A building near the former Carraway hospital has been purchased by a Birmingham business leader.
Red Roof Investments LLC, registered to former Momentum Telecom Chair Liz Pharo, purchased the vacant building located at 2401 15th Ave. N.
Red Roof Investments purchased the property from SBN V REO LLC for $500,000, according to public records. Joe Sandner IV of Colliers International | Birmingham represented Red Roof in the purchase. Ogden Deaton of Graham & Co. had the listing.
The 23,000-square-fooot building was previously home to medical operation connected to Birmingham Health Care.
“It’s a great building that was really neglected, but not blighted. It has great bones and it doesn’t need to be torn down,” she said. “I think we can get in there and do something special with it.”
Pharo – recently named one of our people to watch for 2019 – said a specific plan for the building hasn’t been finalized, but she’s open to a range of ideas.
One possibility could include a future project from Cahaba Brewing Co., in which Pharo’s husband, Andrew, is a partner. Leasing the building to an office tenant with a custom build out could be another possibility.
Pharo, who is managing director of Featheringill Capital, said the building’s location near both the hospital, where Corporate Realty is working on a future redevelopment, and the Birmingham-Jefferson Convention Complex, made the deal attractive.
“There are so many great factors at play, and we just want to be part of it,” she said.
Its location in a designated opportunity zone was another factor, with Pharo noted she is interested in deals and investments that can help improve and create assets in the region.
The deal is indicative of what commercial brokers have been saying in recent years: that northern Birmingham and its neighborhoods are a place to watch for redevelopment activity.