Alabama Power is withdrawing from the planned redevelopment of Birmingham's historic Powell Avenue Steam Plant.
In a statement, the company said that it has "determined that the future of Powell Avenue should be led by a team with more expertise in commercial development."
The decision came after "much consideration and more than a decade of hard work."
"We will be publicly listing the property for sale to identify the best group to bring this project to completion," the statement reads. "We will do our best to ensure the eventual buyer develops the property in a way that benefits Birmingham. We remain committed to making this historic landmark, located in the heart of the city, something we can all be proud of for decades to come."
Alabama Power and Orchestra Partners, a Birmingham-area real estate development group, announced a plan back in February 2022 to redevelop the steam plant as part of a general project for Parkside.
Hunter Renfroe, principal with Orchestra Partners, said the company is "very excited" that the property is being listed for sale.
"This site is a critical piece to the revitalization of Birmingham, along with our development of Urban Supply on the other side of the park," Renfroe said. "Together, these two projects will bookend Railroad Park with dense, pedestrian-friendly retail and outdoor spaces that will foster connection. We're confident that Alabama Power will continue to be a great steward of Birmingham by ensuring that any purchaser of the Steam Plant follows a development plan that prioritizes street-level vibrancy and walkability."
Alamo Drafthouse Cinema was to be the anchor tenant at the Powell Steam Plant in downtown Birmingham, Ala. The theater was expected to open in the fall of 2023.
Alamo Drafthouse would have been the anchor tenant for the redevelopment project, along with retail and dining. It would have been the movie chain's first location in the Deep South. But Alamo withdrew from the project earlier this year.
At that time, Alabama Power released a statement saying that it and Orchestra Partners "remain committed to the City's growth and long-term success, and we look forward to great things ahead."
The Powell Avenue Steam Plant was built in 1895 by the Consolidated Electric Light & Power Co. It provided steam and electricity for downtown and powered the city streetcar system.
The plant was acquired by Alabama Power in 1952 when the two companies merged. The building was added in 2015 to the National Register of Historic Places.
Several attempts have been made to revitalize the property over the last decade. The Alamo Drafthouse redevelopment was the third incarnation of a plan to redevelop the property. Orchestra Partners first unveiled a redevelopment in 2019, and before that, Alabama Power announced its own.