / Cadence Bank
LP Equity: ELV Associates
Architect: Niles Bolton Associates
General Contractor: Doster Construction