United Bankshares Drives Economic Growth in Birmingham's Parkside with $11M Investment

United Bankshares Fuels Economic Revitalization in Birmingham's Parkside District

United Bankshares' community development partner, UB Community Development (UBCD), plays a pivotal role in driving economic growth through targeted investments in underserved areas. Recently, UBCD announces an $11 million allocation of New Markets Tax Credits (NMTC) to support MBA Engineering, LLC in the redevelopment of the historic Wade Wood Building located in Birmingham's Parkside District. This initiative highlights UBCD's commitment to fostering sustainable community development while revitalizing a long-neglected property into a bustling commercial hub.

The Wade Wood Building, a historic structure, is set to undergo significant transformation as part of the project. With over 11,000 square feet of space, the redevelopment will feature 8,000 square feet dedicated to food and beverage retail, ensuring a vibrant atmosphere that attracts both locals and visitors. MBA Engineering, a minority-owned firm with a legacy dating back to 1928, will serve as the anchor tenant, underscoring the project's emphasis on inclusivity and support for minority businesses. Alex Jones, Executive Vice President of United Bank and President of UBCD, emphasizes that this investment not only aims to enhance the commercial landscape but also to create permanent quality positions and stimulate temporary construction jobs, ultimately contributing to the local economy.

Furthermore, the project aligns closely with UBCD's mission to preserve historic architecture while enhancing the overall vibrancy of Birmingham's Parkside District. By activating nearly 21,000 square feet of commercial space, UBCD's investment is poised to bolster high-wage technical jobs and facilitate community improvement. The initiative reflects a broader strategy within the community development sector to leverage financial resources for maximizing social and economic returns in underserved regions. UBCD, headquartered in Atmore, AL, stands out as Alabama's premier financial partner in economic development, with successful NMTC transactions spanning various sectors, including healthcare, education, and affordable housing.

In its ongoing efforts, UBCD continues to prioritize community impact by fostering partnerships that drive meaningful change. As a leader in community development finance, UBCD invites interested parties to learn more about its initiatives and contributions at www.UBCommunityDevelopment.com. The redevelopment of the Wade Wood Building serves as an example of how targeted financial strategies can lead to transformative outcomes, benefitting both the local economy and its residents.