News
GBX Group, Kupperman Companies and REV Birmingham Announce the Acquisition and Preservation of the Black Diamond Coal Mining Company Building
GBX Group
February 27, 2024
Black Diamond Coal Mining Company

BIRMINGHAM, AL February 27, 2024 – Historic preservation-focused real estate firms GBX Group LLC and Kupperman Companies, LLC today announced the acquisition of the historic 1903 Black Diamond Mining Co. building located at 2229 1st Avenue North in Birmingham’s Loft District. The historic building is part of Birmingham’s Morris Avenue/First Avenue North Historic District, which was listed on the National Register of Historic Places in 1986. The Black Diamond Coal Mining Company Building has been protected with a historic preservation easement agreement through REV Birmingham, a place-based revitalization and economic development 501(c)(3) non-profit, which will ensure that the buildings’ historic façade is protected in perpetuity.

“GBX is proud to continue to increase our investments in the acquisition, restoration, and permanent protection of an expanding portfolio of historic buildings in Birmingham. Birmingham is a vibrant market with a rich history, and we are excited to help save the historic Black Diamond Coal Company building, and to protect its historic character for future generations,” said Drew Sparacia, GBX’s Founder and CEO. “Our new partnership with REV Birmingham and Kupperman Companies will allow us to invest in improvements to the Black Diamond Coal Company that will ensure its place in the city’s future.”

By leveraging various federal, state, and local incentive programs such as historic tax credits and preservation easements, GBX and project partners can access critical, non-traditional financing sources that make these otherwise cost-prohibitive projects possible. With the addition of the Black Diamond property, GBX-affiliated entities have acquired and protected three historic properties along 1st Avenue North.

“Birmingham has benefited from a lot of new construction in recent years, but it is the wealth of historic buildings that always impress the most people and add value. We are happy to help encourage preservation and provide a historic counterbalance to new construction through projects like the preservation of the Black Diamond Coal Company Building. It’s exciting to incorporate historic buildings and districts into city planning in neighborhoods across Birmingham,” said David Fleming, REV Birmingham’s President and CEO. “We look forward to working with GBX and Kupperman on this and other easement agreements and projects that will permanently protect historic buildings that contribute to our cultural fabric.”

GBX partnered with Kupperman Companies of New Orleans on the acquisition of the Black Diamond Coal Company building and is currently assessing improvements to the nearly 14,000 square foot structure. The building’s large street-level retail windows and onsite gated parking are distinct amenities in the First Avenue Corridor that will add to other recent office, restaurant, and hospitality activity in the neighborhood.

“The Black Diamond Coal Mining Company Building is an exciting opportunity to partner with GBX and REV Birmingham. This is our third investment in downtown Birmingham and fits well with our holdings and portfolio of historic redevelopment in Alabama and across the region,” said Zach Kupperman, Founder & CEO of Kupperman Companies. “We are working through development plans and will have more to announce in the coming months.”

Harbert Retail will handle property management and leasing responsibilities.

Contact:

Philip Winton

Vice President of Strategic Messaging

GBX Group LLC

pwinton@gbxgroup.com

About GBX Group LLC

GBX Group LLC specializes in acquiring, preserving, and operating historic real estate in urban markets. The company partners with investors to fund the purchase and preservation of historic real estate with the goal of generating community revitalization and economic growth. As of January 2024, GBX has been involved in more than 200 real estate projects in 24 states. For more about GBX, visit gbxgroup.com/. 

About REV Birmingham

REV Birmingham is a place-based revitalization and economic development nonprofit with a mission of creating vibrant commercial districts and a history of impact that dates back to 2012. For more information, visit https://revbirmingham.org/.

About Kupperman Companies

Kupperman Companies is a real estate development and investment firm with holdings throughout the Southeast and Mountain Regions. The company designs, develops, and acquires hotels, retail, multi-family, and mixed-use projects in Louisiana, Texas, Georgia, Alabama, Colorado and across the Gulf Coast. They have invested in award-winning historic redevelopments that preserve the history, architecture, and culture of the surrounding community. Kupperman Companies currently owns and manages over 575,000 square feet of hospitality, retail, and mixed-use assets and over 100 acres and 650 pads of manufactured housing communities through their affiliate, Lucky Communities. For more information, visit https://www.kuppermancompanies.com/.