After being put on hold due to the pandemic, development of the $15 million mixed-use Battery Phase II project in Birmingham’s historic auto district is set to resume following investment from a private equity firm.
Magic City Slicker, LLC, owned by developer Ward Neely, received the cash injection from Addicus Private Equity, LLC, Addicus announced on Wednesday.
“What seemed like a project full of irresistible momentum quickly slowed down with the multitude of world events. Fortunately, I met the Addicus team around the same time, and the chaos of COVID opened the door to an immediate partnership. I am delighted to partner with a team of highly sophisticated finance and private equity professionals,” Neely said in a statement.
“It’s a perfect marriage that allows me to focus on what I do best.”
Battery Phase II includes a 22-room boutique hotel, restaurants, retail space and commercial offices in the former Birmingham Electric Battery Company buildings on 2nd Avenue South and 22nd Street South.
The redeveloped buildings will also include a courtyard with a timber-framed structure and rehabilitated warehouse windows.
The project is expected to be completed in the first quarter of 2023.
Addicus will also move its offices from Five Points to the Battery when construction is complete.