Huntsville, AL – It’s been more than a decade since Huntsville’s first condo project was built, and the city is looking to expand the developer’s footprint.
A $3 billion condo development project is on the horizon, and developer and developer partners have decided to move forward with the development, which is slated to be completed in 2021.
The Huntsville City Council voted to approve the $3.6 billion project to be called Concord apartments.
“We are very excited to be moving forward with Concord apartments,” said Steve Satterfield, managing partner of The Satterfields.
“The community has been very supportive of our efforts to bring new housing to Huntsville and the surrounding area, and this development will help us expand the scope of the project and provide new residents with quality housing.”
The project will be located on the site of the old Madison and East Madison apartment complexes, located in Huntsman and West Alabama counties, just west of the University of Alabama campus.
The development will also include two new luxury condominiums, which will include an 867-square-foot home for $1.2 million.
“We’re excited to announce this project is being developed at the site that Madison and West Madison used to be,” said Huntsville Mayor Steve Adler.
“I’m looking forward to bringing more housing to the area, both in Huntsworth and Huntsville.”
The development will include about 400 housing units, including one-bedroom apartments and studios and two-bedroom units.
The condominium project will feature a combined master suite and one- and two, two-and-three bedroom suites, which are expected to be available for $3,600 to $4,500 per month.
The project is the culmination of years of planning and development by the developer and its partners, including the Huntsville Chamber of Commerce, and City Council.
The project is part of a $2.2 billion project in the city.
Satterfield said the developers are confident the development will be completed.
“The Huntsworth/West Alabama Corridor has become one of the most vibrant and active economic sectors in the state,” said Michael W. Hensley, president of The Huntsworth Chamber of Commers.
“With Concord apartments, Huntsworth’s development will create more than 1,000 new jobs and increase the size of our workforce, furthering the city’s economic future.”
The new project will have a total of 12,000 square feet of ground floor retail space and a total floor area of 3,800 square feet.
“We will be moving quickly and efficiently to deliver our new project to the community,” said James C. Miller, president and CEO of Concord Properties.
(Read more: Huntsville Business Journal)”It is an honor to be the first developer in Hunts, and to work with such a respected community, to create a new development that will provide a better life for our residents and the community as a whole,” said Kevin H. Smith, President and CEO at Huntsville Property Holdings.
Concord Properties is a leading developer of mixed-use residential projects in the U.S., with more than 300 projects under construction.
Houses are expected be available starting in the fall of 2021 for $6,300 to $7,500, depending on the size.