As the worst of the COVID-19 crisis seems to be waning in North Alabama, new jobs, new construction, and plans for a new luxury living development pick up right where they left off in March.
Birmingham developers Capstone Communities broke ground on The Cottages at Old Monrovia, a 25-acre housing development near Old Monrovia Road and Oakwood Road, about a mile from Huntsville’s MidCity district. The rentals will feature a mixture of single-story attached homes, lofts and two-story townhomes.
“Our goal is to build a unique community and true sense of place at The Cottages,” said John Acken, executive vice president of development for Capstone Communities. “With plenty of sidewalks, pedestrian features and open green spaces, we want to create a safe and walkable community where residents can look forward to spending time outside enjoying cookouts, hosting community events and connecting with their neighbors.”
Capstone Communities estimates the project will bring 100 to 120 temporary and permanent jobs to the area in construction in management.
Convenient to Cummings Research Park and Redstone Arsenal, the low-density multifamily development consists of 275 cottage-style homes, expected to attract young professionals and their families, and empty-nesters looking to downsize.
Capstone Properties, the in-house management company for Capstone Communities, will begin leasing this fall. The first units are expected to be completed in March 2021 with the full completion slated for September 2021.
Designed by Nequette Architecture & Design, also headquartered in Birmingham, The Cottages at Old Monrovia will offer a variety of upscale amenities such as nine to 12-foot ceilings, granite countertops, wood-grain flooring, in-unit washers and dryers, a smart home technology package, state-of-the-art fitness center, resort-style pool, centralized clubhouse, dog park, electric car charging stations, a car care center, a pet spa, 24/7 on-call maintenance and optional enclosed garage parking.
Capstone Communities (formerly Capstone Collegiate Communities) is a Birmingham-based commercial real estate firm specializing in the development, management and construction of student, multifamily and senior housing. They entered into a partnership with OG Capital, a private equity real estate investment firm specializing in the acquisition and re-positioning of existing multi-family properties throughout the South, to bring the development to Huntsville.
According to OG Capital principal David Oakley, the single-family style rentals have proven successful in other markets with a 50 percent faster lease-up period, and a 20 percent higher resident retention rate than traditional garden-style apartments.
“I first noticed this cottage concept out West a few years ago and grew to love it,” said Oakley. “Apartment living doesn’t have to mean stairs and elevators. The cottage style product meets the market by providing residents with the features they value most – private backyards, high ceilings and in-home tech packages – to name a few.”
It is Huntsville’s surge in innovation and economic growth that makes Huntsville the perfect location, said Shep Nolen, president of CBI Construction Services, Capstone Communities’ in-house general contractor for the project.
“We’re thrilled to enter such a promising market and support the city’s economic development efforts by creating additional jobs as Huntsville prepares for its next chapter of growth.”
Construction financing is being provided by Trustmark National Bank and Renasant Bank.