Source: al.com

BIRMINGHAM, Alabama — Graham & Co. brokers point to $18.8 million in commercial property sales in the second quarter as a sign that the Birmingham real estate market is on an upswing.

Mike Graham, president of Graham & Co., said pent-up demand combined with ample inventory and low interest rates have provided continued lift to the local commercial real estate market.

Where were the nearly $20 million in deals? Turns out they were all over.

Graham represented the buyer of a 10,400-square-foot office-warehouse at Academy Drive in Bessemer. Southpace Properties Inc. represented the seller.

Other deals included:

• Alabama Telco Credit Union’s purchase of the 57,000-square-foot, 65-acre former Harbert Corp. headquarters in Hoover’s Riverchase. Graham represented Alabama Telco while Harbert Realty represented the seller.

• A three-parcel investment package with properties in Hoover, Calera and Moody that included two developed subdivisions and the former Holiday Inn site in Hoover at Interstate 65 and U.S. 31.

• A 21,500-square-foot office-warehouse on 10 acres at 1401 Georgia Road in Birmingham.

• A 25,330-square-foot equipment shop and corporate offices on 7½ acres at 2536 Commerce Circle in Tarrant.

• A 12,400-square-foot fully conditioned printing facility at 4700 Birmingham St. The buyer was represented by EGS Commercial Real Estate.

• A 36,000-square-foot, three-building industrial complex on 9.6 acres at 3309 U.S. 31 South in Calera.

• A 22,682-square-foot, multi-purpose building at 400 Valley Ave. formerly known as the Scottish Rite Temple.

• A historical 3,872-square-foot office building at 1314 Cobb Lane.

The quarter wasn’t without some notable industrial leasing deals, according to Graham.

Graham & Co.’s development at the Jefferson Metropolitan Park McCalla landed what may have been the biggest new lease of the quarter with Caterpillar Logistics’ 160,160-square-foot lease for an automotive client. Other notable new leases:

• A tire distributor has leased 218,000 square feet of the former Meadowcraft Distribution Center in Pinson.

• Jones Plumbing leased 78,000 square feet at Moody Commerce Park.

Graham noted that some of the quarter’s leasing activity was, unfortunately, the result of the April 27 tornadoes.

600 acres of Rocket City land up for auction

These days, when large swaths of land in Huntsville are talked about, it’s usually in conjunction with chatter about another automotive plant looking at the state.

But the 600 acres going up for sale on Aug. 16 will be for the highest bidder.

Gadsden’s National Auction Group Inc. is selling the Anderson Farms property on Mooresville Road at absolute auction, meaning whatever the highest bid is determines the sales price.

The property is near the intersection of Interstate 565 and Interstate 65 and in the Huntsville city limits. A single buyer can buy the whole thing or the property can be broken into as many as 13 pieces ranging in size from 14 to 168 acres. The property has one mile of frontage on Mooresville Road and there is a creek that meanders through the site.

“For anyone looking for land with terrific development potential in a great location, this auction represents an incredible opportunity,” said National Auction Group president William Bone. “Bidders can choose their price and quite possibly walk away with a great buy.”

Bidders will be required to pay 10 percent down on auction day and must have $50,000 in the form of a personal check, business check or certified funds if they intend to bid on the entire property, or $10,000 per individual tract.

They auction will take place at the property at 10905 Mooresville Road.

More information can be found at NationalAuctionGroup.com.

[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 al.com ]
[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Source: al.com

BIRMINGHAM, Alabama — With Dollar General giving its $100 million stamp of approval to a 100-acre site near Alabama 150 and Lakeshore Parkway, the owner of the surrounding 500 acres feels the time is right for that area to reach its long-promised commercial development potential.

USS Real Estate, the property and development arm of U.S. Steel, owns much of the vacant land in the Shannon and Oxmoor Valley, including around 500 acres of developable land at the Lakeshore and 150 intersection. USS sold Dollar General its property for a new 1 million-square-foot distribution center and has developed its own 100-acre office and industrial park across Lakeshore Parkway.

But the current development could be the tip of the iceberg as USS sees more potential for other business parks or large, stand-alone office or industrial properties at the existing intersection and if plans materialize for an extension of Lakeshore Parkway to Interstate 459.

“USS has had a lot of property in this corridor for a number of years,” said Peter Allsopp, manager of commercial sales and development for USS in Birmingham. “We’ve been able to wait for development to move that way. It’s there now.”

Not only is development there but, thanks to help from USS, Bessemer, the state, Jefferson County, the Birmingham Business Alliance and Alabama Power Co., infrastructure is there or coming.

Patrick Murphy, head of economic development at the BBA, said property there is going to have the economic development trifecta — good location, good access and now good infrastructure.

“There is visual infrastructure that will be coming to service the Dollar General site and building, which obviously the property surrounding them can take advantage of for future growth,” Murphy said. “Prepared, controlled sites that are zoned always get preferential looks.”

Add to that a magnet like the Dollar General facility itself, and growth seems an almost certainty, he said.

“Obviously, the Dollar General deal is going to be a catalyst to bring development down there,” Murphy said. “USS has been working for a long time to get that property prepared and ready to market. They were a team player in the whole marketing and pursuit of the Dollar General project.”

Not that growth is new to the Shannon and Oxmoor Valleys. Amenities like Robert Trent Jones golf courses and Ross Bridge are already in the area and the planned 1,200-acre Red Mountain Park is also on the drawing board. But the corridor has also been home to industrial growth ranging from old Birmingham business names like Bruno’s and Parisian to newer high-tech operations from Wells Fargo, Southern Co. and Blue Cross and Blue Shield of Alabama, all of which have data centers in the Jefferson Metropolitan Park Lakeshore.

“It’s already had a significant amount of growth with the older Oxmoor area closer to I-65 and more recently with the successes we’re seeing with the JeffMet Lakeshore and the data center projects there,” Murphy said. “Now, with Dollar General you’re just going to have continued growth through there. It makes a lot of sense from the logistical aspects but also with the infrastructure of heavy telecommunications, heavy power, water and sewer give you the key ingredients needed for just about any kind of project.”

The same fiber optics infrastructure that help make JeffMet Lakeshore a data center magnet is also in place for the vacant USS property, a fact not lost on the property owners or economic developers.

“We are currently working with Alabama Power, the state and the U.S. Steel real estate group to identify other properties right there that could be home to data centers,” Murphy said.

With Lakeshore 150 Business Park across from the Dollar General site, Allsopp said USS went to the added expense of putting in roads and have sites shovel-ready for companies eager to take part in the growth.

John Coleman, an industrial broker with Graham & Co., has been hired to fill up the business park. He said Dollar General and the park itself are making his job easier.

“It’s hard to find flat pieces of property ready for development and that’s what we have here,” Coleman said. “To develop something like this on your own would be cost prohibitive. Companies can take advantage of the work USS has already done.”

The first company to take advantage is J. Adkins Mechanical, a mechanical, plumbing, heating and air conditioning contractor that started seven years ago at the older, Oxmoor end of Lakeshore Parkway. The company has grown to 92 employees and $17 million in projected revenues this year, prompting the need for more space.

The company’s new $1.4 million headquarters on 2.5 acres in the park should be completed this summer with 5,200 square feet of office space and a 15,000-square-foot fabrication shop.

“We are actually going to be the first company to locate in that area,” Joel Adkins, chief executive of the company, said Thursday. “Our new building is going to give us twice as much space as we have now and should give us enough room to grow the next five years.”

Adkins said the company didn’t move down Lakeshore for the peace and quiet environment.

“We would like to see a lot more building out that way, to include the extension of Lakeshore Parkway and the property over there,” Adkins said, saying his partners at the company — president Jason Kimbrough, finance chief Sid Boreland and administrative vice president Amber Strain — all favored the move because of the expected growth.

“I think we all wanted to be part of what’s about to happen,” he said.

When it comes to the Dollar General project, J. Adkins is already part of what’s happening. The company recently won the contract to handle the heating and air conditioning for the 1 million-square-foot distribution center.

Allsopp said USS Real Estate is already eyeing the retail development plans for the property at the intersection of Alabama 150 and Lakeshore Parkway. Having 650 jobs coming with Dollar General and the thousands of trucks that will be moving through that facility each year should entice some retail growth soon, he predicted.

Looking ahead, the Lakeshore Parkway extension is going to become more of a necessity as is the four-laning of Alabama 150 back towards Ross Bridge Parkway, Allsopp said. The latter is already in the plans but the former is not on any of the road construction plans for the county.

“We’re going to start a new push to get the Lakeshore extension back on the radar,” Allsopp said.

Murphy said with the attention Dollar General is bringing to the area, the Lakeshore extension needs to become a priority.

“Hopefully this will help spur that on sooner,” he said. “That access to I-459 will be critical for our logistics recruitment efforts.”

While the BBA has often lobbied for road improvements, spokesman Dave Rickey said it remains to be seen if the Lakeshore extension is a cause the Birmingham’s primary business organization plans to take up.

“I don’t think we know that yet. It was not on the radar earlier this year when we looked at the legislative priorities,” Rickey said. “If it looks like it will be a project that is going to roll through on its own, then the BBA may not take that up as a cause. Clearly, it’s on our radar screen now and something we might have to revisit when we look at our priorities.”

Allsopp said connecting to I-459 gives the corridor a closer link to the $97.5 million Norfolk Southern railroad hub being built in McCalla. The Birmingham Regional Intermodal Facility is expected to be a boon for manufacturing and distribution growth for the metro area for its ability to efficiently move shipping containers between rail and trucks to get products from New Orleans to New York and anywhere in the world faster and cheaper than long-haul trucking.

“We feel like with the pull from the Norfolk Southern project, this area and a Lakeshore extension is going to be important to the who region,” Allsopp said.

[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 al.com ]
[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Source: al.com

Melissa Taylor and Leslie Cooper have joined Birmingham’s Cook & Bynum Capital Management in newly created positions.

Taylor has been named director of communications. She was previously a manager with SNL Financial and worked in the public affairs office at General Dynamics.

Cooper joins the firm as marketing coordinator. She previously served as the marketing and public relations director for Alabama Ballet and as the sales manager for MyScoop Media Inc.

Beth Gresham has joined Graham & Co. as property manager in the commercial real estate firm’s Birmingham office.

Gresham will be responsible for overseeing several commercial properties in the firm’s portfolio in areas including tenant relations, financial performance and construction management. She has more than nine years of real estate experience.

The Shopping Center Group said it has added two real estate veterans to its sales and investment team.

Ray Jones joins the firm as leasing agent and tenant representative, responsible for leasing existing retail centers and identifying expansion opportunities for tenants. During his career, he has negotiated more than 150 transactions valued at $25 million.

Jonathan Lindsey joins the firm’s Birmingham office as tenant representative and investment sales associate. He previously worked at Southpace Properties and has more than a decade of real estate experience.

APPOINTMENTS

Birmingham-based AirMed International said Business Development Director for Medical Services Michael Key has been elected to a three-year term as board member of the United States Travel Insurance Association. Key previously served on the organization’s medical transport committee.

BUSINESSES

Birmingham’s IBML, a maker of high-speed scanners, said Prescribing Services, part of the NHS Wales Shared Services Partnership in the United Kingdom, has begun using two ImageTrac document scanners. IBML said the scanners already have helped the organization improve efficiency and cost-effectiveness.

Morgan Keegan & Co. said seven of its equity research analysts were named among the best in the nation in surveys by the Financial Times and The Wall Street Journal.

Six analysts were among the top-ranked stock pickers and earnings estimators in their industry sectors in the Financial Times/StarMine 2010 Global Analyst Awards. Restaurant analyst Destin Tompkins was named a “Best on the Street” analyst in the Wall Street Journal’s Annual Survey.

Morgan Keegan is a unit of Birmingham’s Regions Financial Corp.

FURTHERMORE

Burr & Forman said 34 attorneys in its Birmingham office were selected for inclusion in the 2011 “Alabama Super Lawyers” publication. The firm also said two attorneys were named among the publication’s Top 50 Attorneys — Joseph W. Letzer and W. Lee Thuston — and two were named among the Top 25 Women Attorneys — Jennifer M. “Ginger” Busby and Gail L. Mills.

Thomas E. Hampton has earned MetLife President’s level recognition, an honor given to a select set of the firm’s top producers, specifically those who exemplify the highest standards of personal integrity, professionalism and customer service.

[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 al.com ]

[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Source: bizjournals.com

Two Birmingham real estate companies announced more than 131,000 square feet of local industrial sales and leases.

Graham & Co. said Shook & Fletcher leased 25,000 square feet at Avondale Commerce Park. Service Construction Supply leased 38,814 square feet at Airport Highway Park.

Calhoun Warehouse Management purchased the former Robert F. Henry Tile facility, a 34,000-square-foot building on 45th Street in Birmingham for an undisclosed price. And S&B Technical Products renewed its 21,000 square foot lease at Airport Highway Park.

Graham & Co. Brokers John Coleman and Ogden Deaton were involved in the transactions, as were local firms EGS Commercial Real Estate and Corporate Realty.

EGS Commercial Real Estate Inc. said Digital Print Solutions will relocate its Alabaster office to Hoover in a 1,148-square-foot space at Lorna Square. IhangTVs.com signed a lease for 1,690-square-feet of industrial space at Avondale Commerce Park. And Lincare Inc. renewed is 10,000-square-foot lease at Cahaba Valley Business Park in Pelham.

EGS Brokers Brad Moffatt and Stuart Brock were involved in the transactions.

[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]

Source: Birmingham News

When Salvation Army officials walked into a 33,000-square-foot warehouse in Birmingham on Friday, it was empty.

On Saturday the building, obtained at no cost, opened to begin accepting donations of items that tornado survivors will need.

By Monday morning dozens of volunteers had transformed the warehouse into a supermarket-style operation.

Tornado survivors maneuvered shopping carts on loan from Publix through aisles of tables laden with cases of bottled water, stacks of clothes, diapers, sheets and canned goods.

Volunteers helped load the goods into the cars.

“The community is just so giving,” said Salvation Army Maj. Christine Smith.

The Salvation Army center at 350 Industrial Drive, off Lakeshore Parkway, opened Monday for tornado survivors to get basic necessities.

Tim Rembert, 35, and his brother, Michael Rembert, came by to get pillows, food, clothing and shoes. The two live in a When Salvation Army officials walked into a 33,000-square-foot warehouse in Birmingham on Friday, it was empty.

On Saturday the building, obtained at no cost, opened to begin accepting donations of items that tornado survivors will need.

By Monday morning dozens of volunteers had transformed the warehouse into a supermarket-style operation. Tornado survivors maneuvered shopping carts on loan from Publix through aisles of tables laden with cases of bottled water, stacks of clothes, diapers, sheets and canned goods.

Volunteers helped load the goods into the cars.

“The community is just so giving,” said Salvation Army Maj. Christine Smith.

The Salvation Army center at 350 Industrial Drive, off Lakeshore Parkway, opened Monday for tornado survivors to get basic necessities.

Tim Rembert, 35, and his brother, Michael Rembert, came by to get pillows, food, clothing and shoes. The two live in a house in Pratt City that was damaged by a falling tree, and now they’re staying with their mother in West End.

“Basically everything was water damaged,” Tim Rembert said. “We basically don’t have anything, so this is helping us a whole lot.”

Besides donated items, the warehouse is being used to house the supplies for mobile canteens set up in the disaster areas.

Steve Graham, a member of the Salvation Army’s advisory board, had helped get the vacant warehouse, which Graham & Company lists for sale. The Salvation Army had used the warehouse for its Angel Tree program last year.

The center is open from 9 a.m. to 5 p.m. Monday through Friday, but could open Saturday and Sunday this weekend, said Brian Wallace, a spokesman for the Salvation Army. After that, he said, “if the need grows we’ll open it up on the weekend.”

During its hours of operation the center also will continue to accept donations of food, water and other supplies.

Salvation Army officials said they no longer need clothing. But there are three things they do need: manual can openers, first-aid kits and baby formula.

Tornado survivors can come by and get what they need simply by providing their address, with no proof needed, Smith said. “It will help them at least a few days so they’re not going hungry,” she said.

Forty to 50 volunteers are needed each day to keep the center going. Anyone who wants to volunteer can sign up at www.birminghamsalvationarmy.org> Smith said.

Among the 39 volunteers Monday were Anna Pugh and Natalie Landers, two 13-year-old students from North Jefferson Middle School. Both said they felt the need to help others while they were out of school because of the storm.

What’s the best part?

“The feeling when you see the smiles on their faces,” Natalie said.

[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 al.com ][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Source: bizjournals.com

Graham & Co. said its industrial group completed real estate transactions in the first quarter totaling more than 1.1 million square feet and valued at $21.7 million.

In the Jefferson Metropolitan Industrial Park, Beauty Alliance, a subsidiary of L’Oreal, renewed and expanded its 220,000-square-foot class A distribution center, and Plastipak Packaging renewed its 120,120-square-foot lease.

Rain Bird Corp. renewed its 150,900-square-foot lease at Calera Distribution Center. State Farm Insurance renewed 48,445 square feet on West Oxmoor Road.

Graham was involved in leasing 130,000 square feet of space to MailSouth at Moody Commerce Park; 28,600 square feet to The American Bottling Co. at the Old Leeds Distribution Center in Irondale; and 22,725 square feet Neff Rental on Pinson Parkway.

It also was involved in the sale of a 240,000-square-foot manufacturing facility in Gadsden to auto supplier Narmco Group; a 95,600-square-foot warehouse in Lincoln to Thibado Mechanical Co.; a 29,000-square-foot warehouse on Sixth Avenue North to Lewis Appliance; and a 28,000-square-foot lot on Third Avenue South to a local investment group.

Graham industrial brokers involved in the transactions included Jack Brown, John Coleman, Sonny Culp, Ogden Deaton and Jordan Tubb.

“Businesses are making moves on real estate to solidify their future,” said Mike Graham, president of Graham & Co., in a news release. “These expansions, renewals and movement of commercial real estate, means that businesses consider the Birmingham area a prime place to do business.”

[ Read article at bizjournals.com ]

Birmingham, Ala — Birmingham-based Graham & Company was recently recognized for its work in the community with the sale of the Georgia-Pacific plant in Tarrant, Ala., to Texas-based American Lumber. Graham & Company received the award for this deal, and it was recognized for being among one of the best deals in Commercial Real Estate and among the top five deals of the decade by the Birmingham Business Journal. American Lumber has planned to use the 98,000 square foot facility for its remanufacturing and distribution operations in the Southeast.

“The sale of this building will have a major positive impact on the Birmingham-area economy,” said, Ogden Deaton, broker with Graham & Company. “The significance of this sale is huge in terms of bringing jobs to the Birmingham community.

Graham & Company has been aggressively working to broker deals that will have a positive impact on the Birmingham economy and provide jobs to this market. The American Lumber deal is one of the largest sales to-date in Birmingham. Graham & Company also works closely with the Birmingham Business Alliance to identify facilities for potential national companies and investors.

“Our strategy is to work hand-in-hand with city leaders on securing national companies that will relocate to Birmingham and bring jobs to the area,” said John Coleman, broker with Graham & Company.

Birmingham, Ala. — Stacey R. Wadsworth has joined Graham & Company as a Property Manager in the Birmingham office. She brings more than seven years management experience to Graham & Company specifically in the areas of oversight retail space as well as experience in managing office and mixed-use projects. Her background includes work with individual, institutional and government ownership entities to ensure tenant satisfaction and asset preservation.

Stacey will be responsible for overseeing several commercial properties within Graham’s portfolio in the areas of tenant relations, financial performance, construction management, leasing support, contractor selection and facilities management.

Source: Bizjournals.com

The economic recovery in the commercial real estate sector was a hot topic in downtown Birmingham Tuesday.

Birmingham Commercial Real Estate Women held its monthly meeting with a panel of eight local real estate experts.

Each were asked to give an update on the respective fields and here’s a summary of what many of them had to say:

• Certain pockets in the real estate industry are doing well, such as health care, casual dining restaurants and franchises.

• The size and number of real estate deals have increased remarkably since the downtimes of 2009 and 2010. Panelist Libby Lassiter of Bayer Properties said her company has seen a 270 percent increase in deal execution over the last year.

• Banks are still having a hard time letting go of the money for commercial real estate projects, putting new development prospects at a standstill. The two bankers in the room – Don Giardina of BancorpSouth and Tom Genetti of BBVA Compass – said banks still want to lend money, but federal regulators are holding the purse strings and making it difficult to lend to just anything.

• Small Business Administration lending and loans to real estate owner occupies have surged because there’s little risk for the banks.

• Everyone agreed there remains a wide gap between property valuations and appraised values, meaning more properties are likely to be foreclosed on. Chad Hagwood of Beech Street Capital said he believed interest rates would go up “dramatically” this year.

All in all, there was a common theme: The situation is looking better, but more pain is likely down the road.

Joining Lassiter, Giardina, Genetti and Hagwood on the panel were Sam Renta of Alliance Capital Corp., Bryan Holt of Southpace Properties, Joe Sandner IV of Sandner Commercial Real Estate and Mike Graham of Graham & Co.

[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]

Source: Birmingham News

A railroad company has decided to sell a 7-acre tract of property that was once part of the Birmingham Terminal Station site, and commercial real estate professionals and downtown advocates think the land has considerable redevelopment potential.
The 7.32 acres are east of the Elton B. Stephens Expressway and the railroad tracks off Second Avenue North. The property represents one of downtown’s largest undeveloped sites.

Commercial real estate firm Graham & Co. received approval from Norfolk Southern last week to list the property for sale with an asking price of $2.7 million.

“This site has many things going for it,” said Graham & Co. broker Sonny Culp, the exclusive agent marketing the property. “There are companies that can benefit from the road and rail access. There are companies that will be drawn to this site for the visibility.”

Fran Godchaux, interim president of Operation New Birmingham, said it is rare to have a single site of this size come available downtown.

“It presents one of the best opportunities for development in the city center that we have seen in a long time,” she said, noting that uses ranging from office to industrial to residential are possible for the site.

An official with Norfolk, Va.-based Norfolk Southern said the company has received inquiries about the property a number of times.

“Over the years we have periodically had discussions with prospective buyers of the property for rail-served ventures,” said Rudy Husband, a company spokesman. “More recently we have been approached by some organizations that do not use rail. As with any parcel that we own, on behalf of our shareholders we have an obligation to listen to any legitimate proposal.”

For historic preservationists, the property is a remnant of what is almost hallowed ground.

Birmingham’s Terminal Station, completed in 1909, stood for 60 years, most of that time the center of activity for a train-traveling public. Half a dozen train companies had lines running to the facility at one point, and streetcars were able to take people from there to other parts of the city.

A sign welcoming visitors to the Magic City that stood at the Terminal Station was such a familiar sight that Mayor William Bell recently led an unsuccessful search for the original sign. Bell now wants to recreate the terminal sign at a number of Birmingham landmarks.

The Byzantine-inspired architecture of the Terminal Station building was heralded by designers for its prominent exterior and its detailed interior beauty.

As train travel declined, activity at Terminal Station slowed by the late 1960s, and officials saw redevelopment of the site as a greater priority. One plan called for a smaller terminal building joined with a government building complex.

Terminal Station met the wrecking ball in 1969, but the redevelopment project never happened. Its destruction provides a rallying cry for preservations to this day.

With the station gone, the bulk of the vacant site ended up being used as right-of-way for what is now the Elton B. Stephens Expressway that links U.S. 31 and U.S. 280 with Interstate 20/59.

The only physical reminders of the old Terminal Station are the Fifth Avenue North tunnel, which streetcars used to travel to the station, and the tract of land owned by Norfolk Southern that’s now for sale.

Philip Morris, an architectural activist and historic preservationist, believes the site has potential for new development, though he believes nothing new can compare to what once existed there. He said future uses of the property could be tied to the industrial buildings to its east or the office properties to its west.

“It would be better as a tax-producing property,” Morris said. “I don’t think we need to try to grasp for some public use, which many times can be the fall-back position.”

ONB’s Godchaux, who agency has championed downtown redevelopment for decades, said the sheer size of the Norfolk Southern site should make it attractive for a developer. Downtown sites are thought to be generating more interest in the wake of the opening of Railroad Park and other developments.

“It’s a perfect site for a mixed use development,” Godchaux said. “The fact Norfolk Southern has packaged it as a single parcel really opens the door for a wide range of possibilities.”

[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 al.com ][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]