79 COMMERCE GROUNDBREAKING: MONTGOMERY

By October 22, 2014 Press

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 on a
daily basis 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 there
could be 75-100 new jobs created and over $5,000,000 of sales 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 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).

For additional information, please contact:

Rodney Barstein- Executive Vice President-
Retail Specialists – Rodney@retailspecialists.com  or 205-490-2832

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