79 Commerce St. Boasts One of Top Addresses
May 2016
By David Zaslawsky
Photography by Robert Fouts
Barely two minutes into an interview about the mixed-use development 79 Commerce St., the subject of location comes up.
It’s unavoidable because 79 Commerce St. is all about those three frequently-used real estate words: Location, location, location. The development, which features 54 residential units on top of first-floor retail space, is located in downtown Montgomery. Perhaps some would even say the heart of downtown.
It’s next door to the Montgomery Area Chamber of Commerce. It’s across the street from the Renaissance Montgomery Hotel & Spa at the Convention Center. It’s across the street from the Montgomery headquarters of BBVA Compass, which is located in a 100,000-square-foot plus building with 14 floors. It’s almost across the street from The Alley.
It’s a very short walk to Riverwalk Stadium, home of the Montgomery Biscuits’ baseball team, as well as to numerous restaurants and several hotels. It’s a short walk to the Riverwalk Amphitheatre and the Riverwalk and the Montgomery Performing Arts Centre, which is at the Renaissance.
Yes, you could say that 79 Commerce St. has an incredible location, and that’s about what TJ Williford of Partners Realty had to say. The owner and broker of Partners Realty is leasing the units and more than half – 29 – have been leased.
“The characteristic that sets this property apart from others is its location,” Williford said. “In the real estate world it’s called main and main – right at the center of it all. The convenience of it is unmatched. It’s within walking distance to everything.” He is not exaggerating.
“What’s exciting, too, you can go out and sit on your balcony and the views of Commerce Street are very charming,” he said. “You get the sights and sounds of urban living.” And the smells from the nearby restaurants.
You can live, work and play and not live in a subdivision miles away from downtown. He likes to say “that those interested in living downtown are transitional adults.” Williford quickly added that that is his term. His explanation is an adult from 24 to 54 who “finds themselves at a period of time in which they may be in transition.” It could be a new job; first apartment from home; newly married; newly divorced or widowed. “It could be new empty-nesters or (a) single young professional,” Williford said. “It’s exciting to think that this is a period of time which we’re going to try this new thing. This is an exciting opportunity to try something different.”
What they are going to get is either a one-bedroom or two-bedroom unit. The square feet for a one-bedroom ranges from 739 to 855 and 1,100 to 1,158 for a two-bedroom. There are 45 one-bedroom units and nine two-bedroom units.
The rents for one bedroom range from $1,050 to $1,250 and are $1,350 to $1,550 for two-bedroom units. The units have granite countertops, walk-in closets with a washer and dryer; large balconies; stainless-steel appliances; and a 60-inch Samsung smart television. And, of course, that location thing.
There are some move-in specials, including free use of the Renaissance fitness center and pool and spa access for the remainder of the year. Tenants with a 24-month lease will receive one free month’s rent in each of those years and there is a one-month free rent bonus for 18-month leases. Tenants with a year’s lease receive a 50 percent savings on one month’s rent.
“We have been especially encouraged by the interest of the military community,” Williford said. Partners Realty will work with military personnel who may be stationed at Maxwell Air Force Base and Gunter Annex for nine months or 10 months, Williford said.
Creating a ‘Destination Location’
By David Zaslawsky
Photography by Robert Fouts
There will be three or four retailers joining Mellow Mushroom at 79 Commerce St. in downtown Montgomery.
While Mellow Mushroom is expected to open in May, talks are on-going with other retailers, according to Rodney Barstein, executive vice president of Retail Specialists, which is leasing the ground floor.
The Birmingham-based company’s website shows three remaining suites – 3,033 square feet, 3,800 square feet and 4,985 square feet. “We have a couple of interested parties,” Barstein said about the spaces. “We are certainly looking for the types of retailers that would complement Mellow Mushroom and try to make our project a destination location for people that just want to come down and haven’t really decided where they want to eat, but at least there will be a number of different choices …”
Those choices “could be a combination of anything,” Barstein said. “It could be a bar or a brewery or it could be white table cloth/sit down or it could be takeout or it could be a sandwich shop – anything that fits within the area that would complement each other is what we’re looking for.”
Retail Specialists has been talking to some businesses that have a location in East Montgomery and some that would be new to the area.
The firm’s website states that there are 16,300 vehicles per day on Bibb Street, which is at the intersection of 79 Commerce St. It also states that nearly 11,200 office workers spend a combined $10.2 million a year on restaurants. The average office worker eats lunch at a restaurant three days a week.
There are 12,600 non-office workers, who spend a combined $4.2 million on restaurants, according to the website. Add another $1.2 million for residents and the total per year for the three groups is about $15.7 million. The office workers spend nearly $1.4 million at what the website called drinking places.
