A historic, 1930s-era commercial building in Five Points South is getting a facelift. Capstone Real Estate Investments plans to renovate the Magnolia Point building for a series of retail and entertainment businesses after purchasing the property earlier this year.
A Historic Building in Five Points South
You might not be able to tell it now, but the Magnolia Point building in Birmingham is nearly a century old. According to BhamWiki, Magnolia Point was constructed as a commercial building in the 1930s.
Currently, Magnolia Point doesn’t look like a building from the 1930s. At some point, the original brick facade was painted and covered in panel sidings while a sloping roof was added to the structure.
New Owners With a New Vision
In late January, Capstone Real Estate Investments purchased Magnolia Point. Now, they are planning to renovate the building to bring it back to its original appearance, including removal of the siding and rooftop (Think about some of the buildings in Forest Park Village, and you’ll have a good idea of what it’ll look like.) Capstone Real Estate Investments is consulting with David Schneider of Schneider Historic Preservation, LLC on the restoration.
Once complete, Capstone Real Estate Investments plans to utilize the building for nighttime use—new bars, retail shops or restaurants!
Why Magnolia Point?
So why is Capstone Real Estate Investments interested in Magnolia Point? The building is located near a very buzzy area of town: Southtown Court. For several years, Southside Development Co. has been working hand-in-hand with Corporate Realty, BREC Development, SPM Property Management, Brasfield & Gorrie, A.G. Gaston Construction and Gensler and The Benoit Group on the proposed redevelopment for Southtown Court.
The Southtown redevelopment aims to replace the aging, 1940s-era Southtown Court housing community with a brand-new, mixed-use planned district. The new Southtown Court would include 459 housing units and 850,000 square feet of retail, office and commercial space. Once complete, Southtown Court would be a very happening spot—no wonder Capstone Real Estate Investments wants to get in on the ground floor!