By John Akin, senior vice president, Carter
Carter kicked off its marketing effort for the City Federal tower in Birmingham with a cocktail party at the property.
Late last year, Carter purchased the 25-story City Federal building, an 84-unit condo redevelopment in downtown Birmingham. The building’s conversion to condos began in 2005 and has worked through a challenging housing market.
The cocktail party not only created buzz around Birmingham’s downtown development, but also drew attention to the 27 unsold units whose prices have been reduced by a combined total of $2 million. Carter has also recently helped qualify the property for FHA financing.
According to those who attended, the two drinks served, the City Martini and Federal on the Rocks, were both hits. However, in my opinion, the City Martini was the winner.