07 Jul The Dempsey
Novare Group, in a partnership with BCDC, has broken ground on a 290-unit garden-style, Class A multifamily community in Madison, AL, a suburb of Huntsville, AL.
The Property is located directly adjacent to Town Madison, a 563-acre mixed-use urban, walkable community, and along a future route of the Singing River Trail, a 70-mile-long Northern Alabama trail system. This highly convenient and accessible location will provide residents easy access to all of the area’s major employment centers, including Intergraph, Redstone Arsenal, Cummings Research Park and downtown Huntsville, as well as Huntsville International Airport, all within 15 minutes. The location of the Project is well positioned for new multi-family development given the strong rental fundamentals in the immediate area. The City of Madison is strongly opposed to new multi-family development in an effort to protect the highly desirable Madison City School District, which is ranked second in the state, creating a significant barrier for new competing projects. This barrier, coupled with Huntsville’s strong, high-tech economy and significant job growth in high paying fields such as aerospace and advanced manufacturing, makes the Site an ideal location for a new luxury multi-family development.
Situated on 13.45 acres the Class A mid-rise will include 290 units (291,069 NRSF) and surface (526 spaces) parking and 25 detached garages. The Project will include two (2) retail spaces totaling 5,000 SF at the ground level of Building A. Amenities will include a clubhouse and lounge, fitness and yoga center, pool, open space and nature trails.
Co-Sponsors: BCDC / Novare Group
Lender: Synovus Bank
Preferred Equity: Marble Capital
Architect: Niles Bolton Associates
General Contractor: Doster Construction Company
Class A Multifamily