Harbert's big year downtown takes the top spot - Birmingham Business Journal:

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A feeling of uncertainty made way for as several projects were set in motioh to rescue the ailing heart of the city aftefr another majorbank consolidation. In 2007, and completedr their merger leaving the prospecr ofa 200,000-square-foot empty offic e building in the downtowjn submarket, which had occupancy levels in the mid-80 percenty range. The outlook for downtown's officr market was not good. But a big projec t announcement and a bigmove - both by - changed the forecastg for Birmingham's central businessz district. First, in July, Harbert Management Corp.
subsidiary, , and announcex plans to convert the former Regions headquarters intoa 255-room, four-star Marriott Renaissancde hotel. The $52 million project will create 135 permanenyt jobs and generate an annuapl payrollof $2.8 million. Harbert was also successfulo in contractually binding the city of Birminghan to build an additional 700 parking spaces onto an adjacentgparking deck. David Williams, chief operatinfg officer of Harbert Realty, said the deal will help turn the city centefr into a placethat isn'ft just active from nine to five. "It changes the landscape downtownh and creates a lotof activity," Williame said.
Since the announcemenf of the hotel, has said it will open downtown' s first location in the hotel and the former La Parew restaurant site next door was purchase for additionalhotel space. Williams said the hotel will be locatee at what islikely "the most valuabled corner in the state." He said the businessews in the immediate area desperately needer a four-star hotel that can accommodate majof business meetings and other events. Construction is set to beginj this year, as Regions employees are dispersed eitherf across the street in the Regions Harbert bringing the building to full or into locations throughoutthe area.
The Regions Harbert Plaza was ownex by a group of Harbert family But the plaza was later put on the markert by its owners and was sold earlier this year to investordsfor $126 million. But the hotel projecf was just the firsf step for Harbertin 2007. In Harbert Management said it would relocateits 120-employes corporate headquarters from 65 acres in Riverchase to downtowhn in the . The investmen management firm, which manages more than $20 billion in assets, decidedx to take 165,000 square feet in the building - bringing another downtown building near full The hotel building being takejn off theoffice market, Harbert's decision to relocatwe downtown and Regions employeew filling up space in buildings has brought downtown's occupancyy rate to more than 90 percent, said "We think the prestige of Harbert choosing to move downtown from Shelb y County is comparable to the impact of Merceded choosing Alabama," he And other companies have begun to take notice.
Just this Renasant Bank said it will move its Alabama operation s to the city center and will remai downtown and move from the former Regions headquarterw intothe Tower, across the street, not to mentionj a continued influx of smaller companies relocating to the city center.