The Summit sells for $508 million

The Summit shopping center at 214 Summit Blvd. in Birmingham has changed ownership. Federal Realty Investment Trust purchased the 100-acre property for $508 million. The company, which was founded in 1962 and is headquartered in Maryland, acquired the site from its original developer. The transaction adds the property to Federal Realty’s regional portfolio, which now spans seven locations in Chicago, Kansas City, Omaha, and Birmingham.

The 870,000-square-foot complex houses more than 100 tenants and draws approximately 9 million visitors each year. Notable brands operating within the center include Trader Joe’s, Belk, AMC Theatres, and Abercrombie & Fitch. The mall operates Monday through Saturday from 10 a.m. to 9 p.m. and Sunday from noon to 6 p.m.

New businesses have also launched along the U.S. 280 corridor this month. Onelife Fitness opened a gym at 801 Doug Baker Blvd., Suite 105, in Lee Branch. The facility features a hot tub, cycle studio, turf training areas, and a kids’ club. Reformation, a women’s clothing retailer focused on sustainable apparel, opened a store at The Summit. Waldo’s Chicken and Beer opened a location at 1012 Dunnavant Valley Road in Chelsea’s Valley Post development in September. The restaurant, founded by Birmingham native Mark Waldo, serves scratch-made dishes and fried or rotisserie chicken.

Several establishments are preparing to open soon. Nekter Juice Bar will launch its first Alabama location in November at 4647 U.S. 280, Suite B, in the Riverhills Shopping Center. Yummy Bowl Mongolian Stir-Fry and Sushi is opening a second restaurant at 4606 U.S. 280 in the River Ridge Shopping Center this fall. The original Yummy Bowl location is at 109 Wildwood Parkway in Homewood.

The Collective Boutiques is taking over the former Painted Tree Boutiques space at 4612 U.S. 280. Vendors began moving in on Oct. 14, and a soft opening is scheduled for Oct. 24. The mall operates registers and handles returns, while individual shops pay monthly rent and a 10 percent commission. Sparrow Salon is also opening a second location on U.S. 280 in Inverness this fall, following its original shop at 4414 Fourth Ave. S. in Birmingham.

Arlington Construction Services received building permits for a 275-unit luxury apartment complex at 4641 U.S. 280 behind the Courtyard by Marriott. The company, founded in Birmingham in 1955, has built more than 37,000 multifamily units across the Southeast. An opening date for the new development has not yet been set.

Capstone Building Corp., based in Hoover, began construction on two new projects. The company is building Beaumont Mill in Spartanburg, South Carolina, a $51 million development with 275 apartment homes. It also started work on The Emerald in Centerton, Arkansas, a $45.1 million project featuring 256 units across nine buildings. Both developments are expected to be completed in 2028.