Construction underway on historic Thomas Jefferson Tower
Bryan Davis
February 12, 2015
Birmingham Business Journal
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Developers have started construction on the historic Thomas Jefferson Tower (Leer Tower) in downtown Birmingham.
The $22 million project will convert the building into 96 apartments, with 7,000 square feet of retail and restaurant space.
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"Downtown Birmingham's occupancy rates are consistently near 100 percent," Beshara said in a statement. "We think market demand for well-finished units with high-rise views of downtown will be strong. We hope that bringing such a uniquely significant historic building back to life will be one of those projects that can help create a vibrant center of gravity for the immediate area and even more demand for City Center living in Birmingham."
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Built in 1929 as the Thomas Jefferson Hotel, the building has been the subject of redevelopment for a number of years. In a release by REV Birmingham this week, Mayor William Bell said the project will provide significant benefits for the public and private sectors.
"The Thomas Jefferson Tower will raise the bar for public and private improvement in the district and expand the downtown neighborhood," Bell said.
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The renovation of the Pizitz building and the Powell School project should get underway in 2015 as well.
"Thomas Jefferson Tower is one of those projects that proves this tax credit returns many times over for the cities that can use it, and for the state," said REV Birmingham CEO David Fleming.
"The new Florentine Building, historic Powell School, Pizitz Building and others represent tens of millions of dollars worth of reinvestment in our City Center enabled by the State Historic Tax Credit. That's a great return on investment for taxpayers."
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One of the things I really love about Birmingham is that there are so many large historic properties that can be, and are being, restored. Shiny buildings are nice, but I'd rather is towers like this reinvent the skyline.
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