Reed Realty Advisors and its partners will transform the 19-story Thomas Jefferson Tower from a vacant and deteriorating historic landmark into a unique entertainment and event venue in a rejuvenated downtown area in Birmingham. Project plans include renovation and redevelopment of the 160,000 square-foot Thomas Jefferson Tower complex into a building with 96 apartment units (of which 21 are reserved for affordable housing) and 25,000 square feet of commercial space including a 14,000 square-foot indoor/outdoor event space with a restored ballroom, dining rooms, private terrace, and rooftop pool/entertainment deck. Due to the net benefit from the tax credit financings, the developer team can incorporate affordable housing and healthy food access as components of the $16 million rehabilitation and renovation.
“The tax credit financings will enable us to meet two very apparent needs of the neighborhood,” said Scott Reed, founding principal of Reed Realty Advisors. “Birmingham has a vacancy rate of 1%, making it difficult for residents of the community to secure housing. There is also a lack of grocery stores in the immediate area, so we used some of the tax credit funding and dedicated it toward establishing a food co-op delivery center so the community can have ready access to affordable and nutritious produce.”
“We have been working with the developer team for nearly a year to bring this financing package together. The complexity of bringing together three sources of tax credit financing proved a significant challenge, however, these programs made it possible for the project to address some of the most pressing needs of the low-income community,” said Reynold Roeder, CEO of Roeder & Company, LLC.
Construction on the Thomas Jefferson Tower will begin in February 2015, and is expected to be complete by December 2015. Reed Realty Advisors, LLC, provides a full range of real estate consulting, asset management, and construction consulting services to some of the country’s largest public and private real estate owners and investors with offices in Los Angeles, San Jose, and Portland. For more information about Reed Realty Advisors, please visit www.reedrealtyadvisors.com.