Birmingham’s bustling Crestline Park neighborhood will soon be home to The Gladstone townhome complex, an $11 million dollar multifamily townhome development. The Gladstone will occupy the site of the now-defunct McElwin school at the intersection of Montelvallo Road South and Gladstone Ave. H2 is excited about the development’s future, as Birmingham now ranks second in the nation for cities attracting millennial home buyers. Birmingham building trades professionals are excited about the home building job leads to be had.
The 60-unit townhome project, being built by H2 Real Estate in partnership with Hughes Capital partners, will be completed in phases, with the 7-units of phase 1 expected to be completed in the summer of 2015. Dungan-Nequette Architects have designed the townhome project, which has received zoning approval. The Gladstone will be the first major new residential project to be built in Crestline Park in 50 years.
H2 real Estate principal Carter Hughes says that the Gladstone is geared towards “empty nesters and young professionals” who prefer the investment of ownership rather “than rent an apartment for virtually the same price.” The Gladstone will offer floorplans of 2-3 bedrooms and 2.5-3 bathrooms for prices ranging from $209,000-$239,000 unfurnished.
Development of the project is expected to move quickly. The sales from each completed phase of townhomes will spur the construction of the next several development phases until all 60 townhomes are built.
Ideally located between Crestline Village and Eastwood, The Gladstone is convenient to shopping and dining with easy access to downtown. One of The Gladstone’s particularly appealing neighbors is the $2.6 million Operation Schoolhouse project, announced earlier this year by PreSchool Partners.
H2 and Hughes Capital partners are hardly now to the development game, and while much of their previous work was developing multi-million dollar high-end homes in Smith Lake, The Gladstone is one of their first projects in Birmingham. Dungan-Nequette’s Abbey Road development in Red Mountain, and Hughes Capital Partners’ redevelopment of the 16-story historic Brown-Marx Tower into loft apartments are two of their other current projects. The redevelopment has qualified H2 for over $20 million in state historic preservation tax credits.