Lofts at City Center: Mixed-Use Student Housing and Retail/Restaurant Development

Lofts at City Center

Project type: Mixed-Use, Redevelopment
Project value: > $120mm
Project size: 675,000 square feet

In 2007, Capital Growth Buchalter identified and purchased a preexisting property called Wood Square Shopping Center on 13.5 acres in the heart of Tuscaloosa. The property had steady cash flows and a promising piece of underlying real estate. Then, in 2011, a tornado came through the city and leveled the center.

WoodSquare Center

After the storm, a new market assessment led to a new vision for the property—one that included a blend of student housing and retail. Co-investing alongside national private equity sources, CGB developed the Lofts at City Center, now an upscale mixed-use destination for students and Tuscaloosa residents alike.

City Center

Lofts at City Center Aerial View

Highlights

  • Collaborated with the University of Alabama to lease a designated number of the property’s 1,200 housing units for university students
  • Tuscaloosa’s first mixed use development under new zoning codes which emphasize walkability and community common areas, requiring additional zoning negotiations which lasted for three years
  • Successfully attracted Aldi, Whataburger, Texas Roadhouse, and others to round out the site’s 50,000 square feet of retail
  • Employs more than 150 people and delivers more than $1.25mm in annual sales tax revenue to the local municipality

In the News

Share This Case Study

Share on facebook
Facebook
Share on linkedin
LinkedIn
Share on twitter
Twitter
Scroll to Top

This website uses cookies to ensure you get the best experience on our website.