- June 12, 2014
-- MAL, LP and Red Leaf Development have completed the acquisition of the historic Bell Building in Montgomery, Alabama and will develop the property over the course of the next year and a half. The final result will be the “Historic Bell Lofts” – a residential complex featuring 80 loft apartments on the upper floors with commercial retail and restaurant space on the ground level.
The Historic Bell Building is located in downtown Montgomery on the corner of Montgomery and Lee Streets, adjacent to Troy University and just a few blocks from the state capital. Built in 1907 by Newton J. Bell, it was the tallest building in Montgomery at the time of its initial construction. The National Parks Services first listed it on the National Register of Historic Places in 1981.
The total development cost is expected to be approximately $21.4 million. Construction will be funded by further developer equity, financing from Love Funding Corporation, and also by $3.5 million of equity raised from overseas investors as part of the USCIS EB-5 program, which allows foreign nationals to gain US residency in exchange for investments in job-creating ventures. The Bell Lofts project will create more than 80 full-time direct and indirect jobs in the Montgomery County area, in addition to the ones created during the one year construction period.