UB Community Development LLC, a partner of United Bank, has provided $5.5 million in New Markets Tax Credit to renovate the 90-year-old Edwards Motor Co. building in downtown Birmingham.
Currently owned by NEXTEC LLC, the building will lease space to small business startups and non-profit organizations. Some of the tenants include a health care clinic and a locally owned coffee shop.
“Saving a historic building and seeing it help revitalize a community is the purpose of the NMTC program,” said Alex Jones, president of UB Community Development.
Michael Mouron, of Capstone Real Estate Investments, is the project sponsor and has worked to repurpose several buildings in Birmingham and its surrounding area. Some of his latest projects include the Greyhound Bus terminal and the Federal Reserve Building, both in Birmingham.
The Edwards Motor Building is a two-story commercial building located in the Fountain Heights area of Birmingham. It was constructed in 1927 and served as an auto dealership until 1944. Two furniture companies also utilized the 64,000 square feet of space.
Renovations will include a full remodel of the interior and preservation of the historic façade, replacing windows, repairing brickwork and repairing or replacing the roof.
Located just a block from Innovation Depot, the facility will serve as a base for small businesses that have “graduated” from the business incubation space.