Alabama Power Co. has added another property to its Railroad Park portfolio as it moves forward with plans to launch a major redevelopment project.
The utility bought the four-story, 18,600-square-foot office building at 12 20th St. S. in mid December for $600,000, or $32.26 per square foot, according to multiple sources with knowledge of the deal.
The building was listed for $649,000, or $35.89 per square foot, according to real estate research firm Xceligent.
The property, which was sold by Alabama Business Furnishings Inc., is in the block just to the east of the soon-to-be-decommissioned Powell Avenue Steam Plant. Graham & Co.’s Sonny Culp represented the seller in the purchase.
Alabama Power previously announced plans to redevelop the steam plant and the adjacent lot that was the subject of the Prize2theFuture design competition, but has yet to disclose specific plans about the site.
An Alabama Power spokesman reached this morning couldn’t immediately confirm whether the purchase is related to redevelopment plans or whether the utility is looking to buy more property.
The project is one of several spawned by the construction of a new Birmingham Barons ballpark at First Avenue South and 14th Street. As I reported last week, Corporate Realty just confirmed plans for a large apartment complex with a first phase of 220 units nearby.
[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][ Read article at bizjournals.com ][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]