BIRMINGHAM, AL-Colonial Properties Trust is planning to construct Colonial Center, a 170,000-sf (net rentable) office building at Colonial Brookwood Village as part of the local property’s redevelopment into an urban mixed-use community. The locally headquartered REIT says the estimated $36-million project will include 10,000 sf of street-level retail, 160,000 sf of office space and two levels of parking. A national law firm has preleased 40,000 sf of the office space.

Colonial Properties Trust’s VP of leasing David Fullington tells that Colonial Brookwood Village was a 1970s enclosed mall that the company acquired in 1997 because of its location, which he describes as “absolute Main and Main in Birmingham and surrounded by the three highest demographic communities in the state.”

The company proceeded to complete a major redevelopment that transformed the property into a lifestyle center. Colonial Brookwood Village is now anchored by Parisian, Macy’s, Gus Mayer, Books-A-Million and Z Gallerie and features five full-service restaurants exclusive to the Birmingham area.

“We wanted to maximize the rest of the site and had a spot where we could do office… .” Colonial Center will be located nearest Parisian and the Brookwood Convenience Center. The anchor tenant is Johnston Barton Proctor & Powell LLP. The building’s parking will be located on the building’s second and third floors, in between the first-floor retail space and the office space.

Construction is scheduled to begin immediately and be complete in July 2007. The project is being financed through the company¹s unsecured line of credit.

Colonial Properties Trust owns a portfolio of multifamily, office and retail properties in the Sunbelt. As of the start of the year, the company owned or managed 46,537 apartment units, 20.2 million sf of office space and 11.5 million sf of retail shopping space.

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