For Immediate Release Wednesday, July 2, 2014
For Additional Information Contact:
Melanie Golson, Development Outreach Coordinator
City Council Approves Sale of Downtown Properties
Montgomery, AL –The City Council authorized the Mayor to enter into purchase/sale agreements for several parcels of land and buildings at its July 1, 2014 meeting. Once executed, the clock will start ticking for the prospective purchasers to conduct necessary due diligence and inspections of the properties.
“We are excited about the increased interest of developers in downtown Montgomery,” said Mac McLeod, Director of the Department of Development, “but continue to remain cautiously optimistic of the reality of these deals making it to the closing table,” McLeod went on to say.
On Dexter Avenue, 58 and 62 Dexter are proposed for purchase by Dexter Place, LLC, an Alabama limited liability company whose principals are with Foshee Design and Construction Company. The buyers will have 30 days after the agreement is signed by the Mayor to perform their due diligence inspection of the properties before proceeding to close.
The second agreement is for the buildings at One Court Square, 150 Lee Street, 128 Lee Street, and several parcels adjacent to the former Western Rail Yard. That agreement is with ELSAJA Court Square, LLC, associated with the same principal company that recently purchased several other properties along Dexter Avenue and at the Western Rail Yard for MarJam Supply Company. Principals for the company have not disclosed plans for the One Court Square and Lee Street properties. As with the other agreement the purchaser has forty-five days to complete their due diligence review before a series of closings will be set in motion.
Once sold, the Department of Development has negotiated a rehabilitation agreement with the prospective purchasers of 58 and 62 Dexter to ensure that the facades are presentable by March 2015. The Department has 18 months to complete negotiations for rehabilitation and development agreements with ELSAJA Court Square, LLC, to detail more exact plans and timing for redevelopment of those properties.
It is the mission of the Department of Development to work as a catalyst to drive economic growth and revitalization throughout the City of Montgomery with strategic public and private partnerships. For more information about the city’s development efforts visit www.developmontgomery.com or www.montgomeryal.gov.