Pipeline Projects
District 31
The Traction Hotel - a Kimpton Hotel
PDG is partnering with Alumni Properties in the development of District 31 in Alabaster, AL. The site is 75 acres and will house the Birmingham MSA's most recent outlets for national brands in the Warehouse Club, Sporting Goods, Consumer Staples, Clothing/Shoes, and various Food-related concepts.
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On March 25, 2024, the Alabaster City Council approved a $84.9mm incentives package for District 31. These incentives center around site specific revenue bonds, which will be both underwritten and their sale managed by Stifel. These bonds are limited to a 30-year duration, but their economic impact allows for the issuance of a Senior Loan in excess of $100mm.
Various development and construction risk factors, like site work, are being re-examined at the moment, but construction is scheduled to begin in Q4 2025. However, this remains dependent on the completion of the bond offering and the senior loan.
The Traction Hotel project is one of the most exciting projects in all of the PDG pipeline. With far too much to dive into via the website, here are a few points to consider...
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The Building is on the National Park Service's Historic Register thanks to having been designed by Daniel Burnham, the first celebrated American architect. Burnham also designed the Flatiron Building in New York, the CBOE Building in Chicago, and Union Station in Washington, D.C.
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The project is is enhanced and made feasible thanks to approx. $26mm (net) of Historic Tax Credits.
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The building will be converted to a 151 room Kimpton luxury, boutique hotel, and include a Rooftop Beer Garden and Basement Oyster and Charcuterie Bar.
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The building is located in the heart of the CBD, but is mere blocks from Great American Ballpark, Paycor Stadium, the new Duke Energy Convention Center, the Hardrock Casino, and the Over-the-Rhine District.
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Cincinnati has been lauded in recent years for its livability, workforce improvement, and overall quality of life. The city has also been recognized for its current resurgence and future potential by numerous magazines and news organizations.
Valleydale280
Another project being undertaken with Alumni Development, Valleydale280 is a 20 acre site located just off Hwy 280 on Valleydale Road. The site is currently being designed and entitled under the belief that a public, retail tenant with a footprint in excess of 100,000 sf will be the anchor for the project. Much like with the District 31 project, it is anticipated that sales tax revenue bonds will be issued in order to provide the incentives necessary to make the project feasible.
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An additional 100,000 sf of Junior Anchors, shops, and restaurants will also be in the project. The project is being targeted to close in Q4 of 2024, with the project opening in 2026.
Avalon
Also known as Eastside Franklin, Avalon represents one of the most exciting projects in the entire PDG "universe". Approximately 60+ acres located at McEwen Drive and Cool Springs Blvd, the site is free of any improvements, except for a City of Franklin fire station, and represents a "clean" canvas of sorts for our development efforts.
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The project has been fully permitted and approved for approximately 413k sf of Retail, 492 units of multi-family housing, and 122 single family residential lots. The project has been conceptualized as a "Live Work Play" with the development being heavily programmed and deep in amenities as well. The project is meant to be experiential for its users, and will encourage gathering spaces and events for Holidays and other special occasions.
