Alabama NewsCenter: $24 million American Life building renovation kicks off Birmingham’s opportunity zone initiatives

Press Coverage: 12, April 2019

One of the most prominent vacant buildings in downtown Birmingham is about to get a $24 million transformation into 140 workforce housing apartments thanks to opportunity zone funding and a new initiative by the city of Birmingham.

Birmingham Mayor Randall Woodfin used the redevelopment announcement of the Stonewall/American Life building at 2308 Fourth Ave. N. to unveil the Birmingham Inclusive Growth (BIG) Partnership, a two-pronged effort to identify potential opportunity zone projects in one of the city’s two dozen designated opportunity zones, and to work with a separate investment board to find opportunity zone dollars to fund those projects...

Woodfin was joined by Los Angeles Mayor Eric Garcetti and Columbia, S.C., Mayor Steve Benjamin, both of whom serve on the advisory council of Accelerator for America, which has spearheaded the opportunity zones initiative across the country...

“Folks, take it from Accelerator for America. We’re working with 30 cities right now across America in opportunity zones and to all of them and to every city in America we say, ‘Look here at Birmingham,’” he said. “We have been blown away by the partnership, by the success of state and local folks across party lines coming together and do what’s right. Revitalizing an iconic part of this city – this metaphor for an American life and what America’s life can be like in the future – and making sure there is a return for investors while there is a return for community. It can be a win-win and Birmingham is showing us that way.”

Full article: https://www.alabamanewscenter.com/2019/04/12/24-million-american-life-building-renovation-kicks-off-birminghams-opportunity-zone-initiatives/