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Blazer85

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Rumor has it that Birmingham has now given the FAA a tower proposal of about 675-700ft (excluding spire height). It is expected to be a mixed-use facility (hotel, office, boutique, etc) and an expected completion date of 2007.

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I am just curious where will they get the funding from. I find it hard to believe they can justify such a tower with such huge vacany rate in their CBD. I know that the Southtrust tower was almost completely vacated by the ST employees earlier this year. I would love to see this tower come to fruition, but find it hard to belive that with vacancies where they are at that a financial institution would give them the funding for such a project. ;)

Again just curious. B'ham is my home town and I have always wanted it to succeed, but this seems to be a stretch.

Here is the comments made by Southeast Real Estate Business:

The range for Class A rental rates in suburban Birmingham is $18 to $21. Overall average vacancy is 7 percent; if you add available sublease space, the vacancy is only 10 percent.

Suburbs seem to be in demand and the CBD is still experiencing high vacancy rates. The office market in suburban Birmingham is definitely tightening up.

Edited by A219724
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^ This would not be an office tower... there might be some office space as part of it, but it will be mixed-use including retail and residential.

And by the way... the Southtrust Tower is not vacant or even mostly vacant.

Edited by Blazer85
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BTW, here are some numbers from 2004 about our office market. Definitely filling our space out better than many other southeastern cities.

Total Downtown Occupancy Rate: 87.5%

Class A Downtown Occupancy Rate: 88.5%

Edited by Blazer85
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My source has informed me that, if approved, construction is slated to take just 18 months.

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When will this story break the news and when would they like to get started on this project. I was also curious to know when University Park in Homewood was going to beging construction, as well as the Leer and City Federal Towers?

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Is your name by chance Matt Bailey? The downtown tower will not be announced till they find a site. But like many projects around town that are new construction, they sell out quickly, so there is no need for early marketing. Also they don't want to create a bunch of hype if this thing falls through, they do all the time. If it is announced I bet about three others will be announced right behind the first. Some guy is just waiting for someone else to make the first move. As for the Homewood project it wouldn't suprise me if they make a newspaper announcement after all the units sell out. SoHo never even had a website, nothing. I'm interested in how much retail they will be putting in at University Village and its unit size.

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Is your name by chance Matt Bailey? The downtown tower will not be announced till they find a site. But like many projects around town that are new construction, they sell out quickly, so there is no need for early marketing. Also they don't want to create a bunch of hype if this thing falls through, they do all the time. If it is announced I bet about three others will be announced right behind the first. Some guy is just waiting for someone else to make the first move. As for the Homewood project it wouldn't suprise me if they make a newspaper announcement after all the units sell out. SoHo never even had a website, nothing. I'm interested in how much retail they will be putting in at University Village and its unit size.

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No, my name is not Matt Bailey but I do know who that is, he graduated with me. Did you go to Gardendale High School?

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As for the Homewood project it wouldn't suprise me if they make a newspaper announcement after all the units sell out. SoHo never even had a website, nothing.

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I believe that SoHo has been sold out for quite a while, with some of the units already flipped once or twice. I'm not sure, but I think Ingram is making a commission every time a unit is resold, so they must be pretty pleased by now.

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I'm not sure if the guy I heard it from is reliable or not. He apparently gets paid by people to seek out sites for future projects, but he's not in real estate or a developer. In any event, he's looking for a full block downtown to buy, demolish, and build up on. He apparently has submitted a proposal to the FAA for an 800ft tower, but feels like they probably would knock some off the height. I dont know how reliable the source is as this guy just popped up recently. If I hear anything further, I'll let you know.

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Are these rumblings any kind of reliable source?  Anything I post is something I read, or heard through somebody in the construction, development field.

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Source was apparently a "packager" doing grunt-work probing for other investors. The 800 ft number sounded like a "ridiculously high" figure to toss at the FAA and see what came back since apparently the FAA won't just publish their height restrictions but wants to review them case by case.

So: No site. No plans. No further info. Minor rumblings.

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  • 4 weeks later...

UPDATE

2005 Passenger Traffic Info for BHM INTL

From Jan 1, 2005- July 1, 2005:

-Passenger Traffic YTD: 1,522,144

-Monthly Average: 253,691

-Projected Year Total Passenger Traffic: 3,044,288*

----------------------------------------------------

* Assuming the current monthly average is maintained.

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So that would be about a 50% increase since 1993. Seems pretty significant.

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Yes... and prior to Sept 11th, BHM INTL was set for a record year of over 3 million passengers, but as with most airports, we suffered a major setback and are now just beginning to catch back up with the passenger traffic we were experiencing in early 2001.

Edited by Blazer85
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I don't know a whole lot about Birmingham, but doesn't the airport owe a lot of its traffic increase to Southwest Airlines, most of which is people coming in from Atlanta?

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Well, we do owe alot of our traffic increases to Southwest Airlines, but hardly any of those flights go through Atlanta. Alot of Birmingham's Delta traffic passes through Atlanta though. Here's a sample breakdown of our traffic. Total passenger traffic at BHM for July 2005 was 280,000. Roughly 100,000 were Southwest passengers, 80,000 were Delta, and the remaining 100,000 were divided up among the remaining airlines (Northwest, Continental, US Airways, etc etc).

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  • 2 weeks later...
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Are there any plans to improve the area around the airport in terms of road infrastructure and additonal hotels/retail/restaurants? I've only been to the airport one time, but I remember the approach not being all that attractive.

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No improvements in those areas are expected just yet. Most of the airports focus will be in adding the additional 2,000ft to the runway, creating more commercial apron space, and minor improvements to the terminal itself.

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July stats are out....

2005 Passenger Traffic Info for BHM INTL

From Jan 1, 2005- August 1, 2005:

-Passenger Traffic YTD: 1,808,103

-Monthly Average: 258,300

-Projected Year Total Passenger Traffic: 3,099,603*

*Assuming the current monthly average is maintained.

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Year-to-date, BHM INTL is approx. 200,000 passengers ahead of where we were last year at the same time.

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  • 1 month later...

- Runway 18/36 is temporarily closed to allow for the construction of runway and taxiway extensions.

- Birmingham Intl Airport's $43M, 2,000ft runway extension to its main runway is expected to be complete by the end of 2006. In doing so, this project will allow Birmingham the capibility of increased international airtraffic with a 12,000ft runway.

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