Case Study
Downtown Revitalization & Workforce Housing
Birmingham, AL – Downtown Loft District
Overview
In the late 1990s, Birmingham’s downtown core had virtually no residential population. Since then, however, downtown has undergone a renaissance. Growth of UAB, a generational shift in attitudes towards urban living, a new baseball stadium and public park, and the introduction of the Alabama Historic Rehabilitation Tax Credit in 2013 have fueled new investment in the “Loft District,” of Birmingham. Stock of residential units has grown to meet demand, but housing units for households near the median income are rare and difficult to finance. Market Lofts on 3rd is bringing 192 units of naturally-occuring workforce housing to serve residents who make too much income to qualify for subsidized housing but too little to afford much of the available residential in the city center. The project has revitalized a 140,000 square foot historic building that has been vacant since the American Red Cross left in 1998.
“I’ve never met anybody like Alex. That guy is on it and his life is about change. You get ten more Alexes in here, and this city is going to bust out.”
Ed Ticheli | Developer
Developed by Ed Ticheli, Phil Caccese, and Bradley Creasy, this project was funded with Opportunity Fund equity and historic rehabilitation tax credits. The project’s greatest equity investment came from the Alabama-based OPAL Fund, a nearly $19M OZ Fund raised by a wholly owned for profit benefit corporation subsidiary of Opportunity Alabama. Creating opportunity for historically disadvantaged business enterprises has been a priority for the development team and the OPAL Fund.
