The Steiner Building (shown on the right) is an illustration of Porter, White & Company's innovative approach to business projects. Listed on the National Register of Historic Places, the Steiner Building had been largely vacant for several years and was in a deteriorating condition when the firm acquired it in late 1979 in partnership with the architectural firm of Kidd, Wheeler & Plosser, Inc. and Birmingham realtor, Hubert W. Goings. The Steiner Building, together with an adjacent warehouse structure and parking area, has been developed in a manner sensitive to the historic nature of the building. Originally constructed in 1890, the building has Victorian Romanesque facades fronting on First Avenue North and Twenty-First Street and is regarded as the finest local example of this style of architecture, popular during Birmingham's early days. Redevelopment of the building required solutions to a number of architectural and financial problems.
The financing was accomplished through the issuance of tax-exempt securities with the assistance of The Historical Preservation Authority of the City of Birmingham. The Steiner Building financing was the first use of a new Alabama statute permitting this type of financing. In addition, a second mortgage loan, secured through an Urban Development Action Grant to the City of Birmingham, made possible the acquisition of the parking required to meet tenant demands. The warehouse structure, which was acquired in connection with the parking area, has been redeveloped and sold to a firm of accountants. Financial feasibility of the Steiner Building development was also assisted by the availability of a number of special federal tax incentives applicable in the case of historic structures and the redevelopment and reuse of older commercial buildings.
The Steiner Building project is indicative of the firm's commitment to the development and redevelopment of urban areas, to high quality in its work, and to the application of a variety of techniques to the solution of financial and business problems.
