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New Owner Dumping $3M Into Vacant Rivertown Office Complex

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Have you ever noticed this office complex? Once the headquarters for Crain's, it recently sold to a Birmingham-based venture after being listed for $3M. It's rather sad-looking at the moment, but the new ownership is saying they'll throw down $3M to renovate the 29-year-old building. With "several tenants ready to sign leases," the new ownership sounds confident they can lease out the space, which totals over 90,000 square feet. Why might someone shell out the big bucks for this nondescript office complex? Perhaps it has something to do the 294-unit housing development planned for the area one block east.
· Birmingham JV buys former Crain HQ for renovation, leasing [Crain's]