Alabama Entrepreneurial Center

An old Sears store that lay vacant for over 20 years is the new site of the Entrepreneurial Center located in the heart of Birmingham's Downtown West Urban Redevelopment District.

Investment

  • NMTC Amount: $14,400,000
  • Total Project Cost: $17,408,000

IMPACT

  • 345 FTE jobs
  • 86 construction jobs

Investor

Project Description

An old Sears store that lay vacant for over 20 years is the new site of the Entrepreneurial Center located in the heart of Birmingham’s Downtown West Urban Redevelopment District. The $17.8 million renovation project includes the redevelopment of an entire city block in a run down section of downtown Birmingham. The Sears building has become the consolidated space for the Business Incubator for the Entrepreneurial Center (EC) and the University of Alabama at Birmingham’s (UAB) Biotechnology / Life Sciences Incubator (OADI). The combined effort was renamed The Innovation Depot. The CDE, Wachovia Community Development Enterprises, (WCDE) offered NMTC financing of $14 million from its 2005 allocation.

MAP

Address: 1531 Second Avenue North, Birmingham, AL 35206

Census Tract: 1073001902

PDF Profile

Other Alabama Projects

$13.5 million in New Markets Tax Credit allocations toward the silicon metal manufacturing facility in Selma, Alabama
The Building Hope project is a new construction of a 30,230 sq. ft. facility with both shelter and longer-term housing for 64 single adult women and 48 families.

The UB Community Development LLC (UBCD) community development subsidiary of Altmore, Alabama-based United Bancorporation of Alabama (United Bank) will provide a $10 million Federal NMTC allocation to Ecore International Inc.

The building of the world’s largest wood pellet plant in Epes, Alabama. Enviva is the largest producer of industrial wood pellets, a renewable energy alternative to fossil fuels. Enviva’s sustainable