By William C. Singleton III
The old Vestavia Hills library property is back on the market–again.
The city recently announced that HES Investments LLC has backed out of its attempts to buy the 1.6 acre property at 1112 Montgomery Highway.
The property includes a 22,000 square-foot, three-story building which used to house the old library. The library has since moved to a new building at 1221 Montgomery Highway.
HES Investments had been trying to lure a retail establishment to the site. The city had given the investment company 90 days due diligence to determine if it could secure a client for the property.
The company could not, said Vestavia Hills Mayor Alberto “Butch” Zaragoza.
“They were going for a certain company, but they couldn’t work it out,” he said.
HES Investments was asking for $750,000 for the property, down from its original price of $1.5 million.
But city officials acknowledge the property likely isn’t worth that much.
Vestavia officials have been selective about who could buy the property. Officials want to direct the types of businesses located along U.S. 31, which has been the subject of a major redevelopment study.
Last year, Vestavia city officials released the U.S. 31 Corridor Redevelopment Plan, a comprehensive guideline to transform U.S. 31 through boulevards, green spaces and retail, office and residential developments.
City officials say they’re still looking for a buyer for the property.