Condominium Construction | $11,227,565 | Birmingham, AL
Financing will be used to renovate and repurpose existing brick structures into 47 new residential condominiums and 7 commercial retail units. The Subject Property consisted of three adjoining brick structures upon loan closing. 20. The residential condominium units include numerous floorplans ranging in size from Micro units of 289 sf to 994 sf units with 2 BRs and 2 BTHs. All units will feature historic elements and building materials with modern finishes. Units will have views onto Morris Avenue in the front, 1st Avenue to the rear or onto an interior courtyard in the center. Some units will have balconies and all residents will have access to a terrace that overlooks a bustling pedestrian plaza. 21. The retail units will be leased to third party tenants with units ranging in size from 500 to 5,400 sq. ft. There will be 3 street level retail units facing Morris Ave and 2 street level units facing 1st Avenue. In addition, there will be a pedestrian plaza spanning Morris to 1st through the center of the project and seven of the retail units will have frontage along this internal passageway.