Casey Howard, Vice President at Harbert Retail, represented the Seller in the acquisition of a historic 3-property portfolio located at 1705-1711 1st Avenue North. The portfolio included: a 17,662sf building at 1711 1st Ave. North, a 36,075 sf building at 1709 1st Avenue North and a surface parking lot at the corner of 17th Avenue North and 1st Avenue North.
The portfolio sold to The Hub Community Development Corporation, who intends to announce soon their plans soon for the properties. The sale officially closed Friday, December 17th. The portfolio is located in an Opportunity Zone just across the street from the City of Birmingham Police Department, and only 1 block from Innovation Depot, McWane Science Center, Elyton Hotel and the Alabama Theatre, making it a prime location for redevelopment.
Howard stated that, “The resurgence of Downtown Birmingham, and the First Avenue North corridor, in particular, has completely exploded these last 3 years and doesn’t show any signs of slowing down anytime soon. Our team has been involved in many of the projects, redevelopments and renovations of everything from retail, office, entertainment/theatre, restaurants, multi-family and residential condos over the past several years and there’s a tremendous amount of momentum and growth occurring at every turn. These properties also benefit from being located both in the historic “Theatre District” as well as in the heart of the newly designated Innovation District, “The Switch” and continues to benefit from the positioning of Innovation Depot, which has been an amazing pillar and draw for our entrepreneurial and tech communities. It’s exciting to see all the activity and be a part of such a monumental rebirth of Birmingham.”