Posted Jul 2, 2015, 2:52 AM
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Cat Enthusiast
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Join Date: Apr 2008
Location: America's Magic City
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Powell School developer awarded $3.7 million HUD loan
LINK
July 1, 2015
Bryan Davis
Birmingham Biz Journal
Quote:
The multi-million dollar project that will convert the historic Powell School building into apartments got a huge boost this week.
The U.S. Department of Housing & Urban Development awarded the City of Birmingham a $3.7 million federal loan this week to aid in the redevelopment of the city's oldest school building, located at the corner of 24th Street North and Sixth Avenue.
The building was constructed in 1888 and closed in 2001.
Congresswoman Terri A. Sewell announced the award will be given to the developer, Integral Group, which will use the money to acquire and convert the building into 24 studio one-and-two-bedroom units.
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Aside from the HUD loan, the project was among the first recipients of Alabama's state historic tax credits in 2013.
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The property survived a 2011 fire, which severely damaged the building.
In previous reports, the project was said to cost between $3.5 million and $4.5 million to complete.
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