Photo courtesy of The Blake Whitney Thompson Co.
Blake Thompson, owner and managing director for The Blake Whitney Thompson Co., plans to invest $22 million in two residential developments in Hoover.
A new developer is coming to Hoover, with plans to invest about $22 million in two residential projects.
The Blake Whitney Thompson Co., based in St. Petersburg, Florida, but with most of its management in Atlanta, plans to purchase the 499 lots in the Lake Wilborn section of Trace Crossings and remaining 107 lots in Lake Cyrus, said Blake Thompson, the owner and managing director of the company.
Thompson said in mid-January he planned to close the deal by the end of February and begin work immediately on the two projects. Lake Wilborn currently is owned by U.S. Steel, and the 107 lots left to develop in Lake Cyrus are owned by two individuals, but Christian Ross, the due diligence coordinator for The BWT Co., would not name them.
The initial land purchase will be about $15 million, and The BWT Co. plans to invest another $7 million or so in infrastructure for the two subdivisions, Thompson said.
Preliminary plans for the first 93 lots in Lake Wilborn, which is just down Stadium Trace Parkway from Hoover Metropolitan Stadium and Bumpus Middle School, should be coming to the Hoover Planning and Zoning Commission for approval on Feb. 8.
The Lake Wilborn project has been managed by Signature Homes for U.S. Steel, and Signature Homes and Embassy Homes will be the homebuilders for Lake Wilborn under The BWT Co.’s ownership, Ross said. Embassy Homes will be the homebuilder for 86 of the homes in Lake Cyrus, and custom homebuilders will build the rest, Ross said.
Both Signature Homes and Embassy Homes are quality homebuilders who are familiar with the Hoover market and know what the Hoover community expects, he said.
“We’re taking something that works really well already and hopefully just helping it along,” Thompson said. “U.S. Steel has been an absolute pleasure to deal with. They’ve been flexible, and they want to put it in the hands of a developer that’s going to make the projects what Hoover wants it to be.”
Jessica Franklin, a spokeswoman for U.S. Steel in Pittsburgh, said the company would not be commenting about the land sale.
The BWT Co. expects land and infrastructure preparation for Lake Wilborn to take about eight months. The first homes likely will be available for homeowners in early 2017, Thompson said.
Build out for the 499 homes in Lake Wilborn should take five to six years, and finishing the 107 lots in Lake Cyrus, which include 28 estate-size lots, should take about 2½ years, he said. However, that all depends on market demand, which for now Thompson sees as strong.
The BWT Co. came into the Birmingham area several years ago with the purchase of 350 acres in the Carrington Lake subdivision in Trussville, where they are developing 300 lots, Thompson said.
Overall, the company has more than 100 active neighborhoods across the Southeast, including projects in Alabama, Georgia, Florida, Tennessee, Mississippi, Louisiana, North Carolina and South Carolina, Thompson said. Outside the Birmingham area, current projects are underway in Auburn and Mobile, he said.
Thompson’s experience in residential development includes mid-rise towers, low-rise complexes, townhomes and single-family homes, according to the company’s website. He also has co-sponsored ownership and operation of large office buildings in Alabama, Florida, South Carolina, Iowa and Texas.
See more about The Blake Whitney Thompson Co. at bwtcompany.com.