$22.5M in financing secured to redevelop Red Cross Building in Downtown Birmingham by end of 2023
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Earlier this month, Parkview Financial announced it is providing a $22.5 million loan to EPT Holdings, LLC to redevelop the American Red Cross Building at 2225 3rd Avenue North in Downtown Birmingham.
Bham Now’s Nathan Watson first reported on this redevelopment in August 2020, when the 140,000-sf building was acquired by EPT Holdings. Since then, the company has worked to complete construction drawings and entitlements and has secured tax credits and Opportunity Zone financing to raise equity capital,.
Shuttered Since 1999
Once the site of a city-owned building that hosted a marketplace of 100 individually-owned stalls for vendors back in the 1920s, the present building was built in 1947. In 1999, the five-story property was shuttered since 1999 when it was vacated by the American Red Cross.
What’s Next
Parkview Financial released the latest details about the project which is led by New York developer Ed Ticheli, whose team was behind the redevelopment of the American Life Building. They include:
- Name of the development: Market Lofts on 3rd
- 192 – small affordable apartments averaging 438 square feet (sf)
- Unit mix will include 95 studios, 94 one-bedroom units and three two-bedroom units
- One 4,000-sf retail unit with 60 parking spaces.
- Building amenities: On-site laundry, a fitness center, a lounge on the 3rd floor and a central courtyard.
Affordable Housing
Parkview Financial’s CEO and Founder is excited about the new redevelopment, which is centrally located downtown and near UAB Hospital.
“Parkview is pleased to provide financing for this mixed-use project that supports much-needed affordable housing. This asset’s location is within Birmingham’s Central Business District, an area that is experiencing significant gentrification in recent years and subsequently rising rents. Market Lofts on 3rd will target a workforce profile tenant that works in downtown Birmingham or the University of Alabama Hospital system which are both within a half-mile of this project.”
Completion- End of 2023
As Bham Now reported in 2020, the project’s general contractor is Birmingham-based Wyatt, General Contractor, LLC, and the architect of record is Birmingham-based Hendon + Huckestein Architects, PC.
With financing secured, construction has now commenced with completion anticipated for December 2023.
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