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Photos by Savannah Schmidt.
The FiveStone Group makes progress on the Morgan Stanley headquarters in Homewood.
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Photos by Savannah Schmidt.
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Photos by Savannah Schmidt.
With Brookwood Mall, the former Econo Lodge site, a potential steakhouse downtown and Samford’s proposed Creekside District, development plans are popping up all over Homewood these days, but there’s one more to be on the lookout for.
The development of 740 Shades Creek Parkway represents a significant milestone in Birmingham’s commercial real estate landscape. This 30,000-square-foot Class A office building is set to become the central Alabama headquarters for global financial services firm Morgan Stanley, offering a dynamic and accessible workspace to support the company’s growth and operations.
Located on a one-acre site adjacent to Shades Valley Lutheran Church, the development has been a labor of love for project developers ever since the church came to them about developing the property.
“It’s a fabulous, fabulous location and has direct access to the signal on Shades Creek, which allows you to go in all directions,” FiveStone Group President David Silverstein said. “As we began thinking about what would be an appropriate use for the site, it became pretty clear that there are a limited number of uses that would fit in with, on the one hand, what the church would be comfortable with, and on the other hand, what the city of Homewood and the surrounding neighborhood would be comfortable with.”
The FiveStone Group, a local family-owned and operated commercial real estate firm, is the driving force behind this development.
Silverstein directs the company’s development efforts and manages relationships with governmental entities nationwide. Some of his previous development projects include The Summit on U.S. 280, Cahaba Village in Mountain Brook and The Pizitz in Birmingham.
His son, David Silverstein Jr., is an associate with the company and oversees the firm’s legal and advisory efforts. Michael Reilly is also an associate with the FiveStone Group.
The journey to bring 740 Shades Creek Parkway to fruition was not without challenges. Originally slated to be one of the FiveStone Group’s inaugural projects, the development has been in the works since 2019 when they signed a letter of intent with the church, which owns the land, but the COVID-19 pandemic caused a delay.
“We started the project right before COVID hit and then had to hit the pause button, like many projects throughout the country,” Silverstein said. “Everybody was wondering, ‘When are we going to come out of this pandemic?’ So we hit the pause button and started over, brought the project back to life. I guess it was at the end of ‘22, first part of ‘23, and began to revisit the project then.”
Aside from the pandemic, other challenges included the typography. With a steeply inclined slope, extra focus was needed to create the right infrastructure.
The FiveStone Group has established relationships with various entities, including the city of Homewood, and Silverstein said their partnership is essential to development success.
“Working with the city of Homewood was an easy process,” Silverstein said. “I’ve had the pleasure of developing in Homewood previously, know a number of the city council members and the mayor. We were excited to be able to bring forth a boutique Class A office building.”
Hoar Construction has been entrusted with bringing this vision to life, and construction is currently underway. The shell of the building is expected to be completed in the coming months, and Silverstein says Morgan Stanley should be up and operating in the space sometime in 2026, hopefully enhancing the city’s tax revenue and bringing new jobs to Homewood.
