2017 Annual Report
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IMPACT In 2017, REV unlocked investments across Birmingham’s historic commercial districts. In every district where we work, REV identifies passionate people and powerful projects—and feeds them. Our approach takes time, close attention and a special brand of spunk, but we believe in investing in Birmingham. And we believe that owners, developers, residents and government, nonprofit and corporate partners working together toward a more vibrant future is what ultimately makes our city so magic. 2017 FINANCIALS 2017 REV INVESTORS INDIVIDUAL DONORS Complex S&W Electric Company INCOME Richard Berliner Birmingham-Jefferson County Transit Schneider Historic Preservation, LLC Anne & Neal Berte Authority ServisFirst Bank Jay Brandrup Bradley Shipt Zebbie Carney Brasfield & Gorrie Sirote & Permutt Amy Chauvin Buffalo Rock Southpace Properties Ray Clark Business Interiors, Inc. Spire Energy Judith Cloe Children’s of Alabama Stewart Perry Tammy Cohen Coca Cola Bottling Company United, Inc. Style Advertising Caleb Dawson Cohen, Carnaggio & Reynolds Tro Jung / Brannen Frank Day, III Corporate Realty Associates, Inc. Truitt Insurance & Bonding, Inc. Jill Deer Corporate Realty Development, LLC United Johnson Brothers Laney DeJonge Corporate Realty Management, Inc. Vincent Construction, Inc. Robert Emerick DC Finance Management, LLC Walter Schoel Engineering Co., Inc Ben Erdreich Dixon Hughes Goodman, LLP WhatBox Product Design Co. Janice Fleming EGS Commercial Real Estate, Inc. White Plume Technologies, LLC Deon Gordon Firestone Flowers, LLC Whole Foods Judy Hooper First Commercial Bank Williams-Blackstock Architects Tyler Huddle Greater Birmingham Convention and Wine Loft Joyce Lanning Visitors Bureau Wood Fruitticher James Lee Graham & Company, LLC Suzanne Michalek Harbert Realty Services FOUNDATIONS Clayton Mobley Hollis & Spann AARP Michael A. Mouron Jemison Investment Company Alabama Power Foundation Neal Newell Joseph McClure Commercial Real Estate Alice Bowsher Fund Claude Nielsen Kassouf & Co. CPAs Blue Cross Blue Shield of Alabama Patty Pilkerton Kemp Management Solutions Caring Foundation Guin Robinson KH Management, LLC Daniel Foundation of Alabama EXPENSES Garland Smith KPS Group Enterprise Holdings Foundation Camille Spratling Lewis Communications Goodwyn, Mills and Cawood Charitable Andrea Taylor Marcella Roberts & Associates Foundation Andrew Westmoreland Mayer Electric Supply Co. Hill Crest Foundation MBA Engineers, Inc. Ireland Foundation CORPORATE DONORS MOTIONMOBS Junior League of Greater Birmingham National Bank of Commerce Adams Design Associates Beeson Fund New Rising Star Church America’s First Federal Credit Union Hugh Kaul Foundation O’Neal Industries Arlington Properties Maynard, Cooper & Gale Charitable One Stop Environmental AT&T Foundation PNC Bank Balch & Bingham, LLP Protective Life Foundation Publix Barnes & Associates, Realtors, LLC Robert Meyer Foundation RDS (Government Revenue Solutions) Bayer Properties Susan Mott Webb Charitable Trust Red Diamond BB&T Thompson Foundation Regional Planning Commission of BBVA Compass Bank UAB Educational Foundation Greater Birmingham Big Communications Vulcan Materials Foundation Regions Bank Birmingham Hotels, LLC Wells Fargo Foundation Renasant Bank Birmingham-Jefferson Convention Whole Cities Foundation Rubaiyat Trading Co. Woodlawn Foundation FILLING VACANT SPACES NEW TONE ON THE BLOCK East Lake property and business owner Vince Amaro knew it was time to reprogram his Estate Liquidators antique mall on 1st Avenue North in East Lake, but he needed ideas. He turned to REV Birmingham, which helped fill 44 vacant spaces in 2017. The idea that spoke to Amaro: Converting the space into affordable studio space for artists. REV facilitated a focus group with more than 20 artists who offered input on the potential market demand for the facility, what it should look like, the services it should offer and, of course, rental price points and terms. The result is ArtTown, a facility with about 14 individual studio workspaces plus room for gallery showings and other special events. By the end of 2017, artists had leased about half the spaces—and a large, underutilized space in East Lake had been transformed, setting a new tone for the 7600 block of 1st Avenue North. 2018 will see several new businesses on that same block, as growth begets more growth, and Amaro and community stakeholders turn their focus to more vacant spaces in East Lake. 2017 REV ANNUAL REPORT AVONDALE ∙ DOWNTOWN ∙ EAST LAKE ∙ ENSLEY ∙ FIVE POINTS SOUTH ∙ FIVE POINTS WEST ∙ WOODLAWN $165.5M VACANT SPACES FILLED KNOWN INVESTMENT WITH REV ASSISTANCE IN PHYSICAL PROPERTY IN REV’S TARGET DISTRICTS $2 7.4M VACANT SPACES FILLED DEVELOPMENT CAPITAL IN TARGET DISTRICTS RAISED WITH REV ASSISTANCE URBAN FOOD PROJECT MAKING HEALTHY AN EASY CHOICE For 20 years, Gilmer Drug, a family-owned-and- operated pharmacy located in a 100-year-old building in downtown Ensley, has filled more than 150 prescriptions a day. In 2017, with support from REV Birmingham’s Urban Food Project, owners Jimmy and Karen Crane renovated the store and diversified products to make it easier for their Ensley neighbors to make healthy choices. The Urban Food Project partners with corner stores across Birmingham’s neighborhoods to reduce barriers to fresh produce access that many face because of limited transportation options. Through the UFP Corner Store Initiative, REV delivers fresh produce to partner stores weekly and provides targeted assistance (264 instances in 2017!) as needed, like helping Gilmer create the store improvement plan that came to fruition in 2017. Gilmer Drug’s commitment to Ensley is plain to see through their 2017 renovations, made possible in part by the Joseph S. Bruno Charitable Foundation. After gathering input through community surveys and temporary place-making, Gilmer now has an in- store community gathering space. REV partnered with Gilmer to bring Alabama Cooperative Extension (ACES), Regions Financial and other service providers to the space to offer services to residents, making Gilmer Drug an even stronger pillar of the community. 2017 REV ANNUAL REPORT BUSINESS ASSISTANCE to URBAN FOOD 264 221 PROJECT CLIENTS INSTANCES HOURS 42 FARMERS SELLING 55 VARIETIES of PRODUCTS to Birmingham market through URBAN FOOD PROJECT $218,370 $42,500 AMOUNT OF IMPROVEMENT DOLLARS PRODUCE PURCHASED INVESTED IN STORES $199,870 $12,500 BY RESTAURANTS BY REV $18,500 $30,000 BY CORNER STORES BY CORNER STORES GROWING SUSTAINABLE BUSINESSES HELPING SMALL BUSINESSES DREAM BIG Rodriguez and Brianna Cowans envision a more a vibrant, healthy and welcoming Enon Ridge—and as small business owners, they’re working to make their dream a reality. In June 2017, the Cowanses started working with REV to clarify their mission, vision and core values. The exercise led them to pursue a rebrand from R&M Convenience Store to 3rd Street Market, a full grocery store where residents can buy fresh produce and all the ingredients they need to make healthy meals for their family. Rod and Brianna underwent Create Birmingham’s CO.STARTERS training, then captured the hearts and votes of judges and the audience at REV’s November 2017 Big Pitch, Presented by PNC, a business pitch competition. The couple became the first entrepreneurs in Big Pitch history to win both first place and people’s choice—a combined $25,000 in funding from PNC Bank. REV’s business growth efforts like The Big Pitch, one-on-one business consulting and monthly BIZ 1.0 workshops help prepare small businesses to add to Birmingham’s rich entrepreneurial tapestry. REV spent a total of 1,608 hours helping clients like the Cowanses in 2017. REV continues to work with them to set goals, identify resources and implement store improvements in 2018 as they work to give Enon Ridge access to healthier food. 2017 REV ANNUAL REPORT BUSINESS ASSISTANCE TO REV CLIENTS L L M A B S U S I G N N E I S P INSTANCES HOURS S L E E S H D ◆ R G E I A B M 394 171 CLIENTS JOBS CREATED SERVED IN REV DISTRICTS $35K THE BIG PITCH PRESENTED BY PNC PRIZES REAL ESTATE TECHNICAL ASSISTANCE A HISTORIC REDEVELOPMENT OF THE ELYTON HOTEL A historic development project like the Elyton Hotel, a Mariott Autograph Collection hotel in Birmingham’s iconic Empire Building, can feel like a puzzle—but with pieces that move. REV lessens the load for developers by picking up some of the pieces and fitting them together in Birmingham’s 10 historic tax credit projects under development in 2017. The 16-floor Empire Building on the “Heaviest Corner” was built in 1909 and had been vacant for six years when Ascent Hospitality bought it and two neighboring buildings in 2015. The building qualified for the federal and state historic tax credit (HTC)—a tax incentive that encourages investment in the revitalization and re-use of historic struc- tures. REV provides guidance and resources to developers throughout the historic tax credit application process and can reduce other barriers—in the Elyton’s case, help negotiating sidewalk improvements on the Heaviest Corner and meeting the city’s minority contracting goals. During the two-year project, REV worked with the Elyton owners, designers, construction leads and other groups to keep lines of communications open, navigate issues and help keep the project on time. The Elyton opened in July 2017 and has added extra personality to the historic corner ever since. Its restaurant, The Yard, and its rooftop bar, MoonShine, delight locals and visitors. Next on Ascent Hospitality’s slate is redeveloping the Brown