Cool News (Birmingham, Homewood, Talladega: extended stay, garden, suites)

[JesseRohr]

Originally Posted by MinivanDriver

Yep. It might be confirmation bias, but I've noticed an interesting trend of late: The sheer number of out-of-state tags from New York and California in our area. I know that Shipt is bringing in a ton of people from outside the market, something that is being confirmed by our real estate contacts.



Right now, inventory is a fraction of what it usually is. As a result, home prices in Avondale and Southside are spiking. If you look at media sales price in 35222, prices have climbed 40% over the past five years while median rents have climbed 20% in the past year alone. While in 35205, prices have climbed a more modest 20% over the same period, median rents have shot up 25% in the past year.

With the Metropolitan kicking everyone out of the non-damaged building by Friday of this week, I expect a huge surge in rental prices and even lower inventory here downtown.

https://www.bizjournals.com/birmingh...-building.html

[MinivanDriver]

Originally Posted by JesseRohr

With the Metropolitan kicking everyone out of the non-damaged building by Friday of this week, I expect a huge surge in rental prices and even lower inventory here downtown.

https://www.bizjournals.com/birmingh...-building.html

I read about that. Kind of a fiasco. I get needing to be safe and all that, but why are they just now making that decision given how long ago the fire was?

[JesseRohr]

Originally Posted by MinivanDriver

I read about that. Kind of a fiasco. I get needing to be safe and all that, but why are they just now making that decision given how long ago the fire was?

I'm with you. There has to be way more to the story.

[pjg66]

More good news for our city. For the second year in a row, UAB was named the top young university in the country.

http://www.al.com/news/birmingham/20...e-country.html

It was also ranked #12 in the world-wide young university rankings. The rankings include 300 institutions in 60 countries.

According to the story, UAB is the largest single employer in the state. Birmingham has surely been through some pretty awful economic times, and through all this UAB has been a shining light for the city. It has been the economic savior of Birmingham.

[TimCity2000]

Birmingham mayor cuts ribbon at new zoo entrance opening

[cherokee48]

https://abc3340.com/news/local/legio...gion-multiplex

Now that dirt will be moving soon on Protective Stadium at Uptown the future of Legion Field is in question. A sports plex similar to what Orlando has could be in the chamber for the Smithfield /Graymont neighborhoods, more football fields and soccer fields, better parking, perhaps more basketball courts for youth sports might be a smart way forward for historic Legion Field. The Legion Field Multiplex has a nice ring to it and has the potential to attract more tournaments and people to the area.

[TimCity2000]

Carraway hospital site redevelopment slated to begin in Spring 2020

[BamaDave]

Originally Posted by TimCity2000

Carraway hospital site redevelopment slated to begin in Spring 2020

Lovelady has done a lot of great work, but it's hard to imagine how anyone thought they would be able to manage such a massive site. The demolition can't happen soon enough. It looks like something from the zombie apocalypse and is a massive eyesore with so many people passing by it due to the detouring around 20/59 downtown.

[ericsvibe]

I'm not trying to be cynical, but how many hotels can one city have? Every new commercial development I've read about says the same thing, "mix of residential rental units, commercial, retail, and hotel". I have read about at least 5 or 6 new hotels already in the works in Birmingham. Who is staying at these hotels? The prices per night on the new properties is outrageous.

[JesseRohr]

Originally Posted by ericsvibe

I'm not trying to be cynical, but how many hotels can one city have? Every new commercial development I've read about says the same thing, "mix of residential rental units, commercial, retail, and hotel". I have read about at least 5 or 6 new hotels already in the works in Birmingham. Who is staying at these hotels? The prices per night on the new properties is outrageous.

I have a close friend who works in that industry. He works exclusively for Hilton Brands and is in charge of a team for North America that places corp properties that are later sold off to investors to operate as a franchise. When he and I chat about this market he still states that statistically Birmingham as a metro is underserved by their metrics, which is why he's been procuring development sites for the city since 2015.

I don't know much about the hotel industry but I spend about 150 nights a year in hotels and notice trends all over the US and Canada. Typically the science is pretty sound, as the occupancy rate here is typically very high. I have clients who come here regularly and there are times where there are simply no rooms available in the downtown area.