Bayer Properties looks at what’s next after opening Pizitz in downtown Birmingham
The Pizitz Food Hall in Bayer Properties' newly renovated Pizitz Building in downtown Birmingham is a hit. (Michael Tomberlin/Alabama NewsCenter)
With praise for the redeveloped Pizitz Building in Birmingham still at a low roar, Bayer Properties is eyeing its next transformative projects, with one holding its grand opening today in Kentucky.
The Summit at Fritz Farm in Lexington is the latest iteration from the company that introduced “lifestyle center” development to Birmingham with The Summit. It’s the first new development Bayer Properties has taken on since the recession stymied development across the country nearly nine years ago.
Fritz Farm will have 300,000 square feet of retail and restaurant space, with land to expand onto in the future. One of the evolutions of the lifestyle center projects is the addition of more than 300 apartments above the retail segment – a mixed use that is more common in downtown redevelopment projects than in suburban open-air malls. Fritz Farm will add a hotel and 50,000 square feet of office space.
“(Lexington) is in a market that could use a project like that,” said Jeffrey Bayer, principal with Bayer Properties. “We’re trying to give the city a place where people can come congregate and enjoy themselves.”
What’s next for Birmingham’s Bayer Properties after Pizitz success? from Alabama NewsCenter on Vimeo.
Retail trends changing
The way Bayer approaches a Summit development has changed since the first one opened two decades ago.
“Retailing is changing as we speak,” Bayer said. “We don’t think you can build what you built 20 years ago. It’s going to be called the Summit Fritz Farm. It’s vertical, it’s not horizontal, so that’s all changed. We have a great list of retailers.”
Many of those stores are new to the city and state, a typical mark of The Summit projects in Birmingham and other states.
“What we always try to do is bring unduplicated retailers to a marketplace so people can pull from a wider regional area,” Bayer said.
A longtime ‘labor of love’
Back in the company’s hometown of Birmingham, the buzz continues over the $70 million renovation of the former Pizitz department store into 143 apartments, an urban food court, retail and office space and the future home to theaters and classrooms for Sidewalk Film Festival.
“Labor of love” is how Bayer refers to the project that took 15 years to realize. “It’s been a hard project – big building, new concept for the city, find the right tenants.”
Bayer said the company is pleased with the leasing of apartments, retail and restaurant space.
“I think the consumer really likes it,” he said. “I think it’s just up to us to keep it working in such a way that the consumer continues to come.”
It’s hard to overstate the impact of the Pizitz renovation.
“The way the Pizitz Building project has come together means more to Birmingham than just taking a large vacant building and putting it into productive use again,” said David Fleming, CEO of REV Birmingham. “The mix of apartments, the Food Hall and commercial spaces like the Forge and the home for the Sidewalk Film Festival make the Pizitz an asset for Birmingham’s economic development goals. Our city needs to be attractive in order to recruit talent and companies, and the Pizitz becomes one of our assets in that game.”
David Silverstein, principal with Bayer Properties, said the Magic City is once again magic.
“We’re here,” Silverstein said. “Birmingham is experiencing its moment in time.”
Southtown and Uptown
Bayer is turning its attention to Birmingham’s Southside in what could be another transformative project. The Housing Authority of Birmingham has tapped Bayer to head the redevelopment of Southtown Court public housing community between UAB and St. Vincent’s hospital on University Boulevard.
“Southtown we think has a unique opportunity,” Bayer said. “It can be a key piece of real estate surrounded by good users. I think our challenge is determining what really is the long-term best use for that project.”
Initial concepts have a mix of retail on the ground floor facing University Boulevard with residential units above. A hotel, parking decks, community garden and park have all been part of proposals. Bayer said a final direction hasn’t been determined.
At the other end of downtown, Bayer is interested in what is happening around the Birmingham-Jefferson Convention Complex now that Topgolf is under construction and expansion proposals of the BJCC have been unveiled.
Bayer handled leasing for the Uptown entertainment district.
“We were involved with the location for Topgolf,” Bayer said. “Many people laughed at the thought of (Birmingham) Mayor (William) Bell bringing the Westin and the entertainment district, and there were some times that I thought, ‘Oh my gosh! Can we really do this?’ But look, it worked. So give William and the City Council and the BJCC credit for having the long-term vision and the guts. I’m just happy we were able to play a small role in it.”
Higher Summit
And what about The Summit? Bayer controls more than 100 acres next to the development, but Bayer said the focus now is improving the existing center.
“We would like to do some redevelopment,” he said. “We would like to create some verticality. We’re studying different ways as to how we can alter, modify, maybe tear some buildings down, rebuild some buildings. Our philosophy is you just cannot stay stagnant. You better be thinking about what you can do to keep the consumer and retailer happy.”
That being said, Bayer wants to keep projects at a manageable level.
“We’re always looking for opportunities, but I don’t want us to attempt to do too many things. The urge is to do that, but the discipline tells you don’t get too far over your skis, because we’re living in a changing world.”
