Posted Sep 28, 2008, 8:59 PM
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Mountain Brook's 4th village slowly moving ahead?
Quote:
Overton Village developers slowly moving ahead with $30 million project
Luxury condos, shops, restaurants all in works for Mountain Brook development
Sunday, September 28, 2008
MICHAEL TOMBERLIN
News staff writer
It takes patience to raise a village.
Developers of the $30 million Overton Village are discovering that reality as they slowly move forward with plans to create a third village to join Mountain Brook's established Crestline, English and Mountain Brook villages.
Already 2½ years in the making, it could be another two years before work on the condo and retail project is realized, developers said.
A new model of the four-building development now serves as a small-scale version of what is to come. The model is in the Overton Village sales trailer on the site of the future project on Fairhaven Drive off Overton Road.
"We're enthusiastic about the design and we believe this model will make it easier to share that enthusiasm with others," said Sally Tuttle, sales agent with Ingram & Associates and the Condominium Shoppe, the firm tasked with selling the 58 condos.
The enthusiasm has been tempered by the national housing and financial crisis, which has severely affected housing and condo projects throughout Birmingham, Alabama and the U.S.
But developer Ron Rich, principal with commercial real estate firm Leitman-Perlman-Rich Inc., said he believes Overton Village's location makes it less susceptible to what is happening elsewhere.
"We're concerned about the market but we feel like we're in a location that is not as market-sensitive as other areas," he said.
Rich and principal Marc Perlman are developers along with assistance from Formation Methods.
Grand plans:
The three-story buildings were designed by Cohen Carnaggio Reynolds architecture firm. They're meant to have an Old English feel that looks at home with the other Mountain Brook villages but yet stands on its own.
"We really studied the other villages for inspiration with what we're doing here," said architect Tammy Cohen, who is working on Overton Village along with Michael Hallisey in her firm.
Cohen said the project includes lots of green space, pocket parks and courtyards. The four small buildings in the master plan were meant to be more pedestrian friendly than one or two larger buildings. The buildings named Avon, Surrey and Redding are mirror-image buildings set to be built between Fairhaven and Poe drives. The Loxley building will front Fairhaven and is distinguished by a turret designed in the front.
Because three of the buildings are in Mountain Brook and the fourth one is in Vestavia Hills, Cohen said there were challenges to come up with a design and site plan both municipalities found acceptable.
In the end, she is happy with the final concept.
"I think it fits great in that existing neighborhood," she said. "Hopefully, it fits in with the entire area."
The 6,000 square feet of retail space will be spread along the ground floor of the buildings. Plans call for boutique shops and restaurants. The retail should mesh with the existing retail center and Publix grocery store but also is intended to not be disruptive to the nearby residential neighborhood, Rich said.
Luxury living:
But the retail is meant to be the supporting cast. The condos are the star.
Amenities like 10-foot ceilings, eight-foot solid doors, maple hardwood floors, carpeted bedrooms and ceramic tile bathrooms and kitchens are selling points. Custom wood cabinetry, granite countertops, stainless steel appliances and pre-wired audio-video and computer systems are others.
Each condo will have a balcony and its own fireplace with stone hearth and wood mantel. Though there are "chimneys" on the buildings, the fireplaces are ventless.
The condos' floor plans range from the $294,900 one-bedroom, 1½-bathroom Bishop to the $874,900 four-bedroom, 4½-bathroom Hartley.
Construction will start when a building is 80 percent pre-sold, Tuttle said. She did not disclose the current pre-sold levels.
Tuttle said there has been interest from potential buyers from all walks of life, but a prime market appears to be those who live in nearby homes who are either empty-nesters or at an age where the upkeep of a large home or yard is no longer appealing.
Others have expressed interest in the close proximity to The Summit shopping center and Interstate 459, she said.
"What we're finding is because there is nothing else like it in this area, we're getting interest even in this current market," Tuttle said.
E-mail: mtomberlin@bhamnews.com
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