Graham & Co., Capstone Real Estate plan $125M industrial park

//Graham & Co., Capstone Real Estate plan $125M industrial park

Graham & Co., Capstone Real Estate plan $125M industrial park

Two Birmingham companies are planning a 172-acre development for an industrial park in Moody.

The new park, called Kelly Creek Commerce Park, will be a joint venture between Graham & Co. LLC and Capstone Real Estate Investments, according to a press release. The duo expect to spend in excess of $125 million to build the project out to its full capacity, said Sonny Culp, senior vice president at Graham & Co.

The developers plan to start work on the initial infrastructure and tree-clearing at the site in October, Culp said.

Developers earlier this year received rezoning clearance for the parcels off Kelly Creek Road northeast of Park Avenue, which were sold by a private landowner for the development. The land is adjacent to Red Diamond, according to a park brochure, which also says the new development will eventually be home base for 600 to 800 employees.

St. Clair County plans to upgrade Kelly Creek Road from the property location back to I-20, and the developers will add a turn lane for entry to the facility.

“This development addresses the ever-present need for light industrial site inventory in our metro area,” Culp said. “Besides the physical attributes of this site and its excellent access, St. Clair County offers a tax-friendly environment with good proximity to labor.”

Public and private entities involved with the project have been planning and performing engineering work for two years ahead of the project announcement, said Don Smith, executive director of the St. Clair County Economic Development Council.

“The development is the direct culmination of both private and public entities working together to bring quality companies and jobs to the metro area,” Smith said.

Graham & Co. is also working on another industrial project in the Birmingham area. It is investing $15 million in the first phase of its Crossroads Commerce Center off Daniel Payne Drive near downtown. It is also planning a new distribution facility off Lakeshore Parkway.

Capstone Real Estate, meanwhile, has been involved with projects under historic rehabilitation tax credits. It recently completed work on the historic Greyhound Bus Depot building at the corner of Seventh Avenue and 19th Street North.

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By |2021-09-30T13:57:44-06:00September 30th, 2021|Categories: News|0 Comments

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