The conversion of City Federal from a historical office building to a luxury residence began in 2005. The developers restored or preserved many of the building’s original features and architectural details, resulting in a one-of-a-kind residential achievement in the heart of the Downtown Birmingham renaissance.
Built in 1913, this neoclassical urban building is listed on the National Register of Historic Places. It is the tallest residential structure in the state of Alabama at a height of 325 feet and 27 stories.
In 2010, Carter acquired the remaining 32 units of this distressed 84-unit property; Carter purchased the note and simultaneously took ownership through an acceptance of a deed-in-lieu-of-foreclosure. Carter retained Ingram & Associates as the sales representative for the building.
Carter’s team repositioned the asset and sold the remaining 32 units, which included the penthouse residence, in under 2 years.