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SERCcess: Exploring What Works
Successful Projects in the Southeast
Project Profile
Printable Format
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Project Name: |
Glenbrook at Oxmoor Valley
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Project Cost: |
$51,500,000
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Agency: |
Housing Authority of Birmingham District
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Project Narrative |
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The Development Team of the Housing Authority of the Birmingham District, Pennrose Properties, LLC and Formation Methods, LLC is developing Glenbrook at Oxmoor Valley in Birmingham, Alabama. This development involves a total of 300 apartments, on 25.9 acres of land; 200 units will be market rate and 100 subsidized (ACC) units. Construction on the first phase (100 units) began in June 2008 and will be completed in June 2009; Phase II is scheduled to begin in 2009. The site - about 10 miles South of Downtown - is located in an upscale neighborhood, adjacent to the Robert Trent Jones Golf Resort, and a few miles from a large upscale shopping mall. With shopping, restaurants, schools, industry & jobs this area provides for a true mixed-income environment with subsidized units mixed directly in with market rate units. This large, wooded, open development site sloping up a mountain ridge is an inner-city site with a suburban feel. Close scrutiny has been paid to assure that the building design complements the surrounding natural features and landscape with tiered apartments along the terraces of the mountain. The attractive and relaxing views provide a one of a kind subsidized living opportunity. The project leveraged the infrastructure costs (roads, sewer, utilities) as part of the acquisition reducing time and costs to the project. It also leveraged $9 million in HOPE VI funds to obtain $31 million in tax credits. The market rate units will bring in operating income sufficient to draw $9 million in permanent financing; we anticipate a total of approximately $1.5 million from the City and Federal Home Loan Funds.
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Project Type |
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Project Resources |
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Top 3 Significant Project Successes |
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True mixed income environment: market, tax credit and ACC apartments are indistinguishable; eliminates the focus and stigma of public housing units.
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Developing affordable housing in an upscale suburban type neighborhood with a unique wooded and mountain-terraced setting.
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Leveraging large amounts using tax credits, FHLB, City funds, along with HOPE VI to maximize the development opportunities.
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Project Contact |
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Contact name |
Mark Straub
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Title |
Development Officer, Pennrose Properties
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Phone number |
423.634.8955
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E-mail address |
mstraub@pennrose.com
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