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FEATURE ARTICLE, DECEMBER 2004
2005 Outlook
BIRMINGHAM, ALABAMA
This has been an excellent year for Birmingham relative to
retail tenant representation and investment sales.
While there is new space on the market from companies like
Kmart, Wal-Mart and Winn-Dixie vacating space, leasing activity
in Birmingham this year has been strong. Birmingham attracted
substantial new retailers, and the small shop space tenants
have been expanding and thriving.
The Riverchase and Trussville submarkets have seen growth
this year. Pelham/ Alabaster will represent most growth in
2005 due to residential growth that is underserved by retail.
The suburban markets to the South and East will improve because
demand is strong due to residential boom. There is saturation
in some of our mature markets and low vacancy in our strong
retail trade areas. There will be very little growth or improvement
in these areas in 2005.
Trends that will emerge in 2005 include the continuation of
urban, mixed-use projects such as Cahaba River, Homewood Gardens
and SoHo, and traditional mall tenants relocating to open-air
developments.
— Robert Jolly, Eason, Graham & Sandner, Inc.
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The fourth and final phase of The Summit in Birmingham
is scheduled to open August 2005. Ground was recently
broken for 56,000 square feet of retail and restaurant
space in Phase IV.
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The Cheesecake Factory at The Summit
in Birmingham.
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The Cheesecake Factory, at 10,000 square feet, was
the first tenant in the final phase of Bayer Properties’
flagship Summit.
Shana Ely is project manager for Bayer and Stabridge Construction
Company of Birmingham is the general contractor. CMH Architects
Inc., also of Birmingham, is the design firm. |
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Colonial Pinnacle at Tutwiler Farm
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Colonial Properties Trust is underway with Colonial Pinnacle
at Tutwiler Farm in eastern Birmingham.
The 78-acre property is located near the intersection
of Interstates 59 and 459, and the demographics of this
area are impressive. Within a 5-mile radius, the population
has grown 10 percent since 1990. The average home price
is $107,280, and 7,900 households have an average household
income greater than $75,000.
At 400,000 square feet, Colonial Pinnacle at Tutwiler
Farm will feature a lifestyle element as well as price-sensitive
big box retailers. Major tenants include SuperTarget,
T.J. Maxx, Bed Bath & Beyond, Academy Sports &
Outdoors and The Home Depot. |
©2004 France Publications, Inc. Duplication
or reproduction of this article not permitted without authorization
from France Publications, Inc. For information on reprints
of this article contact Barbara
Sherer at (630) 554-6054.
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