UPDATED: New and Upcoming Projects. (Birmingham, Vestavia Hills: loans, cottage, guidelines)

[TimCity2000]

old ABSCO building:

Entity with ties to Harbert Realty buys Lakeview property

A Lakeview building that has housed ABSCO Fireplace & Patio could get new life, after all.

Fifth South Apartments LLC, an entity with ties to Birmingham-based Harbert Realty, has acquired the property at 416 28th Street South, for $2 million. The seller was Fifth Avenue Chorus Line LLC – an entity registered to Harbert Management Corp. CEO Raymond Harbert.

Fifth Avenue Chorus Line LLC had previously purchased the property in 2018 for $1.825 million in advance of plans to transform the building into a home for the Red Mountain Theatre Co. The nonprofit theater eventually changed course, however, and is building a new arts campus in the Parkside District. When unveiling the Parkside plans, the nonprofit cited the cost of redeveloping the warehouse as one of the factors.

[bhamblazer]

That's a good spot for apartments and would continue help filling the gap between Lakeview and Pepper Place.

[Williammal]

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[mcalumni01]

Parkside project updates...

https://ironcity.ink/faces/parkside-...nstruction-of/

[TimCity2000]

tower crane(s) going vertical at 20 midtown:

https://app.oxblue.com/open/rgs/20midtown

[MinivanDriver]

Originally Posted by TimCity2000

tower crane(s) going vertical at 20 midtown:

https://app.oxblue.com/open/rgs/20midtown

Truthfully, I'd love to read some updated absorption studies for the downtown area.

[wardamnbham]

Originally Posted by MinivanDriver

Truthfully, I'd love to read some updated absorption studies for the downtown area.

https://www.downtownbhamplan.com/upl...er_dec2018.pdf

Data heavy doc linked above. Good stuff in it. Completed at the end of 2018.

"Based on these capture rates, the City Center Study Area should be able to absorb between 363 and
420 new rental and for-sale housing units per year each year over the next five years, or a total of
1,815 to 2,100 units over the five year timeframe."

[MinivanDriver]

Originally Posted by wardamnbham

https://www.downtownbhamplan.com/upl...er_dec2018.pdf

Data heavy doc linked above. Good stuff in it. Completed at the end of 2018.

"Based on these capture rates, the City Center Study Area should be able to absorb between 363 and
420 new rental and for-sale housing units per year each year over the next five years, or a total of
1,815 to 2,100 units over the five year timeframe."

Right. I've read that, so thanks for posting.

But there have been some new twists over the past couple of years. And, while I don't have an exact count, I'm guessing the count of units that have either been built or have been slated are exceeding that study's most optimistic projection.

As an example, the Vesta and the Break developments alone account for 514 units. Add the third phase of Midtown with 312 units, and we're already looking at half the estimate. Add the Foundry with 268 units, the Denham with 68+ units, the rest of Bakers Row with 200+ units, and we're sitting at 1,362 units already. Throw in the dozens of other redeveloped projects--not to mention higher profile ones such as Southtown, American Life, et al--and I think we're looking at blowing right past that 2,100 number with ease.

So what I'm really asking is for any absorption study produced in the last few months. There must be some updated market evaluations for the lenders to be funding these projects. Throw in the opportunity zones and I'm wondering where it all leads.

And the question also becomes this: With an active community springing from scratch over the past five years, how long before it achieves some kind of self-sustaining critical mass?

[mcalumni01]

Originally Posted by MinivanDriver

Right. I've read that, so thanks for posting.

But there have been some new twists over the past couple of years. And, while I don't have an exact count, I'm guessing the count of units that have either been built or have been slated are exceeding that study's most optimistic projection.

As an example, the Vesta and the Break developments alone account for 514 units. Add the third phase of Midtown with 312 units, and we're already looking at half the estimate. Add the Foundry with 268 units, the Denham with 68+ units, the rest of Bakers Row with 200+ units, and we're sitting at 1,362 units already. Throw in the dozens of other redeveloped projects--not to mention higher profile ones such as Southtown, American Life, et al--and I think we're looking at blowing right past that 2,100 number with ease.

So what I'm really asking is for any absorption study produced in the last few months. There must be some updated market evaluations for the lenders to be funding these projects. Throw in the opportunity zones and I'm wondering where it all leads.

And the question also becomes this: With an active community springing from scratch over the past five years, how long before it achieves some kind of self-sustaining critical mass?

"According to a 2020 study by UAB and REV Birmingham, there are 529 residential units in Parkside with 2,034 additional units planned or under construction."

That's just in the Parkside area. From the link in my previous post about Parkside Urban Supply development starting construction.

[TimCity2000]

i've tried to keep a running list of big projects since 2013:

Google Sheets - Birmingham Development

it has lots of holes and needs additional information (which i welcome others to fill in), but it's a decent start.

what i don't have of course, and what you ultimately may be asking for, is occupancy rates... would LOVE to know those..