Market Lofts on Third
Market Lofts on Third is a 192-unit apartment building located in the former Red Cross Building at 2225–2231 3rd Avenue North, on the southwest corner of 23rd Street North, or the northeast corner of Block 83, in downtown Birmingham.
Developer Ed Ticheli purchased the vacant building in 2020 from attorney Eric Guster for $4.25 million. He commissioned Hendon & Huckestein Architects to plan for its conversion into 192 "workforce apartments", similar to his earlier American Life Building project. Individual units range from 302 to 633 square feet and lease for an average of $900 per month at opening.
The $33 million redevelopment, which, involves cutting a large light well into the center of the building, is financed in part by Opportunity Zone and Historic Preservation tax credits, along with a $21.9 million loan from the U.S. Department of Housing and Urban Development. Parkview Financial of Los Angeles, California provided $22.5 in financing for the project in 2022.
Wyatt Builds began construction at the site in July 2021. Minority partner LMS Investment Management was announced as property manager and several units were reserved for lease by the Dannon Project. Ticheli also partnered with the Birmingham Public Library for an outreach library in the building. The project was completed in 2023.
References
- Tomberlin, Michael (August 25, 2020) "Long-vacant American Red Cross building in Birmingham getting $30M rehab into apartments." Alabama NewsCenter
- Van der Bijl, Hanno (August 27, 2020) "Developer sheds more light on plans for American Red Cross building." Birmingham Business Journal
- Van der Bijl, Hanno (July 7, 2021) "Developer poised to break ground on affordable housing development at former American Red Cross Building." Birmingham Business Journal
- Parker, Illyshia (June 29, 2022) "$22.5 million in financing jump-starts construction on mixed-use redevelopment set to bring affordable housing."
- Thornton, William (September 7, 2022) "Old Birmingham Red Cross building transforming into affordable housing as Market Lofts on 3rd." The Birmingham News