Grocery and Mixed-Use Development Slated for Florence, AL through a New Markets Tax Credit Investment

FLORENCE, Ala., June 24, 2026 /PRNewswire/ -- UB Community Development (UBCD), a community development partner of United Bank, is proud to announce its role in financing $9 million in a New Markets Tax Credit (NMTC) allocation to support the master development of a former public hospital site in Florence, Alabama. Known as the West Village Development, the project will feature a 12,400 square foot grocery store, over 19,000 square feet of additional retail/commercial space for local businesses and entrepreneurship, and 78 workforce housing apartments.

West Village is a mixed‑use community being developed by Mainstreet Communities LLC, led by Founder and CEO Joel Anderson, a lifelong resident of Florence. In a unique collaborative effort, the project is partnering with the University of North Alabama to provide dedicated space for the university's student entrepreneurship program and to offer training and support for tenants and community members.

The development will be the first ever NMTC project in the Florence/Shoals community and reuses the former site of the Eliza Coffee Memorial Hospital that was demolished over four years ago. The project will not only provide quality housing but also establish a walkable community that supports healthy lifestyles through walking paths, a neighborhood grocery store, fitness space, and community meeting spaces. It will include multi-family workforce housing designed to meet local housing needs, along with retail and incubator space that supports small business growth, entrepreneurship, and job creation. Together, these elements position West Village as a catalyst for economic development and community revitalization in Florence.

"UB Community Development congratulates Joel Anderson and the project team on the closing of this comprehensive redevelopment in an important historic neighborhood in Alabama," said Alex Jones, President of UB Community Development. "We seek out meaningful projects across the Southeast and with healthy food, retail, and affordable housing, West Village has a multi-faceted impact."  

UB Community Development has also been instrumental in the development of two new communities using Community Housing Capital investments. Sweetwater Ridge Phases I and II mark the beginning of the Cherry Hills Homes redevelopment in Florence, delivering 128 new affordable units for individuals and families through the Florence Housing Authority. In Muscle Shoals, the Cedar Trace Apartments added 56 affordable homes for seniors, expanding housing options for older residents. Each development features a community building equipped with computer and fitness rooms, as well as a shared kitchen and gathering space to support social events and resident engagement.

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About UB Community Development
Headquartered in Atmore, AL, UB Community Development's strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama's premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more to positively affect growth in regional communities. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com

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SOURCE United Bancorporation of Alabama, Inc.