History of Project LT

"precious cornerstone"

 2721 Cahaba Road, Mountain Brook, AL 35223

2721 Cahaba Road, Mountain Brook, AL 35223

 
 

What does the “LT” stand for? Because Project LT is the cornerstone of the entire portfolio, it is the lithos timios, or as translated from the Greek, “precious cornerstone”. 

Before acquisition, this corner was a Chevron gas station with an adjacent mechanic and tire shop. It had been a staple in Mountain Brook for some forty plus years, but it had become dilapidated and was not to the HABU (“highest and best use”) for the location. 

This property was acquired on January 19, 2007. It was decided that much more could be done with such an invaluable location, with its best use suited for retail. Retail Specialists, Inc., was instrumental in the investment and market analyses in this decision and strategy. This would mean that a new building would have to be built and that maximum space of the lot achieved before the new city council restrictions took place which limited the size of any new development. 

At this point around April of 2007, demolition, environmental clean-up, and deed restriction removal was directed by the founder, but aided by the talents of Charles Denaburg of Najjar Denaburg. In the end, all was accomplished and the site was ready for build in August of 2007.

The founder hired an exceptional architectural father and son team, Lauren and Brian Barrett, on October 15, 2007, who possessed a solid track record of noteworthy designs. After several consultations, a new building was designed with over 9,100 square feet, included an outside patio and a second floor with balcony seating, an unknown in Mountain Brook, that overlooks the bustling Village Circle.

After a handful of interviews with various construction companies, in March 2008, the founder hired an an aggressive and talented individual, Will Ross, who was with a smaller firm, Nearen Construction at the time. This allowed for construction to begin in April of 2008 by Mr. Ross, who while cutting costs and exceeding the time deadlines, erected a beautiful building which fits the English Tudor style of the Mountain Brook Village, a historic location with development dating back to the 1920’s.

The anchor tenant was signed on February 26, 2008, with a successful restaurateur who spent several months finishing out the interiors of both spaces. The two restaurants were open for business in March of 2009, with very unique concepts in both, one downstairs and one upstairs. 

Despite the difficult economic climate, the second tenant, a high-end nail salon, was signed a year later on February 12, 2009, and opened for business in April of 2009.

The third tenant was just signed on May 8, 2012, after a brief lease negotiation period. This tenant, Swoop, is an upscale children’s retailer, sells clothes, toys, and miscellaneous children’s items. 

 
 

Tenants of Project LT

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Avo / Dram

This tenant serves as the anchor for the Project LT location. Though run by the same owner, AVO restaurant is the upstairs tenant with upscale dining serving quality American cuisine, while Dram Whiskey Bar is the downstairs tenant, which is a popular watering hole that has an ample supply of bourbons and a unique menu. AVO / Dram has become a primary destination for Mountain Brook locals and visitors alike.  

Envy Nails

Envy Nails is a high-end salon that serves primarily the Mountain Brook community, but it also serves greater Birmingham. Whether one needs a typical manicure, detailed pedicure, or various foot treatments, Envy Nails is able to accommodate. They also host bridal parties and kids' birthday groups for a fun few hours of pampering. 

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Swoop

Swoop is a posh children's retailer selling toys, candies, toys, and other miscellaneous items to the surrounding populace of Mountain Brook and the Birmingham metroplex. Swoop also provides fashionable clothing for kids of all ages. One will find unique items that are not found elsewhere. It's "where fun begins." 


Greystone Chick-Fil-A History

 GREYSTONE CFA - INTERSECTION OF HIGHWAYS 280 & 119 BIRMINGHAM, AL

GREYSTONE CFA - INTERSECTION OF HIGHWAYS 280 & 119 BIRMINGHAM, AL

 
 

From dilapidated C-Store to dynamic Chick-Fil-A store

Beginning in March of 2013, Libertae Vitae, LLC began discussions with Chick-Fil-A management regarding one of C-Stores that LV, LLC owned located in a prime location in the metroplex. A Letter of Intent was executed on April 30, 2013, and after further negotiations, an executed lease was executed on July 8, 2013. While the finalization seemed to be a fait accompli, the inspection period lasted for several months due to various obstacles from the Alabama Department of Transportation (ALDOT).

In May 2014, the inspection period ended, and both parties executed amendments for gaining access to adjacent streets and for ingress roadwork. ALDOT surprisingly approved the final designs, and CFA waived the remaining Permitting Period on July 30, 2014. LV, LLC had to fulfill its final obligation, which was to demolish the vacated C-store and get environmental clearance so that the Commencement Period of 120 days could begin, thus putting the date of receiving the first check that much faster. 

LV, LLC, in August 2014, began process of demolition for the now vacated C-store, though interviews and vetting had begun with various parties in June of 2013. As with other projects, the founder sticks to the criteria of excellent execution, fair cost, and fast speed as the determining factors. Milam & Co. began demotion of the old C-store in August 2014, and environmental testing of the soil and water was done by PPM.  

It was during this time of demolition and environmental work, that a Second Amendment was executed on September 12, 2014, between LV, LLC and CFA for vapor mitigation system financing. The environmental clearance letter was obtained on September 18, 2014, thus allowing CFA to begin building the new store. After a few more weeks of preparing the site, it was on October 10, 2014 that CFA acknowledged that LV, LLC had done all that was required. Libertae Vitae would officially be the ‘new’ landlord, and thus, the Commencement Period of 120 days began. CFA began in November 2014 and finished construction in late February 2015. Rent Commencement began on February 9, 2015, and the new restaurant opened officially on March 12, 2015.

After two years of work and overcoming various obstacles, the owner at Libertae Vitae came to appreciate why he got involved with such a product in first place — a great tenant that provides a desired product, as well as an increase in the value of the property. This project is truly a “win-win-win” for LV, LLC, for CFA due to the location and for those customers who live and work nearby. Without a doubt, the surrounding communities have embraced CFA Greystone, as this store is actively involved in participating at local events. 

This particular store, "Greystone," is aptly named since it is adjacent to the prestigious Greystone Country Club and its residential developments. The location in Shelby County is on a large corner lot, situated at the intersection of two major highways in Birmingham, Highway 280 and Highway 119. The store serves the residents and businesses of Hoover, Inverness, and most of Shelby County. The long-term vision of both Libertae Vitae and Chick-Fil-A Greystone is that it graciously serves surrounding communities, but also to hopefully be one of the highest grossing stores in the nation.

 
 
 

C-Store History & Tenants

 
 

History

In December of 2011, several convenience stores were acquired by LV, LLC, which had existing long-term leases. Some of those stores have been sold or converted to another use, while others remain open for sale. One of the properties sold was in Irondale, AL, and another was converted to HABU, making way for Libertae Vitae’s most recognizable tenant - Chick-Fil-A. The remaining five C-Stores currently are situated in ideal locations within the Birmingham metroplex. All of the stations are exclusively provided with Shell gasoline and have various dealers who manage the inside sales and care of the stations. 
 

What exactly is a "c-store"?

"C-store" is simply short for "convenience store", or as most people call them, "gas stations." But, this is a bad label as some C-stores take in more revenues from inside sales of food, drinks, tobacco, and miscellaneous groceries. In fact, some have alcohol as the primary revenue source! According to the National Association of Convenience Stores Constitution and Bylaws, the definition is: "...a retail business with primary emphasis placed on providing the public a convenient location to quickly purchase from a wide array of consumable products (predominantly food or food and gasoline) and services." 

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What is an "octane number"?

When a fuel is rated "87 octane," it contains 87% octane and 13% of some other fuel like heptane. This ratio signifies how much the fuel can be compressed before it spontaneously ignites. The higher the octane, the more compression is possible, hence its use in high-performance vehicles. Octane gas comes in different grades, ranging typically from 87 to 92, with each number on the grade representing the resistance to burn the fuel has. The higher the octane rating, the slower the ignition or burn. 

Octane is a refined fuel which derives its name because there are eight carbon atoms chained together. This fuel is more stable than other types, and therefore, it is able to be used in internal combustion engines.


Industrial Properties & Parcels

In December of 2011, four vacant warehouses and two parcels of land were acquired in Alabama and Florida. The Panama City, Florida property had two warehouses, which was owner-financed in June of 2013, and was paid off in January of 2017. The remaining industrial property with two warehouses is located in Oneonta, Alabama, and is zoned for commercial use to lease or buy. Though one parcel sold in September of 2016, the other remaining  parcel (also located in Oneonta), has a prime location on the main highway that comes into the city. It is zoned for nearly all types of commercial uses. Oneonta is in Blount County, which is approximately 40 miles northeast of Birmingham, AL. 
 

BLOUNT COUNTY WAREHOUSES AND LARGE TRACT ON MAIN HIGHWAY

This commercial-use property has a large warehouse with offices of 12,000 SF, and a smaller warehouse of 1,769 SF that could also serve as office space. The buildings are vacant, and ready to be occupied on short notice. Nearby businesses include Wal-Mart and Blount County Tractor. Both are situated on the largest remaining tract of contiguous land in Blount County, totaling 8.7 acres. with over 300 feet of frontage to Highway 75, the main road in the area. 

Please click the picture below to begin the slideshow below for this one-of-a-kind property. 

VACANT PARCEL ON MAIN HIGHWAY

 This vacant parcel is located directly off Highway 231 and Champion Road, and is situated near other businesses and across from a nice residential neighborhood. Zoned for commercial use, it is ready to be developed and has fantastic visibility for any business. It is 4 acres with 200+ feet of frontage. 

Please click the picture below to begin the slideshow below for this unique property.