Former American Red Cross building to be converted into mixed-use project in Birmingham, Ala.
EPT Holdings has plans to redevelop a former American Red Cross building into a mixed-use project in Birmingham, Ala.
Parkview Financial provided a $22.5 million loan to EPT Holdings.
Built in 1947, the five-story property has been shuttered since 1999, when it was vacated by the American Red Cross. It is now fully entitled to be transformed into Market Lofts on 3rd which will consist of 192 small, affordable apartments averaging 438 square feet, and one 4,000-square-foot retail unit with 60 parking spaces. Construction has begun, with completion anticipated for December 2023.
Situated on just under one acre of land, the 140,000-square-foot building was acquired by EPT Holdings in August 2020. Since then, the company has worked to complete construction drawings and entitlements and has secured tax credits and opportunity-zone financing to raise equity capital.
The unit mix will include 95 studios, 94 one-bedroom units and three two-bedroom units featuri