Alabama investment group plans redevelopment of 2 long-vacant Montgomery properties

MONTGOMERY, Ala. (WSFA) – Two long-vacant Montgomery properties are slated to undergo significant redevelopment after being bought by an Alabama-based investment group.

Leitman Perlman, a Birmingham commercial real estate company, announced Monday that Noble Investments, an investment management firm located in Anniston, has purchased 1702 Norman Bridge Road and 1614 South Decatur Street for a combined $480,000.

According to Leitman Perlman, the purchase is part of an ongoing effort by Noble Investments to revitalize the surrounding neighborhood and promote long-term stability within the community.

The property at 1702 Norman Bridge Road once served as a medical office building but has remained vacant since 2013. Similarly, the property at 1614 South Decatur street currently houses a vacant neighborhood strip center that has been underutilized for many years.

Noble said it will clear out the buildings over the summer to prepare them for future tenants and will look to lease the spaces to local small business owners.

Mark Cornwell, CEO of Noble Investments called the properties part of a much larger commitment to the area.

“This corridor holds significance for our team and me personally,” he said. “I grew up in this area, I’ve driven by these buildings my whole life, and my family still lives in the neighborhood. Noble’s investment here has been steadily increasing with a long-term perspective, it’s personal.”

Cornwell said the end goal is to create spaces that are clean, safe and economically viable for residents and local entrepreneurs.

In 2019, Montgomery Investment Group, a sister company of Noble Investments, acquired and redeveloped the nearby Flats on Felder apartment complex along Felder Avenue. More recently, Noble purchased 1708 Norman Bridge Road. The space is now home to two small business.

The company has invested more than $23.5 million in River Region developments since 2017.

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