1506 Main Street, Roanoke, AL 36274

Property Description

Coldwell Banker Commercial Metro Brokers presents Reserves at Roanoke, a 20.30-acre multifamily development site at 1506 Main St in Roanoke, Alabama. The site plan calls for 408 units in 34 twelve-unit buildings: 12 one-bedroom buildings (144 units) and 22 two-bedroom buildings (264 units), 672 bedrooms in total. The project is well past the paper stage. A full 22-sheet civil plan set by Praestare Engineering was issued for construction on 6/27/2025. It covers layout, utilities, grading and drainage, erosion control and construction details. Sanitary sewer is installed and building pads are prepared, and the remaining off-site item is extending water to the site (seller estimate $45,000). The plan is drawn to the R-3 maximum of 20 DU/acre with 53.91% open space against a 40% requirement and a 38'-4" building height against a 45' maximum. It is sequenced in six phases with water and sewer stub-outs, so a builder can match deliveries to lease-up. The community is designed as a gated property with private streets, a leasing office, pool, playground, dog park and mail kiosk / storage building. Seller construction budgets for both building types are available to qualified buyers, along with the full civil plan set and CoStar rent comparables. Offered at $5,500,000, or $13,480 per planned unit, which is about 9% of the indicated total development cost.