Work has started on the former retail building, which has been shuttered for more than three decades. A groundbreaking ceremony is scheduled for April 8 at 11 a.m. The project is estimated to be completed in the first quarter of 2020.
New Ideal Lofts will have 45 condominiums ranging in size from 390 square feet to 3,000 square feet. They will have modern finishes, private parking, a common outdoor terrace overlooking the Pizitz courtyard and other amenities.
The project will include 3,500-5,200 square feet of ground floor and mezzanine commercial space available for purchase.
The project plans to be one of the first major downtown Birmingham renovations to use the new Opportunity Zone tax breaks, developers said.
“In addition to bringing life back to a beautiful building that has been shut off from the public for over 30 years, this property represents one of many in Birmingham that will benefit from the newly created Opportunity Zone tax benefit program,” said Kathy Okrongley of Southpace Properties. “This program is spawning redevelopment across the nation and, here in Birmingham, we have this tremendous opportunity to save a piece of the city’s history while also offering investors a chance to participate in the project and benefit from significant capital gains tax savings. It’s a win-win for the city and for private investment.”
The design and development plans call for preserving the historical facade and interior elements such as expansive windows, original wooden floors, wood truss ceilings and terrazzo flooring.
John Lauriello and Blake Crowe of Southpace were the original listing brokers for the purchase transaction of the New Ideal building. Southpace brokers Kathy Okrongley and Michael Randman created New Ideal Lofts LLC to head up the development of the project. Creature is the general contractor and architect. H2 Real Estate is handling the residential sales on the project.
There are 26 condos available. More information can be found at the New Ideal Lofts page here.