United Bankshares' $9M Investment Revitalizes Florence, Alabama, with Community Development Initiatives

United Bankshares (UBSI) focuses on community revitalization through strategic development projects, illustrated by the recent $9 million financing in New Markets Tax Credit allocated to the West Village Development in Florence, Alabama.

Transforming Florence: A Community-Centric Approach

This initiative aims to transform a former public hospital site into a vibrant mixed-use area featuring a grocery store, retail spaces, and workforce housing. As the first NMTC project in the Florence/Shoals community, it sets a precedent for future developments in the region.

The collaboration with local entities, including the University of North Alabama, emphasizes the importance of education and entrepreneurship in fostering economic growth and community support.

Mixed-Use Spaces Promoting Health and Engagement

The site plans include over 19,000 square feet dedicated to local businesses, ensuring that the community benefits from enhanced commercial opportunities. President of UB Community Development (UBCD), Alex Jones, highlights that the West Village Development not only focuses on quality housing but also promotes a healthy lifestyle through its community-oriented layout.

A Broader Commitment to Affordable Housing

Additionally, UBCD's commitment to community development extends beyond the West Village project. It is also actively involved in developing Sweetwater Ridge Phases I and II and Cedar Trace Apartments, which aim to provide affordable housing solutions for various demographics, including seniors.

By prioritizing communal spaces and resident engagement, UBCD seeks to ensure that each project enhances community connectivity and boosts local economy, reflecting United Bankshares' dedication to impactful economic initiatives in the Southeast region.