"Are the new apartment buildings filling up?" That's the question Birmingham Business Journal's Brent Godwin set out to answer and Flats on 4th was able to deliver... again!The article is in the subscriber content of the BBJ's website, so I posted a little bit of the intro to the piece. If you want to read the entire article (and if you're already a BBJ subscriber or don't mind becoming one) here's the link...https://www.bizjournals.com/birmingham/news/2017/10/05/how-one-downtown-apartment-development-is-filling.html
Watts Happenings News and Blog
It's official! Out of the old and into the new.
Our office is closed today while we unpack and move things around a bit, but if you are looking for our office tomorrow, we'll be just down the street across from Regions Field and next to Sherwin-Williams Paint.
1527 3rd Ave S, Ste 102
Birmingham, AL 35233
The economic impact of this commercial real estate growth, according to the Birmingham Business Alliance, was nearly $587 million in capital investments in Birmingham in 2016 resulting in 2,014 new jobs in the area. The commercial real estate industry stands ready to help businesses meet the needs they have- from retail space and office buildings to vacant land and warehouses.
The Birmingham Association of REALTORS® recently shined the spotlight on six members of the Birmingham Commercial Realtors Council who are doing their part to make Birmingham shine. These powerhouse members garner national and international attention for the Magic City.
For the rest of the article and their description of Chip's and Watts Realty's part in the revitalization effort, check out this link... https://bhamnow.com/index.php/2017/09/01/the-faces-behind-commercial-real-estate-growth-and-the-revitalization-of-downtown-birmingham/
One of these announced projects is the Vesta development at 2173 Highland Ave South by Harbert Realty and Cortland Partners. Slated to break ground later this month, Vesta will be a 17-story high rise and a 5-story mid-rise that will consist of roughly 318 upscale apartments, including roughly 6,500 square feet of retail space along with a number of amenities.
"There is definitely an uptick in interest in properties in Southside; however, this is not new... it just happens that the deals are just now closing," says Chip Watts of Watts Realty. "Several developers see Southside as an opportunity for infill projects - if the properties can be purchased at a decent price point. Several deals have been attempted, but only a very few have been successful."
In addition to Vesta, an expected redevelopment of the Southtown public housing site located on University Blvd and butts-up right next to the Lakeview district, has helped spark investors and real estate developers interest to begin buying Southside properties this year.
"It is anticipated that these two projects (Vesta and Southtown) will be catalyst projects that will allow infill projects to flourish," Watts previously told the BBJ. "I believe that developers are just now laying the groundwork for these infill projects to occur."
For the full article, click the link below. Please be aware that you must be a subscriber to the BBJ in order to view this article.
Thank you Rylee for the awesome letter and we will continue to work hard for kids to experience Camp Cosby, because through Camp Cosby we have learned a life motto that we carry with us everywhere and everything we do: "God is first, others are second, and I Am Third".
That good exhausted feeling associated with 60+ hour work weeks. Every spring the hard work comes in more quantities compared to fall and winter.
Residential Property Management : Our Tenants move, sometimes scheduled and sometimes with a surprise. Life takes them to new jobs, new cities, to care for an aging loved one, buying a house, and/or new marriages with even the unfortunate divorces & deaths too. Spring also brings more Tenants to Birmingham for those same reasons. These past two years, some of our many 1 SFH Clients make calculated but very hard decisions to leave the world of being a Landlord to finally selling their investments (which they majority of the time occupied personally & couldn't sell due to the market at the time). These transitions happen in spring. Referrals for new management in and referrals to residential sale's agents out.
Commercial Leasing & Brokerage: Spring increases the real estate economy & related activities. Small businesses and corporations alike make moves; expanding & needing more space, and occasionally contracting sometimes which open up spaces.
Commercial Management: New & seasoned investors need managers, as well as current ones looking for a change in their manager. Luckily we've only seen new accounts this spring. 60+ added Tenants with a newly managed property added to our portfolio just this week. We love being of service to these new accounts as much as we love being of service to our 20-30-50+ year multi-generational owners.
We've been blessed so far this spring. A new $16M+ development opening this month (Flats on 4th). A new long term restaurant build out finishing up (iBrew in 5 Points). Renewal after renewal of current Tenants. Witnessing Chip's two big sales last year opening, one recently (TJ Tower) and one soon (2 Hilton branded hotels). Even the smaller leases starting new relationship (Road Runner Moving as an example). Just closed a sale on raw land that has been listed with us since the 1970s (Shades Valley High School on part of the parcel we sold long ago & now a new SFH neighborhood going up on 30+ acres....still have 29 commercial acres for sale from that original listing). Negotiations ongoing for almost every vacant space for leasing and brokerage. And $16+M in new commercial brokerage listings just in 3 months.
We have 4 new permanent staff just in the last year (two being family coming back into the family business). We have one 13 year staff returning from another state & 1 multi year staff returning from maternity leave. We are growing in # of commercial agents. Maybe an intern from UA starting soon. Our dedicated long term staff is pushing through the work load as well as the ups & downs associated with more work. Chip is gearing up for even more increased service to our industry via his roles in the associations to better our field. We all work like an amazing extended family. I know I've been tough on them & me while we work towards excellence.
Spring is in full bloom with wonderful exhaustion. Let the momentum continue.
I hope our late grandfather would be proud. I'm sure he worked hard keeping Dad in check during the development of Arlington Business Center just as much as Dad has kept Chip & I in check during this project.
Once we close this project up, time to look for another one...(too soon?😅)
Clink link for BBJ's Deals of the Year
Today, the BBJ unveiled their top 25 of Birmingham Executives of Influence, a special feature highlighting key leaders in a range of Birmingham industries who are shaping both their business and the Magic City's economy. Low and behold, they selected Chip as one those 25 people. We just want to thank Chip for his hard work, whether it's with IREM, NAR, BAR, the state of Alabama, or even just little ol' Watts Realty Company. When Birmingham succeeds, we all succeed. Thanks Chip!
Link to Article