This month, a black-led real estate group announced plans to develop a $100 million housing project in Birmingham, Alabama. According to officials, the project will be the largest led by African Americans in Birmingham.
The city council has passed an ordinance enabling the sale and development of approximately 222 acres of land located near Lakeshore Parkway at 1911 Tiger Walk to Green Meadow Apartments, LLC for a purchase price of $1.5 million, according to a statement from the city’s mayor, Randall Woodfin.
Green Meadow Apartments would develop the area into single-family, multi-family, and senior housing for an anticipated 900 individuals in a multi-phased project, according to the statement. The project will also contain a commercial town center with a grocery store and commercial and retail office buildings when it is finished. In the first three years, the commercial areas are expected to generate $500,000 in property taxes.
According to the city’s mayor, “this is the greatest transaction spearheaded by African Americans in the city’s history,” with a total value of nearly $2 billion.
“This is a fantastic day for Birmingham,” Mayor Woodfin remarked. “Not simply because of the employment, homes, and economic impact, but also because of the history being written.”
According to Green Meadows, the project is planned to provide 240 permanent employment and 2,000 construction jobs.
Cornell Wesley, director of the Department of Innovation and Economic Opportunity, said, “We want to thank the mayor and council for their support in this groundbreaking project.” “This sends a statement to the rest of the country that African American and minority developers have a home in Birmingham, and we are committed to assisting them.”