#United States #Birmingham #UB Community Development #New Markets Tax Credit

Major Redevelopment in Birmingham's Parkside District

The historic Parkside District in Birmingham, Alabama, is set to undergo a significant transformation thanks to a remarkable financial initiative. UB Community Development (UBCD), in partnership with United Bank, has secured an $11 million allocation through the New Markets Tax Credit (NMTC) program to revitalize a long-neglected commercial property located on 14th Street South. This project is poised to breathe new life into the district, uplift the community, and foster economic growth.

A Transformative Vision

The redevelopment will be spearheaded by MBA Engineering, LLC, a well-established structural and civil engineering firm based in Birmingham. Since its inception in 1928, MBA Engineering has played a crucial role in shaping the city's infrastructure. They will become the anchor tenant in the revitalized Wade Wood Building, occupying over 11,000 square feet of the rejuvenated property. Approximately 8,000 square feet of retail space will target food and beverage businesses, converting an underutilized structure into a thriving commercial hub.

Alex Jones, Executive Vice President of United Bank and President of UBCD, highlighted the significance of this project, noting, "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."

Benefits for the Community

This ambitious redevelopment promises to yield numerous benefits for the local community, including:

• - Preservation of Historic Architecture: The project will respect and retain the historical essence of the Wade Wood Building while modernizing its functionality.
• - Economic Revitalization: By activating nearly 21,000 square feet of commercial space, the project aims to boost economic activity and enhance the vibrancy of the Parkside District.
• - Job Creation: The initiative is expected to create sustainable, high-quality job opportunities within the growing business space while also generating temporary construction jobs during the redevelopment phase.
• - Community Engagement: The redevelopment will engage local residents, inviting them to participate in the revitalization process and benefit from the new services and job opportunities.

A Long-Term Commitment

UB Community Development’s longstanding commitment to community enhancement is further demonstrated through this project. The organization aims to collaborate with various partners to leverage resources and expertise in various fields, including healthcare, housing, education, and public works. Their current initiative in the Parkside District reflects their commitment to making a positive impact on regional communities through the successful execution of NMTC projects.

In conclusion, the redevelopment of the historic Parkside District in Birmingham represents a pivotal moment for the area, set to revitalize the local economy while celebrating its historical roots. As community development progresses, residents and stakeholders alike are poised to witness the transformation of a once-neglected space into a dynamic commercial district that will serve generations to come. For more details on UB Community Development and their initiatives, visit UBCommunityDevelopment.com.