Updated: Aug. 18, 2021, 1:58 p.m. | Published: Aug. 09, 2021, 3:03 p.m.
Brookwood Village. Aerial photos of requested sites throughout central Alabama taken 7-29-10. (The Birmingham News / Joe Songer) BN FTPBN FTP
By William Thornton | wthornton@al.com
Brookwood Village, once one of the Birmingham metro area’s most vibrant shopping malls, has been purchased by two companies with plans for its future.
Birmingham-based Fairway Investments and Pope & Land Real Estate of Atlanta bought the 47-year-old shopping center, along with the adjoining Fresh Market anchored retail center. Terms of the deal were not disclosed.
Fairway and Pope & Land announced the deal, saying its development team includes architectural and planning services provided by Goodwyn Mills Cawood, DAG Architects, and other consultants.
There is no word yet on any plans for the property or the timing for its redevelopment.
In announcing the deal, the companies acknowledged the diminished circumstances for the mall over the last few years. The COVID-19 pandemic and shutdown was particularly unkind to Brookwood Village, prompting an exodus of tenants such as Jason’s Deli, Cocina Superior, Brio Tuscan Grille and Books-A-Million. Today, only Macy’s, a few retailers, Hickory Tavern and 5 Guys Burgers & Fries remain open.
“In recent years the Mall had steadily begun to decline but its demise was accelerated by the Pandemic which has resulted in the substantial vacancy that exists today,” a news release from the two companies stated. “While the enclosed mall format has become less popular, the location, demographics, accessibility, and prominence of the site provide numerous opportunities for enhancement or redevelopment.”
Built in 1974, Brookwood Village later had a $35 million remodeling in the late 1990s, which added a streetscape with dining, and underwent a $20 million renovation after Cypress Equities bought the 816,000-square-foot mall in 2015. It still fell prey to the diminishing fortunes of enclosed shopping malls, brick-and-mortar retail and the proliferation of other shopping destinations in the area.
Last October, Colliers International | Alabama and Arlington Properties announced plans for a two-year transformation of the property into a retail and dining lifestyle destination with high-end apartments. They also brought their plans to residents in a series of public meetings, but they were later withdrawn. It was the latest of several redevelopment plans over the past few years, with one announced just three years ago.
The project developers already have impressive resumes. Pope and Land has had several high profile projects in Atlanta and Charlotte, including serving as master development coordinator and office partner for the Braves Development Company and the development of The Battery Atlanta, home of the Atlanta Braves. Fairway’s investment portfolio includes more than 2.2 million square feet of retail, over 11,000 apartment units, almost 2.75 million square feet of industrial assets and more than 1.5 million square feet of office space, from Texas to Virginia.
Sims Garrison, COO of Fairway Investments, noted that the mall is across the street for their offices.
“We are looking forward to working with the cities of Mountain Brook and Homewood to try to transform the struggling mall into something more appropriate and representative of the communities it serves,” Garrison said. “A lot of work lies ahead which is why we have chosen to partner with Pope and Land Real Estate. Fairway and Pope and Land have been working together for more than 20 years to develop and enhance commercial real estate through the Southeast.”
Larry Kelly, Pope & Land CEO and vice chairman, said the “unique and irreplaceable dynamics of the Brookwood Village property” along with its relationship with Fairway Investments dictated this, the company’s first Alabama venture.
“We are confident that the path forward will include some way to leverage the impressive location, accessibility and demographics and a potential opportunity to create a central gathering space and integrate it with a re-imagined Shades Creek,” Kelly said.