Atlanta-based Blue River Development, LLC has expanded into Huntsville, Alabama. Currently, the developer has four high-profile sites in the city of Huntsville, and several other locations are in the works with plans to expand further in the “Rocket City.”
“With 1,700 lots in planning in Huntsville, representing four different deals, the Blue River Development team is off to a great start in Huntsville,” Managing Principal Michael Cooper said. “We are excited about the market. There is a lot of growth and energy.”
Blue River Development recently zoned a mixed-use development Symphony Park located in the industrial corridor near all the job growth on Research Park Boulevard. This mixed-use community features retail and 780 opportunities to live there –150 townhomes, 360 apartments and 270 single-family homes. Symphony Park in Huntsville is a concept modeled on the success of a project with the same name in McDonough, Georgia.
“Symphony Park allowed all components to work together harmoniously and has been extremely successful in Henry County. We are excited to bring this design idea to the Huntsville market,” said Cooper.
Known as Rocket City, U.S.A., the smartest city in the country because of its aerospace industry, Huntsville is one of the fastest-growing cities in Alabama. Huntsville has seen strong job growth, with the Redstone Arsenal growing to 50,000 jobs, the FBI adding jobs, Facebook, Toyota, Mazda and others. And as people relocate, they need homes.
“When we initially engaged in the market, we wanted to create a diversified portfolio of products with close proximity to the heart of Huntsville, and a project in the direction of job growth in the technology/industrial corridor,” Bobby Stamps, Director of Brokerage & Investment Sales at Blue River Development, said. Through our vast network of BTR groups, we discovered that they had a significant appetite for Huntsville which justified our investment into the market.
The developer has also expanded south across the river to Decatur, Alabama, a vibrant area with lots of retail. Decatur offers Huntsville commuters a better price point and more value with only a 15-minute drive to the city. Look for a 170 units community here.
Another neighborhood located in Madison County is just outside the heart of the city.
“We have four communities underway with an appetite for more,” said Cooper. “We are constantly scouring for opportunities in the Huntsville market. It has become a challenge to find land.”
“We worked to convince the sellers that we were the right match,” said Stamps.
“And, at the same time, we understand the need to establish and maintain good relationships with planning officials, city, property owners, etc. This has been a cornerstone of our success,” said Cooper.
When Blue River Development started working in Huntsville a year ago, there wasn’t as much interest in land. Finding replacements for these projects is getting more difficult as there is much more interest in this community now.”
The Blue River Development team has over 20 years of experience developing and acquiring nearly $2 billion in residential, multifamily and retail projects. The firm’s achievements are driven by its ability to provide and catalog the most up-to-date market intel, the ability to execute on that data and its accountability to clients and investors.
For more information, visit www.BlueRiverDevelopment.com.
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