Project type: Multi-Family, Speculative Development
Project value: > $10 mm
Project size: 100,000 square feet
Developed in the mid-1980s, Capstone Condominiums was a standout project for CGB, which did considerable multifamily work at the time. Located just steps from the University of Alabama campus in Tuscaloosa, the successful project became the first on-campus student condominiums available for purchase. Capstone Condominiums gave parents an opportunity to invest in a property that could provide both housing for their child and a tax benefit.
Spanning 1.7 acres, the land for the development was assembled over 18 months as purchases for existing housing units had to be negotiated. When combined, the property spanned an entire city block after being rezoned and re-platted. Upon its completion, the 84-unit campus housing development was valued at more than $10mm and has gained tremendous value since that time.
The development took inspiration from innovative student-housing in Austin and Houston and features secure gated access and two onsite pools. The 1-bedroom/1-bath and 2-bedroom/2-bath units include high ceilings, full equipped kitchens, large living room with private balcony, and spacious bedrooms with walk-in closets.
