Bank statement: A project team saves a historic bank, yielding 100% leaseup for the developer

Capstone Real Estate Investments bought the circa-1920s Birmingham branch of the Federal Reserve Bank of Atlanta and its 1950s-era annex in 2014. The property had been vacant for 14 years. Instead of tearing everything down and starting all over, Capstone and its design-build team, led by Hoar Construction and Williams Blackstock Architects, saved a piece of downtown Birmingham for future generations,
earning $7 million in tax credits along the way.

The project team had to fix poor renovations made in the ’50s. The marble floor in the lobby, which had been replaced by terrazzo, was restored to its original marble floor pattern.

Three big windows that had been bricked over were replaced with new, historically accurate replicas.

Unique steel vaults with massive doors were salvaged. To allow for venting and utility lines, laborers had to cut through the rebar and wire mesh in the walls with a special wire saw. One tenant converted its vault into a bar and kitchenette.

Project Summary

Bronze Award Winner

Building Team: Hoar Construction (submitting firm, GC) Williams Blackstock Architects (architect) LYBD (SE) RJ Mechanical Inc. (M/P engineer) Eldeco Inc. (EE).

Details: 90,300 sf. Total cost: $13.7 million. Construction time: November 2015 to December 2016. Delivery method: Design-build.

See all of the 2017 Reconstruction Award winners here