Main Street America — alongside our co-host partners Main Street Alabama and Sweet Home Alabama — is incredibly excited to co-host the 2024 Main Street Now Conference in Birmingham, Alabama, from May 6 – 8. 

In this final article of a three-part series exploring the intersection between this year’s conference themes and community-based initiatives in Birmingham, we are pleased to collaborate with Roy Stoves, Real Estate & Economic Development Director at Urban Impact Inc. Keep reading to learn more about Urban Impact Inc., and their work to support local investment and ownership in their district through programs and projects designed to reimagine historic spaces and economic landscapes.

Conference registration is open, with regular rates available through April 26. Check out the conference website and follow the conference’s Facebook and Twitter accounts for the latest updates.

In our quest to revitalize our community and foster sustainable economic growth, Urban Impact Inc., embarks on transformative projects that breathe new life into the local spaces that define Birmingham’s Historic 4^th Avenue Black Business District. Our strategies include facilitating the preservation and adaptive reuse of historically significant buildings and offering development grants for existing and new businesses. The restoration of the Alabama Penny Savings Bank, the rejuvenation of the Colored Masonic Temple, and the 4^th Avenue Forward Impact Fund are powerful examples of the ways that these strategies can facilitate community empowerment, economic resilience, and cultural preservation. These stories illuminate the intersection between community preservation and forward-looking development strategies, showcasing how strategic investments and collaborative efforts are fostering a vibrant and sustainable future for Birmingham’s historic district. 

Alabama Penny Savings Bank: A Beacon of Black Enterprise and Community Empowerment

Central to our transformative initiative is a detailed acquisition strategy focused on the Penny Savings Bank, established in 1890. Also known as the Pythian Temple, this landmark is intrinsically woven into the vibrant financial history of this Black commerce district’s evolution. The Alabama Penny Savings Bank holds a profound place in our city’s historical fabric. Founded by the esteemed Reverend William R. Pettiford, pastor of the 16^th Street Baptist Church, it emerged as Alabama’s foremost Black-owned bank and, by 1907, ranked as the nation’s second-largest Black bank. 

Reverend Pettiford, a visionary leader, enlisted renowned African American architect Wallace Rayfield to design the building and Windham Brothers Construction Company — Birmingham’s leading Black-owned construction firm during the first half of the 20^th century — to erect this structure, elevating the bank beyond its physical presence to symbolize the dynamism of Black enterprise in Birmingham. The bank served as a vital resource for countless Black citizens navigating systemic barriers elsewhere, providing loans for homes, churches, and businesses. Its closure in 1915 marked a pivotal juncture as the Alabama Knights of Pythias fraternal organization assumed ownership, repurposing the building into the Pythian Temple, reminiscent of the nearby Colored Masonic Temple. 

Today, our ambition to secure this historic treasure relies on collaboration with partnering organizations to tackle the challenges of acquisition, development, and preservation. Our vision goes beyond physical restoration — we aspire to reinstate it as a vibrant hub that nurtures entrepreneurship, promotes financial literacy, and fosters community engagement. 

As we breathe new life into the Alabama Penny Savings Bank, we pay homage to its historical significance. The revitalized space will serve as a tribute to the resilience and foresight of those who came before us, offering a platform for the economic empowerment of our community. This endeavor is not solely about renovating a building: it’s about revitalizing a legacy and sowing the seeds for a more prosperous future.

The Colored Masonic Temple: A Historical Gem Reimagined 

Officially known as the Masonic Temple Building, the Colored Masonic Temple opened as an office building in 1924. It was designed by African American architects Robert Robinson Taylor and Louis Hudison Persley and built by Windham Brothers Construction Company. Taylor, the first African American graduate of the United States School of Architecture, and Persley collaborated on its design, with Taylor later contributing significantly to the Tuskegee Institute’s architectural landscape. The building’s grand, Classical Revival features and Black-led provenance are rare in our history — within it we witness the magnitude of its design, construction, and purpose as a world class office building constructed by and for African Americans. 

In 2017, the Colored Masonic Temple became part of the Birmingham Civil Rights National Monument, prompting the Most Worshipful Prince Hall Grand Lodge to launch a campaign for its restoration and expansion. Collaborating with Historic District Developers LLC., the Grand Lodge initiated a $30 million mixed-use redevelopment project in November 2019, centered on Historic Preservation Tax Credits, New Market Tax Credits, and Opportunity Zone tax credits. 

In April 2022, Historic District Developers began the meticulous process of removing, cataloging, and archiving artifacts from the building, setting the stage for a reimagined Masonic Temple. We aspire to reposition the Masonic Temple as a cultural and economic hub for the community. The space will house events and gatherings, as well as entrepreneurial endeavors, cultural exhibitions, and educational programs.

4^th Avenue Forward Impact Fund: District Development and Adaptation Grants

At the center of the district’s transformation story stands the 4^th Avenue Forward Impact Fund, a beacon of hope amidst the challenges posed by the COVID-19 pandemic. This fund, fueled by grants, offers a lifeline to small businesses and property owners. 

Through the fund, Black-owned small businesses can apply for grants tailored to address immediate needs. With a focus on nurturing smaller enterprises, the fund targets businesses with fewer than 25 employees and annual sales below $1 million. Crucially, participants commit to engaging with approved professional consultants or service providers, guaranteeing the quality execution of projects. Moreover, their pledge to remain operational for at least one year after receiving the grant ensures the lasting impact of this vital support. 

Meanwhile, the development requirements extend a helping hand to property owners seeking to revitalize their establishments. By providing comprehensive guidance and financial support, the fund empowers owners to undertake significant improvements, laying the groundwork for a vibrant and thriving district. 

The grants have supported a diverse array of projects, from façade enhancements to interior upgrades, each contributing to the district’s rejuvenation and renewal. By leveraging these funds, small businesses and property owners breathe new life into their establishments, creating a richer and more sustainable downtown ecosystem. 

With grants totaling approximately $62,000, 37 businesses and property owners have received crucial support to date. Notably, 45 percent of these beneficiaries are female-owned small businesses — a testament to the fund’s commitment to diversity and inclusion. The fund has also assisted with the establishment of six new businesses, providing employment opportunities for 31 individuals. 

The 4^th Avenue Forward Impact Fund is more than a financial resource: it’s a catalyst for change, a beacon of hope, and a testament to the resilience of Birmingham’s Historic 4^th Avenue Business District. Through strategic investment and unwavering collaboration, it ensures the long-term success and vibrancy of the community it serves. 

In the heart of Birmingham’s Historic 4^th Avenue Business District, a powerful narrative unfolds — one of restoration, resilience, and resurgence. From the meticulous preservation of iconic landmarks like the Alabama Penny Savings Bank and the Colored Masonic Temple to the strategic support provided by the 4^th Avenue Forward Impact Fund, these initiatives symbolize a collective commitment to preserving history while forging a path towards a more prosperous future. As we embark on this journey together, let us remember that our actions today lay the foundation for generations to come, ensuring that the legacy of empowerment and community-driven development continues to thrive in Birmingham and beyond. 

If you’re interested in learning more about the role that Main Street programs and community-based organizations play reimagining local spaces and economies, make sure to check out the 2024 Main Street Now Conference in Birmingham, Alabama, from May 6 – 8. There you will find ample opportunities to explore this topic through education sessions, mobile workshops, network-building, and more. Registration is now open! Preview the agenda, start planning your visit, and register here >

About the Author

Roy Stoves has 30+ years of experience in planning, designing, and administrating construction of commercial projects, a broad set of leadership acumen that contributes to an awareness of the design industry dynamics and trends. He is an expert in managing design and administrative tasks valued from $200,000 to $110 million. Through his role at Urban Impact Inc., Roy oversees redevelopment and development projects for the designated Main Street Historic 4^th Avenue Business District.

Learn more about Urban Impact: Website | Facebook | Instagram | X | LinkedIn

Redevelopment Resources, a Main Street America Allied Member, is this quarter’s Main Spotlight advertiser. For more information about the services they provide to Main Street organizations, click here >