Nextec Building: Difference between revisions

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The '''Edwards Motor Building''', also known as the  '''Edwards Motor Co. building''', '''Sticks ‘N’ Stuff building''' or the '''Nextec building''', is a 2-story brick commercial building located on the northeast corner of [[Block 90]], on the southwest corner of [[16th Street North|16th Street]] and [[3rd Avenue North]] in [[Fountain Heights]].
The '''Edwards Motor Building''', also known as the  '''Edwards Motor Co. building''', '''Sticks ‘N’ Stuff building''' or the '''Nextec building''', is a 2-story, 64,000 square-foot brick commercial building located on the northeast corner of [[Block 90]], on the southwest corner of [[16th Street North|16th Street]] and [[3rd Avenue North]] in [[Fountain Heights]].


[[Charles M. Allen & Son]] began construction for the building for the [[Edwards Chevrolet|Edwards Motor Co.]] in [[1927]]. The showroom opened on [[February 26]], [[1928]] and served the dealership until it moved west to 1400 3rd Avenue in [[1944]]. Since then the building has housed the [[Railroad Furniture Co.]] and [[Sticks 'N' Stuff]] discount furniture.
[[Charles M. Allen & Son]] began construction for the building for the [[Edwards Chevrolet|Edwards Motor Co.]] in [[1927]]. The showroom opened on [[February 26]], [[1928]] and served the dealership until it moved west to 1400 3rd Avenue in [[1944]]. Since then the building has housed the [[Railroad Furniture Co.]] and [[Sticks 'N' Stuff]] discount furniture.
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[[Michael Mouron]] of [[Capstone Real Estate Investments]] partnered with [[Harbert Realty Services]] as '''Tech Village LLC''', to acquire the vacant building and adjoining parking lot in [[2018]] for $1 million. Their redevelopment proposal, dubbed "Nextec", generated some interest from small business start-ups. The owners planned to apply for [[Opportunity Zone]] financing, and also applied for over $3 million in [[Historic Preservation Tax Credit]]s to put toward renovating the structure.
[[Michael Mouron]] of [[Capstone Real Estate Investments]] partnered with [[Harbert Realty Services]] as '''Tech Village LLC''', to acquire the vacant building and adjoining parking lot in [[2018]] for $1 million. Their redevelopment proposal, dubbed "Nextec", generated some interest from small business start-ups. The owners planned to apply for [[Opportunity Zone]] financing, and also applied for over $3 million in [[Historic Preservation Tax Credit]]s to put toward renovating the structure.


Progress on the project was slowed as Mouron sought to acquire additional surface parking for the building, and focused his attention on redevelopment of the [[Greyhound Station]]. Subsequently, some of the tenant interest generated for the Nextec project dissipated, and Mouron was approached with a proposal to renovate the building for use as a self-storage warehouse. That proposal was hindered when the [[Birmingham City Council]] approved a moratorium on new self-storage developments in July [[2019]].
Progress on the project was slowed as Mouron sought to acquire additional surface parking for the building, and focused his attention on redevelopment of the [[Greyhound Station]]. Subsequently, some of the tenant interest generated for the Nextec project dissipated, and Mouron was approached with a proposal to renovate the building for use as a self-storage warehouse. That proposal was stalled when the [[Birmingham City Council]] approved a moratorium on new self-storage developments in July [[2019]].


With a loan from [[Iberia Bank]], Mouron bought out Harbert's interest in the partnership for $1.182 million in December [[2019]]. With a deadline for the historic tax credits nearing, he contracted with [[Williams Blackstock Architects]] and [[Stewart Perry]] to perform interior demolition work, replace windows and spandrels, repair and repoint the brickwork, and repair or replace the roof.
With a loan from [[Iberia Bank]], Mouron bought out Harbert's interest in the partnership for $1.182 million in December [[2019]]. With a deadline for the historic tax credits nearing, he contracted with [[Williams Blackstock Architects]] and [[Stewart Perry]] to perform interior demolition work, replace windows and spandrels, repair and repoint the brickwork, and repair or replace the roof. In March [[2021]] Mouron acquired two parcels across 3rd Avenue from [[Cliff Muldrow|Cliff]] and [[Queen Ester Muldrow]] for parking.
 
In June [[2022]] [[NexTec LLC]] was approved for $5.5 million in New Markets Tax Credit (NMTC) through UB Community Development LLC of Atmore, Escambia County. The application stipulated that the firm would lease space to small business startups and non-profit organizations, including a healthcare clinic and a locally-owned coffee shop. Much of that funding went to pay down the work already completed.
 
In February [[2023]] the City Council's Economic Development and Tourism Committee approved up to $2,000,000 in payments to [[NexTec LLC]] to complete the redevelopment of the building as a shared workspace for start-up businesses graduating from [[Innovation Depot]].


==References==
==References==
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* Van der Bijl, Hanno (December 20, 2019) "What’s next for Sticks ‘N’ Stuff building near Civil Rights District?" {{BBJ}}
* Van der Bijl, Hanno (December 20, 2019) "What’s next for Sticks ‘N’ Stuff building near Civil Rights District?" {{BBJ}}
* Van der Bijl, Hanno (February 3, 2021) "Historic tax credit deadline forces rehab of old Sticks ‘N’ Stuff building in innovation district." {{BBJ}}
* Van der Bijl, Hanno (February 3, 2021) "Historic tax credit deadline forces rehab of old Sticks ‘N’ Stuff building in innovation district." {{BBJ}}
* Van der Bijl, Hanno (April 15, 2021) "Sticks ‘N’ Stuff developer acquires more property on Third Avenue North." {{BBJ}}
* "[https://ubcommunitydevelopment.com/5-5-million-in-new-markets-tax-credit-funds-to-nextec-llc/ UB Community Development Announces $5.5 Million in New Markets Tax Credit Funds to NEXTEC, LLC]" (June 15, 2022) UB Community Development press release
* Puryear, Callie (February 24, 2023) "City Council committee agrees to fund workspace project for graduates of Innovation Depot." {{BNow}}


[[Category:Edwards Motor Building|*]]
[[Category:Edwards Motor Building|*]]
[[Category:1928 buildings]]
[[Category:1928 buildings]]

Revision as of 15:27, 27 February 2023

The Edwards Motor Building, also known as the Edwards Motor Co. building, Sticks ‘N’ Stuff building or the Nextec building, is a 2-story, 64,000 square-foot brick commercial building located on the northeast corner of Block 90, on the southwest corner of 16th Street and 3rd Avenue North in Fountain Heights.

Charles M. Allen & Son began construction for the building for the Edwards Motor Co. in 1927. The showroom opened on February 26, 1928 and served the dealership until it moved west to 1400 3rd Avenue in 1944. Since then the building has housed the Railroad Furniture Co. and Sticks 'N' Stuff discount furniture.

Michael Mouron of Capstone Real Estate Investments partnered with Harbert Realty Services as Tech Village LLC, to acquire the vacant building and adjoining parking lot in 2018 for $1 million. Their redevelopment proposal, dubbed "Nextec", generated some interest from small business start-ups. The owners planned to apply for Opportunity Zone financing, and also applied for over $3 million in Historic Preservation Tax Credits to put toward renovating the structure.

Progress on the project was slowed as Mouron sought to acquire additional surface parking for the building, and focused his attention on redevelopment of the Greyhound Station. Subsequently, some of the tenant interest generated for the Nextec project dissipated, and Mouron was approached with a proposal to renovate the building for use as a self-storage warehouse. That proposal was stalled when the Birmingham City Council approved a moratorium on new self-storage developments in July 2019.

With a loan from Iberia Bank, Mouron bought out Harbert's interest in the partnership for $1.182 million in December 2019. With a deadline for the historic tax credits nearing, he contracted with Williams Blackstock Architects and Stewart Perry to perform interior demolition work, replace windows and spandrels, repair and repoint the brickwork, and repair or replace the roof. In March 2021 Mouron acquired two parcels across 3rd Avenue from Cliff and Queen Ester Muldrow for parking.

In June 2022 NexTec LLC was approved for $5.5 million in New Markets Tax Credit (NMTC) through UB Community Development LLC of Atmore, Escambia County. The application stipulated that the firm would lease space to small business startups and non-profit organizations, including a healthcare clinic and a locally-owned coffee shop. Much of that funding went to pay down the work already completed.

In February 2023 the City Council's Economic Development and Tourism Committee approved up to $2,000,000 in payments to NexTec LLC to complete the redevelopment of the building as a shared workspace for start-up businesses graduating from Innovation Depot.

References

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