Crossplex Village faces bankruptcy, but looks to the future


BIRMINGHAM, Alabama (WBRC) – The Crossplex village of Five Points West has been hit hard during the pandemic, but the City of Birmingham will respond and help the settlement.

Crossplex Village filed for Chapter 11 bankruptcy last week, the kind of bankruptcy that allows a business to restructure.

The Crossplex Village is adjacent to the facility itself and is home to several businesses, but the mixed-use development is not performing well.

Local business leaders are hoping that on the other side of the pandemic, the money will come back.

The city of Birmingham has allocated almost $ 1 million in next year’s budget to help it.

“To be successful, we must continue to partner with the city,” said Frank Woodson of the Five Points West Business Alliance.

The city is issuing bonds for the village and will make up the difference due to the pandemic.

The success of Crossplex Village will serve as a vehicle for local growth, he says.

“We want the community and the neighborhood to be the destination, not just the Crossplex,” Woodson said of the overall goal.

The World Games have of course been pushed back to 2022, which is expected to be a huge source of income for the region.

Copyright 2020 WBRC. All rights reserved.

Source link

Leave A Reply

Your email address will not be published.