A black-led real estate team announced this month that it was set to launch a $100 million housing project in Birmingham, Alabama. The launch will make the project the largest to be led by African Americans in Birmingham, authorities said.
A statement by Randall Woodfin, the city’s mayor, said the city council has approved an ordinance authorizing the sale and development of approximately 222 acres of land located in the vicinity of Lakeshore Parkway at 1911 Tiger Walk to Green Meadow Apartments, LLC for a purchase price of $1.5 million.
The statement noted that Green Meadow Apartments will undertake a multi-phased project developing the area into single-family, multi-family and senior housing for an estimated 900 residents. When completed, the project is also expected to include a commercial town center with a grocery store and commercial and retail office spaces. The commercial areas are expected to bring in some $500,000 in property taxes in the first three years.
“With over $2 billion, to date, this is the largest transaction led by African Americans in the city’s history,” according to the city’s mayor.
“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 project is expected to generate 240 permanent jobs and another 2,000 construction jobs, according to Green Meadows.
“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.”