Land Bank could play key role in future Birmingham developments

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Designed to help alleviate the city's blighted property issues, the Land Bank could serve to spur progress in areas of the city developers have been hesitant to approach in the past.

Bryan Davis

Reporter- Birmingham Business Journal

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There is no debating the Southside redevelopment known as the Parkside district has been a success.

Railroad Park and Regions Field have been catalysts for numerous apartment, office and retail developments that have changed the landscape of the area.

There are other areas of Birmingham poised for growth and redevelopment, and a recent move the the city to create the Land Bank Authority could be the key to future developments in the city's many neighborhoods.

Designed to help alleviate the city's blighted property issues, the Land Bank could serve to spur progress in areas of the city developers have been hesitant to approach in the past.

"It helps that the city of Birmingham is doing a land bank program that identifies properties in an area for redevelopment and promotes responsible development, ideally with a master plan," said Robert Simon, president of Corporate Realty, which developed Regions Field.

Areas like Woodlawn, Ensley, Avondale and Fairfield, which have notable problems with blighted properties, could benefit from the Land Bank, Simon said.

"The city amassing property for development is helpful because it could be difficult for developers to buy up (the land) separately," Simon said.

Avondale and Woodlawn, in particular, have experienced grassroots revitalization efforts, thanks to organizations like REV Birmingham and individuals like Avondale Brewery owners Coby and Hunter Lake investing in property in the area.

Simon said the Land Bank could make it easier to acquire land in these places, making the areas more appealing to developers.

Experts in the financial sector say land banks are a proven way to reduce blight and promote the economic vitality of a neighborhood.

Bryan Davis covers real estate, retail and manufacturing for the Birmingham Business Journal. Click here to follow him on Twitter.