By Hanno van der Bijl, Birmingham Business Journal
Leasing is now underway at the highly anticipated Lakeview Green apartment community in Birmingham’s evolving Lakeview area.
It’s a luxury mixed-use development that includes 118 units with 27,000 square feet of ground floor retail space along with a public park.
Located at 2901 Fourth Ave. S., Lakeview Green features a five-story building with 103 one-, two- and three-bedroom apartments and retail space, and a two-story building with 15 studio apartments and additional retail space with green space connecting the two. Floor plans range from 515 to 2,101 square feet and start at $1,300 per month.
The green space includes a large koi pond that flows into a manmade stream with waterfalls, landscaping, bridges and walking paths. Other amenities include a fitness center, swimming pool, sun deck with fire pits, maintained herb gardens, a rooftop lounge, dog grooming station and bike storage. The gated and covered parking provided includes electric car charging stations.
CRG, the real estate development and investment arm of Chicago-based Clayco, is partnering with Chicago-based Decennial and a number of Birmingham companies on the project. It’s the first qualified Opportunity Zone investment by Decennial.
Birmingham-based KRE Ventures is leading leasing efforts, and SRS Real Estate is serving as the commercial broker for the retail space. Engel Realty Co. will provide on-site management at the property, which was built by Birmingham-based Stewart/Perry Co. CCR Architecture & Interiors was the architect and interior designer on the project.
“We are excited to partner with KRE Ventures to deliver this transformative residential offering in Birmingham,” said J.J. Smith, CRG’s managing partner and residential group leader, in a prepared statement. “From beautifully landscaped green space, to new retail and entertainment opportunities, to richly detailed apartment homes, Lakeview Green offers a lifestyle experience that complements the excitement and energy of Southside. We are proud to enter the Birmingham market with a project that offers unparalleled comfort and convenience in a live-work-play neighborhood.”
Located on an almost 3-acre site that was home to the former Davis High School, Lakeview Green is one of many new projects that is changing the face of the Lakeview area with new restaurants, bars and boutique office buildings in close proximity to Pepper Place.
This is CRG’s second multifamily project as part of its plan to invest $1 billion in multifamily developments in the U.S. with an eye on the Sun Belt.
“Part of CRG’s residential development strategy is to deliver high-quality apartments for carefully selected urban infill sites in high-growth markets, and Lakeview Green perfectly aligns with this plan,” Smith said. “We believe demand for urban living will remain strong and communities like Lakeview Green that combine residential with retail services, along with easy access to nature and recreation, will flourish.”
CRG is the real estate development and investment arm of Chicago-based Clayco, which is also developing a massive industrial warehouse for Lowe’s in Bessemer, as we reported.
Multifamily experts are anxious to see how leasing performs for new apartment communities like Lakeview Green in the downtown area, which is seeing multiple new developments coming out of the ground.
The rate of new construction is giving some in the industry pause when it comes to planning additional market-rate housing, but others say the current pipeline is not enough to keep up with the demand. In addition to new construction, historic buildings are also being redeveloped for boutique lofts or apartment communities.
Real estate experts see residential developments like these as critical to attracting more investment in the continued revitalization of Birmingham’s urban core.
Article originally published by Birmingham Business Journal.