After being put on hold because of the pandemic, development of the $15 million, mixed-use Battery Phase II project in Birmingham’s Automotive Historic District is set to resume after a private equity firm’s investment.
Magic City Slicker, LLC, owned by developer Ward Neely, received the injection of funds from Addicus Private Equity, LLC, Addicus announced Wednesday.
“What seemed like a project full of unstoppable momentum quickly slowed with the multitude of world events. Fortunately, I met the Addicus team around that same time, and the chaos of COVID opened the door for an immediate partnership. I am thrilled to be partnering with a team of highly sophisticated financial and private equity professionals,” Neely said in a statement.
“It’s a perfect marriage that allows me to focus on what I do best.”
Battery Phase II includes a 22-room boutique hotel, restaurants, retail and commercial office space at the former Birmingham Electric Battery Company buildings at 2nd Avenue South and 22nd Street South.
The redeveloped buildings will also feature a courtyard with a timber-framed structure and rehabilitated warehouse windows.
The project is expected to be finished in the first quarter of 2023.
Addicus will also be moving its offices from Five Points to the Battery when construction is complete.