Opportunity Zone Project Brings Affordable Apartments to Downtown Birmingham
Living in downtown Birmingham just got more affordable for those who desire to live closer to where they work. On November 18th, developer Ed Ticheli and Alabama HUD Field Office Director Kenneth Free cut the ribbon at the Grand Opening of Lofts at American Life in downtown Birmingham.
Ticheli and his team took advantage of the designated Opportunity Zone to resurrect a building that has been sitting vacant for over 30 years. This renovation has brought 140 affordable housing units that is being marketed as work force housing.
Free stated, "This has not only revitalized an area of downtown Birmingham, but it is addressing the affordable housing issue that numerous cities across the country are facing."
Residents get to enjoy several amenities, such as a fitness studio, outdoor patio space with firepit and outdoor kitchen.
"This is the model for the United States opportunity zone project," Ticheli told the Birmingham Times (www.birminghamtimes.com/2020/03/24m-redevelopment-of-american-life-building-passes-halfway-point/) back in March.
The HUD Regional Administrator, Denise Cleveland-Leggett, sent a congratulatory message to Birmingham Mayor Randall Woodfin and Ed Ticheli and his team stating, "The ultimate beneficiaries of the Lofts of American Life and Opportunity Zones are those that are now able to take full advantage of housing as a platform of hope and opportunity for a better life. "
Cleveland-Leggett participated in the initial Opportunity Zone visit to Birmingham with HUD Secretary Carson last year as well as the subsequent Life Building Opportunity Zone groundbreaking.
The project is being managed by LMS Real Estate Investment Management (https://lmsinvestmentmanagement.com/).
|Content Archived: January 31, 2022|