Transforming Birmingham's Historic Wade Wood Building
UB Community Development (UBCD) is excited to announce a significant redevelopment effort in Birmingham's Parkside District. This initiative is backed by an impressive $11 million allocation from the New Markets Tax Credit (NMTC) program, in partnership with MBA Engineering, LLC. The primary goal of this project is to acquire and rehabilitate a historically significant commercial structure situated on 14th Street South.
Boosting Local Economy and Businesses
The revitalization of this long-neglected property is crucial for nurturing a minority-owned business, thereby injecting vitality into the historic infrastructure of the area. MBA Engineers, known for its excellence in structural and civil engineering since 1928, will be the principal tenant within the Wade Wood Building. This transformation aims to convert the dormant building into a dynamic commercial space, with MBA Engineers set to occupy over 11,000 square feet, including 8,000 square feet dedicated to enticing food and beverage retail tenants along the front façade.
Community Impact and Job Creation
The redevelopment project is expected to generate numerous benefits for the community. It will create permanent high-quality jobs as well as temporary employment opportunities during the construction phase. Additionally, it will enhance the economic landscape, driving positive changes that directly benefit local residents. The influx of jobs and new businesses will provide a much-needed boost to Birmingham's Parkside District, which is undergoing exciting changes.
Commitment to Underserved Areas
Alex Jones, Executive Vice President of United Bank and President of UB Community Development, articulated the company's mission: "UBCD is committed to fostering growth and opportunity in underserved areas. This project exemplifies how NMTC investments can drive meaningful change by creating jobs and improving communities across the region." The efforts dedicated to this project underline UBCD's dedication to community-driven development.
Preserving Historic Architecture
A key aspect of this redevelopment is the focus on preserving the historic architecture while introducing modern commercial functionality. By revitalizing nearly 21,000 square feet of commercial real estate, this project not only retains the building's unique historical significance but also contributes to the overall aesthetic and cultural fabric of Birmingham’s Parkside District.
About UB Community Development
UB Community Development, based in Atmore, AL, has a rich history and profound expertise in executing New Markets Tax Credit transactions. Their commitment to enhancing community development makes UBCD the leading financial collaborator for economic growth in Alabama's communities. Through various initiatives, such as the Community Facilities Lending Program and the Community Housing Capital Fund, UBCD engages in transformative projects across multiple sectors, including healthcare, education, public works, affordable housing, and more. This comprehensive approach has a lasting positive impact on regional development.
Frequently Asked Questions
What is the purpose of the redevelopment project in Birmingham?
The project aims to revitalize a historic property, supporting the growth of a minority-owned business while creating jobs and community benefits.
Who is involved in financing this redevelopment?
UB Community Development is financing the project with an $11 million allocation from the New Markets Tax Credit program in partnership with MBA Engineering, LLC.
How will this project benefit the local community?
The redevelopment will create both permanent and temporary jobs, preserve historic architecture, and activate commercial space, enhancing local economic conditions.
What type of businesses will occupy the redeveloped space?
The redevelopment will feature an anchor tenant, MBA Engineers, along with dedicated space for food and beverage retail tenants.
What areas does UB Community Development focus on?
UB Community Development emphasizes economic and community improvement in various sectors, including healthcare, education, and affordable housing, ensuring broad community growth.
