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Developer plots large spec project in Bessemer

Birmingham Business Journal - June 22, 2007
by Lauren B. Cooper

Equity Development Corp. is building a 127,500-square-foot speculative industrial building at Parkwest Corporate Center in Bessemer - one of the first office-warehouse combination projects in the Interstate 459 corridor in several years.

Situated at the interchange of I-459 and Morgan Road, and between Interstates 65 and 20, the price tag for the new building is $6 million and is designed for either one tenant or multiple users.

The groundbreaking, which was held this week, follows a growth spurt in the Bessemer area that includes increasing residential, retail and commercial business.

"There has been tremendous roof-top growth," said John McDonald, president of Equity Development. "There has been so much construction that requires the service industry to follow. It seems a lot of folks have been focusing on bulk (distribution) and few delivered as far as smaller-bay multitenant goes."

That particular submarket, which includes the 459 corridor and parts of Shelby County, has seen a lot of bulk distribution built in the past few years.

In fact, between 2005 and 2006, more than 1.5 million square feet of industrial space, mainly bulk distribution built speculatively, was built in that market, said Birmingham's EGS Commercial Real Estate Inc. 2007 Annual Market Report.

Read the full story on the Birmingham Business Journal website.

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