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  #861  
Old Posted Jun 10, 2021, 8:37 PM
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Originally Posted by jslaughter View Post
Hi guys, it's been a minute. Anyway, has there been any recent news on the Powell Steam plant?
nope
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  #862  
Old Posted Jun 18, 2021, 4:47 AM
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Developer launches $40M rehab of Building Trades Tower in Five Points South


A long-vacant residential tower in Five Points South will soon see new life as a workforce housing development.

It’s a $40 million project by Restoration Capital Partners LLC to redevelop the historic Birmingham Building Trades Tower for residential use.

Located at 2021 10th Ave. S. next to the Ascend tower, the 12-story building is being completely gutted and renovated for 242 units. The mix of studio and one-bedroom apartments will be an average of 500 square feet.

The building will come with 15,000 square feet of amenity space on the ground floor along with a park in the rear courtyard.

It is geared toward providing high-end housing to graduate students and other young professionals making between $50,000 to $85,000 a year, said Patrick Harwell, principal at LMS Investment Management.

“In downtown, high-quality workforce housing is in extremely high demand — the lease up at Lofts at American Life proves that,” Harwell said.

Construction is expected to begin in the next couple of weeks and wrap up in spring next year.

LMS is the developer and property manager. The development team includes Harwell and Zach Shipps. Robins & Morton is the general contractor, Hendon + Huckestein Architects is the designer and Schneider Historic Preservation is a consultant on the project.

The National Park Service approved the building for federal historic tax credits last year.

ServisFirst Bank is providing financing for the project with more than $25.27 million in construction and bridge loans, according to public records. Financing also includes about $10 million in common equity and $5 million in Opportunity Zone fund equity, Harwell said. IberiaBank previously provided about $4.05 million in predevelopment financing.

The project has been a long time in the works after the building was indefinitely evacuated when it suffered fire damage in 2015.

Built in 1969 for the Birmingham Building Trades Towers Inc. with partial funding from the U.S. Department of Housing and Urban Development, the building originally housed retired ironworkers and others in the building trades.

Restoration Capital Partners acquired the property a few years ago and worked with HUD to amend an agreement that restricted the building for senior affordable housing in order to make a redevelopment project viable at the property. The new six-year agreement will reserve about 160 studios and 60 one-bedroom units for tenants making 80% to 120% of the area median income, according to public records.

About 10 studios and seven one-bedroom units will be available for market-rate housing.

“HUD worked with us to create an opportunity to develop a project to provide high-quality, high-amenitized units for workforce housing,” Harwell said.
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  #863  
Old Posted Jun 18, 2021, 4:54 AM
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Orchestra Partners launches $40M redevelopment of historic Frank Nelson building


A prominent development team is beginning work on a much-anticipated historic redevelopment after securing financing for the project.

After ditching its original plans to redevelop the Frank Nelson building for office use, Orchestra Partners has decided to switch gears and transform the historic building into a 180-unit apartment community with ground-floor retail.

The local firm closed on a construction loan on May 21, green-lighting construction work to begin on the roughly $40 million project in June. More details about the loan were not immediately available in public records.

Birmingham design-build firm Creature is the architect and contractor. Dubbed “The Frank,” the project is expected to be complete late next year.

“Challenges with securing enough parking for business tenants led us to a new vision for The Frank that we’ve been working on for over a year now,” Hunter Renfroe, Orchestra’s co-founder and principal, said. “We believe this is a much better fit for the building and the neighborhood.”

Citing enrollment growth at the University of Alabama at Birmingham and the post-Covid migration to smaller cities, Renfroe is bullish on the city’s reputation as one of the best places to rent in the country.

“To attract new talent and continue to build on Birmingham’s momentum, we plan to position The Frank as a unique community for renters who are looking for an unbeatable urban location bustling with activity and amenities,” he said.

The development will come with a mix of studios, which will be about 400 square feet, and one-bedroom apartments, which will be about 600 square feet, designed for urbanites living a minimalist lifestyle. In addition to efficient and affordable units, The Frank will come with common areas and amenities such as a European-style outdoor courtyard in the heart of the building.

“Like the rooftop, the interior courtyard will be an incredible space where friends will come to meet up on their way out for the evening and where residents come to have their morning coffee and read a book,” Renfroe said. “Fostering community is a core part of every Orchestra project, so I’m excited that the courtyard will provide another gathering spot for locals to enjoy.”

UPS and Trattoria Zaza will remain open during construction. Orchestra Partners is looking for a local restaurateur to partner with in the operations of the courtyard and the retail space at the corner of Second Avenue North and 20th Street, which is available for lease with Retail Specialists serving as retail leasing broker.

Originally approved in 2018, Orchestra Partners first envisioned the project as a “vertical campus” with modern office spaces. The next year, it secured more than $6 million in financing from Ardent Cos. in Atlanta, according to property records. The project was approved for $5 million in Alabama historic tax credits, the highest allocation possible from the state, as well as federal historic tax credits. The National Park Service recently approved Orchestra Partners’ new plan to redevelop the building for residential apartments, as we reported.

McNair Historic Preservation is the lead historic preservation consulting firm for the project.

Birmingham’s third skyscraper, the 10-story Frank Nelson building was designed by William Weston and built in 1903 as the First National Bank Building during the city’s early economic boom years. It was re-named in honor of real estate developer Frank Nelson Jr. in 1939.

Multifamily experts are bullish on the expanding apartment inventory downtown with more than 2,000 units in the works as well as more than 1,300 that may be developed.

“Each of these developments as well as The Frank will help Birmingham’s momentum and make it a popular option for students and professionals looking for a bustling yet smaller city,” said Steve Nunnelley of Berkadia Birmingham.
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  #864  
Old Posted Jun 18, 2021, 5:11 AM
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^ two $40M renovation projects announced in the past month to two prominent vacant buildings downtown.
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