New Markets Tax Credit Coalition

  • Birmingham,
  • AL
  • (2006)
PDF Version

Alabama Entrepreneurial Center

District: Terri Sewell (D-AL07)

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

CDEs

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.

External Profile

MAP

Address: 1531 Second Avenue North, Birmingham, AL 35206

Census Tract: 1073001902

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PDF Profile

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