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

New Grocery and Mixed-Use Development in Florence, Alabama

Florence, Alabama, is about to witness a significant transformation with the announcement of a new grocery and mixed-use development, made possible through a $9 million allocation from the New Markets Tax Credit (NMTC) program. UB Community Development (UBCD), a community development partner of United Bank, is at the forefront of financing this ambitious project, which will breathe new life into a previously utilized public hospital site—now branded as the West Village Development.

Project Overview

The West Village project promises a whopping 12,400 square foot grocery store alongside more than 19,000 square feet of space dedicated to retail and commercial enterprises designed to foster local business and entrepreneurship. In addition to these commercial facets, the development will feature 78 workforce housing apartments, making it a cornerstone for community living and economic mobility.

Led by Joel Anderson, a local resident and founder of Mainstreet Communities LLC, this initiative showcases a powerful collaboration between various stakeholders. In a notable partnership with the University of North Alabama, the project aims to incorporate space for a student entrepreneurship program, providing essential training and support to tenants and local community members. This collaborative spirit illustrates a commitment not just to economic growth, but to the nurturing of local talent and innovation.

A Historic Transformation

What makes the West Village truly historic is that it is the first-ever NMTC project within the Florence/Shoals community. This development reclaims the site of the former Eliza Coffee Memorial Hospital, which had been demolished over four years ago, thus turning a space once filled with memories and services into an opportunity for revitalization and growth. The project is designed to support a walkable community, enhancing residents' quality of life through accessible pathways, a grocery store for everyday needs, a fitness area, and community meeting spaces—elements that promote a healthy lifestyle.

Strategic Impact on the Community

The mixed-use aspect of West Village is deeply thought out, as it combines residential and commercial spaces. The development will not only address the local housing shortage through affordable workforce housing but also create a vibrant atmosphere conducive to small business growth and entrepreneurship. This model is recognized as a catalyst for job creation and economic stimulation, aligning perfectly with ongoing efforts to revitalize the Florence area.

Alex Jones, President of UB Community Development, expressed pride in the project: "We congratulate Joel Anderson and the project team on the closing of this comprehensive redevelopment in an important historic neighborhood in Alabama. We seek out meaningful projects across the Southeast, and with healthy food, retail, and affordable housing, West Village has a multi-faceted impact."

Additional Developments in the Region

UB Community Development is no stranger to transformative projects aimed at improving community well-being. Alongside West Village, they are also working on the Cherry Hills Homes redevelopment in Florence, which will create 128 new affordable housing units through the Florence Housing Authority. Furthermore, in nearby Muscle Shoals, the Cedar Trace Apartments project will add 56 affordable homes for seniors, thereby expanding housing options for older residents. Each of these developments showcases a commitment to creating inclusive communities enriched with shared spaces, computer and fitness facilities.

Conclusion

As the West Village Development prepares to break ground, it stands as a beacon of hope and progress for the Florence community. With thoughtful planning, strategic partnerships, and an emphasis on local entrepreneurship, this project is poised to not only meet the immediate housing and retail needs but to uplift the entire region socially and economically. Florence, Alabama, is on the brink of an exciting new chapter, one that celebrates community development, collaboration, and progress.