BIRMINGHAM, Ala. (WIAT) — The Pizitz, a building that has had several different lives for nearly a century, is now up for sale.
The building, which was first built at the corner of 2nd Avenue and 19th Street in downtown Birmingham in 1923, was recently put on the market and is being listed by the Cushman & Wakefield Sunbelt Multifamily Advisory Group.
The building was first part of the Pizitz department store, which ran downtown for decades before closing in the late 1980s.
“The people of Birmingham can count on filling every want at this great, complete department store, and they can get any kind or any quality, to suit their tastes and their ability to buy,” said Pizitz owner Louis Pizitz in an advertisement promoting the building in The Birmingham News published on October 16, 1923. “It has been my ambition every since I was a boy to own a store like this that could be of service to all classes of people, and now my dream has come true.”
Over the last 20 years, work was done to redevelop the property, which had become dilapidated before 2000. By 2016, a nearly $70 million renovation project was undertaken by Bayer Properties to bring the building into the 21st century.
Today, the Pizitz features 143 luxury apartment units, the Pizitz Food Hall and the Sidewalk Film Center in the basement.
“The food hall, restaurants, and retail on the ground floor combine to provide a centerpiece to the Downtown Birmingham community, and the Multifamily performance is exceptional,” Cushman wrote in a statement. “With 97%+ avg. occupancy across the T12 and diminishing concessions, the next investor can harness the strong in place trends and further drive NOI by substantially pushing rents.”
Representatives from Cushman & Wakefield declined to speak about the Pizitz, referring to the online listing.
Bids will be taken through July 28.