Carter Says City Federal is 93 Percent Sold

By John Akin, senior vice president, Carter

BIRMINGHAM, Ala. (Dec. 7, 2011) – The City Federal Building in Birmingham, Ala. is 93 percent sold with only six condominiums still available. Carter acquired the note for the 27-story, mixed-use building back in October 2010. At the time Carter took control of the building, 32 of the 84 condos were unsold. Carter also acquired 15,000 square feet of retail in the building that is currently being marketed by Harbert Realty.

In addition to condo sales, there have been some other exciting happenings at City Federal. Last month, six scrapbooks complete with photos, newspaper clippings, documents and memorabilia were found in a closet of the building.  The books covering decades of City Federal Savings & Loan history were moved around the building during renovations until Ingram & Associates’ Tom Loyd examined the scrapbooks. Along with several real estate agents from Ingram, I had the honor of presenting the scrapbooks to Jim Baggett, head of archives at the Birmingham Public Library. For the complete story, click here. 

Added to the National Register of Historic Places in 1984, City Federal remains the tallest neo-classical skyscraper in the Southeastern United States. City Federal remained an office building until 1995, when it closed its doors. The building stayed vacant until March 2005 when the new owner began a $20 million renovation to convert the building into condominiums.

The renovated condominiums feature nine-foot ceilings, large windows, gourmet kitchens with granite counter tops and stainless steel appliances, ceramic tile in the bathrooms, hardwood floors in the living areas and kitchens, elevator lobbies with original tile floors and a restored original Grand Street-level residential lobby.

Carter’s Investments group is actively seeking new opportunities, especially in multifamily and value-add office across the country. For more information, check out Carter’s Investment page.


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