BIRMINGHAM, Ala. – On Dec. 14, New Orleans-based Kupperman Companies announced it has purchased two “historically significant” properties in downtown Birmingham. The first, built in 1923 and located at 2201-2205 3rd Avenue North, is 10,000 square feet and zoned for retail. The second, built in 1903 and located at 2400 1st Avenue North, includes a 10,000-square-foot, two-story historic building with views of the Birmingham city skyline and Red Mountain, as well as two parking lots. The purchase prices were not disclosed.
At the time of their construction, both properties served street-level retail businesses. Both are located within designated historic districts. The properties were acquired in partnership with Cleveland-based GBX Group.
“Birmingham is an incredible city with a great history, and we are really excited to invest in the market,” said Zach Kupperman, CEO of Kupperman Companies. “Historic preservation is a major focus for us. These buildings are well positioned for a historic redevelopment and we are looking forward to being part of the city’s urban revival. … For 2400 1st Avenue, a hotel would be really interesting there, but we are still evaluating our development options for the building and have not yet settled on a particular course of action.”
Kupperman Companies focuses on “preserving the history, architecture and culture of the surrounding community,” said Kupperman, who is known for developing Hotel Saint Vincent and The Drifter Hotel in New Orleans. He is also part of the team reimagining the Mountain Chalet hotel in Aspen, Colo.
“GBX is excited to expand our investment footprint into the Birmingham market. Alabama marks the twenty-second state in which we are preserving and redeveloping historic properties. We see great potential for growth in the market and are excited to partner with Kupperman companies on the acquisition of these historic assets downtown,” said Taylor Davis, the company’s vice president of acquisitions.
