Tessa Commercial Real Estate Partners with Opportunity Alabama's OPAL Fund to Redevelop Historic Burger Phillips Building in Downtown Birmingham
It all begins with an idea.
Birmingham, AL – Tessa Commercial Real Estate, in collaboration with Opportunity Alabama's OPAL Fund, announces plans to revitalize the first floor of the historic Burger Phillips building located at 1914 3rd Ave N, Birmingham, AL 35203. This transformative project aims to rejuvenate a long-vacant property in the heart of Birmingham’s Central Business District into vibrant office space that will serve the local community and spotlight the city's potential for growth and innovation.
The OPAL Fund, a lead equity investor in the project, will also become a tenant alongside Tessa in this redeveloped space. The decision to invest in this project underscores both organizations' commitment to fostering economic development in Birmingham's Central Business District and creating a collaborative environment for innovative and impact-oriented companies to thrive.
This redevelopment opportunity brings two unique teams with deep CRE experience and a heart for Birmingham together under one roof, with the intent of creating a “multiplier effect” that will leverage their respective skills to accelerate investment across the 99 neighborhoods. The redevelopment initiative is expected to yield several significant benefits, including:
Activation of a long-vacant space, dormant for 20 years.
Establishment of a central hub for providing technical assistance to underrepresented groups seeking impact-oriented developments.
Creation of a unique "showcase space" designed to attract national investors, with availability for use by the City and other groups.
Enhancement of a major pedestrian corridor connecting 20th Street to the Theater District.
Tessa Commercial Real Estate and Opportunity Alabama's OPAL Fund bring together two teams with extensive experience in commercial real estate and a shared vision for driving positive change in Birmingham. Tessa, founded in 2020, stands out as the only woman-owned brokerage and development firm in Alabama, with a significant portion of its projects dedicated to empowering minority and woman-owned businesses.
22% of Tessa’s projects are minority-owned or led
31% of projects are woman-owned or led.
27% of Tessa’s clients have been nonprofit organizations making a direct impact in Birmingham including the Community Foundation of Greater Birmingham, Ed Farm, Women’s Foundation of Alabama, Lakeshore Foundation, REV Birmingham, STRIVE, and Aletheia House.
Tessa’s owner, Meredith Calhoun, is also founder of Table Investment Group, specifically for female accredited investors, which has invested in a Birmingham-based tech start up and is actively seeking a second investment opportunity in a project or business located in the City of Birmingham.
OPAL is providing technical assistance to multiple nonprofits and impact-oriented development teams working on catalytic CRE projects across the city including Common Thread (Titusville), Urban Impact (4th Ave Business District), Navigate Housing Authority (Titusville), The Flourish (Ensley), HICA (Titusville), Mason Music Foundation (Woodlawn), and Birmingham-based Penny Foundation to expand food access in Bessemer.
OPAL has helped multiple nonprofits located in the City of Birmingham apply for grant funding with more than $820,000 secured and an additional $1 million under review. Opportunity Alabama is recognized as the only nonprofit-owned, state-focused commercial real estate investment platform in the country and has played a pivotal role in facilitating over $120 million in investment for projects in the City of Birmingham including American Life, Market Lofts on Third, The Hardwick, Woodlawn Theater, and more. . Through initiatives like OPAL Community Capital (OCC), OPAL’s newest, most impact-forward vehicle, the organization continues to invest in growing minority- and woman-owned businesses that are directly engaged in revitalization of Birmingham’s neighborhoods such as Creed63, Wyatt Builds, and Sachai Tea Company. They are on track for CDFI status.
The redevelopment of the Burger Phillips building represents a significant milestone in the ongoing revitalization of Birmingham's Central Business District. Tessa Commercial Real Estate and Opportunity Alabama's OPAL Fund are excited to embark on this journey together and look forward to the positive impact their partnership will have on the local community.