79 COMMERCE GROUNDBREAKING: MONTGOMERY

Press Release:

Retail Specialists, Inc., Based in Birmingham AL Breaks Ground on Mixed-Use Development in Downtown Montgomery

Environmentally-friendly 54-unit, Class A Multifamily Apartment Complex over 15,800 Square Feet of Retail Is Integral Part Of Long-term Development Initiative By City Of Montgomery

BIRMINGHAM, AL- October 9, 2014 – Retail Specialists, Inc. announced that it has commenced construction on a mixed use project located on a vacant parking lot on Bibb Street between Commerce Street and Lee Street, in Downtown Montgomery AL. The development, known as 79 Commerce, is a Class A, four-story multifamily housing project with retail space on the ground floor. Groundbreaking was on-site at 10:30 am on Thursday October 9, 2014.

Based in Birmingham AL, Retail Specialists, Inc. is a Southeastern leasing, property management and development firm specializing on retail and related projects. The project is funded by Golden
Bell Capital, a Birmingham-based real estate investment trust.

The project is being constructed by Brasfield and Gorrie, General Contractors out of Birmingham, and is expected to open in the summer of 2015. Approximately 50 people will be employed on the site daily at the height of the construction phase. Leasing for the retail space has begun, and the ground floor is 40% pre-leased. Once fully leased, 75-100 new jobs could be created, and over $5,000,000 of sales could be generated.

“Not only is downtown Montgomery in the midst of a housing shortage, it is also one of the most historic communities in the country. The warm reception from city leaders and the enthusiasm they have shown to this unique development makes for an extremely exciting project for us,” said Robert Jolly, President of Retail Specialists, Inc. “We have designed 79 Commerce to blend into the downtown area as a pedestrian and bike-friendly project in the downtown area close to employment centers, entertainment and educational institutions. It is going to be an exceptional community that will lease up quickly.”

The four-story building on the one-acre site contains retail on the ground floor and three levels of apartments above. The development includes 45 one-bedroom and 9 two-bedroom/two-bath units. The one-bedroom units range from 740 square feet to 855 square feet, while the two-bedroom units range from 1,100 square feet to 1,185 square feet. The second-floor units will have oversized balconies, giving the residence an extended patio area for extra room. The project also includes 15,800 square feet of commercial/restaurant space, representing 4-6 tenants.

“Residents living downtown have the flexibility of walking to downtown employment venues, watching a baseball game, eating dinner nearby, enjoying the spa and fitness facility at the Renaissance Hotel, all without getting in their car. There is definitely a demographic of the population looking for this type of urban living but with a suburban feel”, said Jolly. “We can also see members of the legislature, students at Troy University’s Montgomery campus, and candidates of Maxwell Air Force Base’s Air University living here”.

Unit amenities include ten-foot ceilings, exterior balconies, master bedroom walk-in closets, tile kitchens with granite countertops and refrigerators, microwaves, dishwashers, and garbage disposals, washers and dryers, and energy-efficient fixtures with decorative lighting.

Major employers in the region include: Maxwell-Gunter Air Force Base (12,280 employees), the Stateof Alabama (9,500), Montgomery Public Schools (4,524), Baptist Health (4,300), Hyundai Motor Manufacturing Alabama (3,000), Alfa Insurance (2,568), the City of Montgomery (2,500), Jackson Hospital & Clinic (1,300), and Rheem Water Heaters (1,147).