Cityscape currently has four projects under construction:
ATHENS FLATS (Birmingham, Alabama)
Athens Flats is a 36 unit, $10 million condominium/loft renovation on 2nd Avenue North in downtown Birmingham. The building is a 43-year-old concrete and steel structure that at various times has housed the Social Security Administration, a bank, and a variety of other private and governmental entities. This project will consist of one and two-bedroom loft condominium units averaging +/- 1,300 square feet on three floors, and a magnificent +/- 3,000 square foot penthouse on the top of the building. Units will be finished with hardwood floors in the main living areas, travertine floors in the bath areas, granite countertops and stainless steel appliances. The building will have an exercise facility and private storage units available. Parking will be covered and secured with an overflow lot holding additional parking spaces.
PALMETTO 8 (Chattanooga, Tennessee)
Palmetto 8 is a planned 46 unit, $9 million condominium and townhouse development in the MLK district of downtown Chattanooga. Construction is planned in two phases, with 18 condominium units in Phase 1, and an additional 18 unit condominium building and ten townhouse units in Phase 2. Condominium units will be one, two and three bedroom with an average size of +/- 1,000 square feet. Townhouses will be two and three bedroom and average approximately 1,500 square feet. All units will be finished with hardwood or stained concrete floors, travertine floors in the bath areas, granite countertops and stainless appliances. The development will have interior parking accessed from the rear.
The Palmetto 8 site is just over an acre owned by Cityscape at the corner of 8th Avenue and Palmetto Street. The site is one block from the University of Tennessee Chattanooga (UTC) campus. UTC has an enrollment of just under 9,000 students and approximately 900 faculty and staff. The west end of the site is directly adjacent to a beautiful new “greenbelt” constructed by the city of Chattanooga which includes a landscaped walking trail through the downtown area.
UNIVERSITY FLATS (Birmingham, Alabama)
University Flats is a planned 52 unit, $14 million condominium development in the historic Glen Iris neighborhood of Birmingham. Units will be one and two bedroom with an average size of +/- 1,300 square feet. Penthouse units on the top floor will include an additional upstairs loft area, with outstanding city views. Finishes will be high-end, with hardwood floors, ceramic or travertine floors in the bath areas, granite countertops and stainless appliances. The development will have secured interior parking, with a portion of the parking area being covered.
The Glen Iris site is just under an acre which is currently owned by Cityscape. The property is located at the corner of 10th Avenue South and 10th Place, and is contiguous to the University of Alabama at Birmingham (UAB) campus. UAB has an enrollment of over 17,000 students, has a world class hospital and research facilities, and is the largest employer in the state with nearly 19,000 faculty and staff. University Flats is less than a block away from The UAB School of Business; across the street from the EPIC School (Education Program for the Individual Child); and less than a block away from the new Glen Iris Elementary School.
University Flats is currently under construction, with completion expected in early 2007.
WILLIAMS STREET (Chattanooga, Tennessee)
The Williams Street project is a planned 40 unit, $7 million condominium development in downtown Chattanooga. The development will consist of one 4-story building with one and two bedroom condominium units averaging +/- 1,050 square feet each. Planned finish for the units will include hardwood floors, ceramic tile in bath areas and stainless steel appliances.
The Williams Street site is +/- 2/3 of an acre at the corner of 16th Street and Williams, which is currently under contract by Cityscape. The site is close to downtown Chattanooga, with the Chattanooga Aquarium, The Chattanooga Choo-Choo, and other local attractions nearby.
Chattanooga Neighborhood Enterprise (CNE) has committed $500,000 in buyer’s incentives exclusively for this project. These incentives are available for low-to-moderate income buyers purchasing qualifying units in the Williams Street development. Qualifying buyers can get up to $50,000 in the form of a zero interest, zero payment (the balance is not due until the homeowner sells the property) second mortgage – effectively enabling buyers to qualify for up to 50% more home than they could through conventional lending criteria. “Gap” financing of up to $15,000 is also planned through one or more financial institutions, which would offer additional buying power for qualifying buyers.
Construction on this project has started with completion expected in early 2007.