Bought/Sold/Leased
- Pre-leasing and model unit showcasing recently opened for Flats on 4th, an 86-unit apartment complex at 1520 Fourth Ave. S. Construction, led by Watts Realty Company, is expected to be complete in the next six months. Contact Arlington Properties for leasing information.
- Industrial property Parkside 15, 1200 First Ave. S. — consisting of seven buildings on an entire city block — was bought by Shannon Waltchack two years ago. The buildings are located behind the Baker’s Row development and are former Merita Bakery warehouses. Shannon Waltchack recently sold one building to Cottage Supply for their new upscale residential showroom; another building is under contract, and there is activity to sell or lease all of the remaining buildings to office and creative users.
Construction Update
- Shannon Waltchack and Ladd Real Estate have partnered to bring the Parisian Building, at the corner of Third Avenue North and 18th Street, back to life after more than 20 years of vacancy. The construction phase for Action Resources, which will relocate from the neighboring Paramount Building to occupy the top two floors of the building, is nearing completion. The first floor of the remodeled Parisian will be leased to a bar or restaurant.
- Construction of the UAB Collat School of Business is underway after a Dec. 19, 2016, groundbreaking and expected to last 18 months. Brasfield & Gorrie are the contractors on the project. The $37.5 million building will be located on University Boulevard between 12th and 13th Streets South and, when finished, will include 110,000 square feet to house the Collat School of Business and Bill L. Harbert Institute for Innovation and Entrepreneurship.
- Retail spaces in the Waites Building, at the corner of Seventh Avenue South and Richard Arrington Jr. Boulevard, are being turned over to tenants March 1. Rodney Barstein of Retail Specialists said some tenants could open for business in June 2017. Tenants announced so far include Blaze Pizza, Smoothie King and Farm Burger. Apartments in the building will also be available for move-in in June.
- Hoar Program Management is providing program management services for the $24 million BJCTA Intermodal project that is expanding and transforming the BJCTA Bus Transfer Facility on Morris Avenue into an integrated transportation center linking intercity rail, intercity bus, public transportation, taxis, car/van pools and bicycles. When complete, Amtrak, Greyhound and MAX will be consolidated in a single complex.
- Hoar Construction is working with Alabama Power to decommission the 120-year-old Powell Avenue Steam Plant and is now restoring it for commercial development.
- Hoar Construction continues to work on an adaptive reuse project at the campus of Children’s of Alabama. This is a long-term, systematic, upgrade and renovation project of more than 1 million square feet of the existing campus.
- Nequette Architecture and Design is renovating the old Harold’s Furniture storefronts in the 2200 block of Second Avenue North for office and residential use. There will be 10 lofts and at least two first-floor commercial spaces. Nequette will have its offices on the fourth floor. The project should be complete in early 2018. The general contractor is Francis Bryant Construction.
- Construction continues at the historic Empire Building at 1928 First Ave. N., which is being turned into the 117-room Empire Hotel, a luxury Marriott hotel. Ascent Hospitality of Buford, Georgia, is the developer. Completion is expected in early 2017. An old Alagasco facility next door will also become a smaller, limited-service Marriott.
Opening/Closures
- The Pizitz, a $70 million renovation of the old Pizitz department store by Bayer Properties, is now open. The 251,210-square-foot space includes The Pizitz Food Hall — with 13 stalls, two restaurants and The Louis bar — 143 residences with a rooftop pool, an attached parking deck and office space. The Pizitz will house retailers Warby Parker and Yellowhammer Creative on the mezzanine. Brasfield & Gorrie was the general contractor.
- The Publix supermarket at 20 Midtown, at the intersection of 20th Street South and Third Avenue South, had its grand opening in February. Work has begun on the third phase of the 20 Midtown development on a full block between 20th Street South and Richard Arrington Jr. Boulevard and Second and Third avenues south. The developers recently purchased the long-vacant, 16-floor Liberty National Building at the southeast corner of the intersection and will add it to the project.
- Hoar Construction is the general contractor for the 90,300-square-foot restoration of Capstone Real Estate’s Federal Reserve Building and annex at 1801 Fifth Ave. N., which held its grand opening in early February. Harbert Realty Services partnered with Capstone on the project. The historic building has been renovated into commercial office space. Both buildings are listed on the National Register of Historic Places.
Coming Soon
- iBrew Ramen & Sushi is coming to Five Points, according to Michael Watts of Watts Realty. The restaurant will be located next to Golden Temple at 11th Ave. S. and 19th St., and is in the hands of an experienced restaurateur. Watts said opening is projected for spring or summer 2017 after remodeling.