Birmingham-based real estate investment firm Dobbins Group LLC has started construction on a 96-unit urban community in Avondale, a neighborhood in Birmingham. The new community will consist of two 48-unit buildings, available in one, two or three-bedroom options along 3rd Avenue South.
In addition to interior amenities like granite countertops, walk-in closets and washer and dryers, the property will feature secured and gated entrances, fire pits and grills, lawn and pet areas and an elevated sun deck.
Located in a Qualified Opportunity Zone, the development will benefit from the federal Opportunity Zone Program, which was signed into law as part of the 2017 Tax Cuts and Jobs Act and is overseen by the Economic Development Administration. The program was created to stimulate economic development and job creation in low-income neighborhoods. It allows private investors to file for capital gain tax incentives for projects meeting certain conditions.
Avondale got its start as a company town built around Avondale Mills east of Birmingham. It was incorporated in 1887, but was annexed into Birmingham in 1910. Today, the area is seeing a resurgence.
“Avondale continues to be known as one of the fastest growing and most desirable neighborhoods in all of Birmingham,” said Thornton Ratliff, vice president of Dobbins Group. “The influx of breweries, restaurants, music venues, office space and community gathering areas over the last 10 years has made it prime for new multi-family development. Our team worked closely with the Forest Park, East and South Avondale Neighborhood Associations, as well as the city of Birmingham, to produce a development plan that will be a compliment to the growth in the area.”
In addition to lead developer Dobbins Group, all the project’s design partners are Alabama based. The development is being financed by CB&S Bank of Russellville. Arlington Construction Services is the general contractor. B-Group Architecture will serve as the architect with LBYD serving as civil engineer and Green Space LLC as landscape architect.