Developer buys former Greyhound station downtown

//Developer buys former Greyhound station downtown

Developer buys former Greyhound station downtown

Dan Lovell and Jerry Grant represented Greyhound in the transaction.

 

Mike Mouron has big plans for the old Greyhound station property on 19th Street in downtown Birmingham.

The Birmingham real estate investor and developer bought the art deco building from Greyhound Lines Inc. for $2.06 million, according to Jefferson County public records.

Dan Lovell and Jerry Grant of Graham & Co. represented Greyhound in the transaction.

With a copy of the original plans in hand, thanks to Greyhound, Mouron plans to return the building to its historic condition as he redevelops it for office space, he told the Birmingham Business Journal. Parts of the exterior were modified over the years, including the space for a Burger King on the far right of the property.

After an asbestos abatement procedure this month, Mouron will install a new roof on the building and begin work on the core and shell to give potential tenants a better vision for what the space will look like.

Mouron said he has asked Greyhound for signage as well as the iconic dog logo. He is also looking for two vintage buses to retrofit for casual meeting space.

Since it is a contributing structure in the Birmingham Civil Rights District, the building stands to benefit from federal and state tax credits. Mouron plans to apply for state historic tax credits, too.

Mouron said he is designing the building to house four tenants but would prefer to lease the space to one. The property has 80 parking spaces, which he said is probably the highest parking ratio in the Central Business District for on-grade parking.

Built in 1952, the 37,138-square-foot building is located in an Opportunity Zone — according to research from real estate data firm Reonomy — but that was not a major factor for Mouron as he does not sell property.

“I’m not your typical real estate investor,” he said. “I buy and hold.”

The Birmingham real estate leader has several other projects in the works, including a new hotel under construction near downtown Homewood.

Mouron also recently purchased the Gray Construction Co. building down the street from the Greyhound building, as well as Saiia Construction’s headquarters in Birmingham.

He’s also no stranger to historic redevelopments, having redeveloped the 2200 Magnolia building that now houses Retail Strategies and Retail Specialists.

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By |2019-07-01T16:16:29-05:00July 1st, 2019|Categories: News|0 Comments

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