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After Charlotte-based Wachovia Corp. bought SouthTrust Corp. in a $14 billion deal last year, the future of the building was in limbo. Enter Barry, which closed on the deal on June 30, 2004. Wachovia ended up retaining five of its original 11 floors in the tower, plus the lobby. Fish says that's a considerable vote of confidence and he hopes the banking giant will expand its presence even further.
Barry already has upgraded the building's air conditioning and safety systems, and will next tackle the lobby and common areas, including 11 sets of restrooms and three multi-tenant corridors. Fish emphasizes that the lobby will not be completely changed. "We're taking the good elements and improving on them, warming the space up," he says.
The 19,000-square-foot lobby has green granite panels, which will be incorporated into the new design. The drop ceilings will be replaced with drywall and plaster. In addition, space will be carved out for two or more retail tenants, preferably restaurants, Fish says. The restaurants will front Fifth Avenue North and boast outdoor seating.
Phase 1 lobby, bathroom and common area renovations will be completed in three to four months and represents $2.5 million to $3 million of the total renovation cost, Rudy says.
The issue of parking
One question hovering over the tower, and the downtown office market in general, is parking. The building currently has a 224-space deck and an agreement with the city of Birmingham to acquire space in various city decks as it becomes available, Rudy says.
Several months ago, it was announced that the nearby Regions deck on Fourth Avenue North would nearly double its current 769 spaces as part of a mixed-use city project to be completed in 2006. The parking authority has said the expansion is on hold, and city spokeswoman Renee Kemp-Rotan says although she doesn't have a time frame, "we still intend to go forward with that project and we're working on the details now."
Such a project would enhance the tower's appeal "since that deck is right in our back yard," Rudy says. "We would be thrilled to get it. It would be huge for us."
Fish says the building's owners are firmly committed to bringing the building to the top of its market and filling it. To that end, Barry has hired property manager Jeannie Knowles, who will work with tenants and oversee the day-to-day operations of the building.
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