Harbert Realty Services, Inc. (HRS) of Birmingham, Alabama has partnered with Capstone Real Estate Investments to purchase the former Federal Reserve Building located at 1801 Fifth Avenue North. The property has significant historic value as it includes the original Federal Reserve building completed in 1927 and the annex built in the 1950s. Both buildings are on the National Register of Historic Places.
“This is a huge part of the revitalization of downtown Birmingham and we knew these buildings were too good to remain dormant. We have vast plans to spend significant improvement dollars to bring these buildings back to their glory,” stated Norman Tynes, Executive Vice President at Harbert Realty Services, Inc. We are actively pursuing redevelopment opportunities including Build-To-Suit, as well as Mixed-Use Development.”
The buildings encompass a half block of real estate in the financial district of downtown Birmingham. There is surface parking. The interiors have been removed and are currently in shell condition. Plans to begin redevelopment are underway.