The Birmingham City Council on Tuesday approved a two-year extension on a $3.2 million loan that helped renovate the historic Pizitz building.
David Silverstein is a principal at Bayer Properties, which financed the renovation of the seven-story, 255,000-square-foot building built in 1923. He told the council that the break in the $200,000 annual payments is needed so the company can rebrand and remarket the space, particularly the Food Hall. He said that portion of the business experienced a significant downturn during the COVID pandemic.
“We did not receive any PP money,” Silverstein said, referring to federal business loans offered during the pandemic. “We haven’t asked the city for funding, and we have the need to get some relief so that we can spend dollars to make improvements to the food hall, bring in new tenants, new businesses.”…