RePurpose Capital Closes First Loan to Support Historic Redevelopment Project in Gadsden, AL
Restoration of 1929 Coca-Cola Bottling Plant Highlights Local Collaboration and Creative Financing
GADSDEN, AL — RePurpose Capital, a new nonprofit loan fund and subsidiary of the National Trust for Historic Preservation, has closed its first loan to support the restoration of the historic Gadsden Coca-Cola Bottling Plant—a nearly 100-year-old landmark that is once again serving the community of downtown Gadsden.
The building had long been underutilized, and its future uncertain, until local leadership encouraged preservation-focused developer TJ Maloney of Lathan Development and company owner Jerry Lathan to take a closer look. With deep experience in historic preservation, the Mobile-based firm brought the capacity and vision needed to bring the project to life.
The project is made possible through a partnership between RePurpose Capital, The 1772 Foundation, Main Street America, and Main Street Alabama to serve small-scale investment needs in Main Street communities through the Small Deal Fund Pilot Program. Local partners include Downtown Gadsden, Inc., Main Street Alabama, and Opportunity Alabama—all working together to ensure this once-vacant building becomes a hub of economic and community life.
Located 60 miles northeast of Birmingham, the former bottling facility is being transformed into a vibrant commercial and community center. The restored building now houses tenants such as Copeland Law, Pro Health Home and Hospice, First Federal Bank, and a much-needed event venue—. Additional tenants are expected soon, adding to an already thriving Main Street district with over
90% occupancy.
“This is exactly the kind of catalytic project RePurpose Capital was created to support,” said Patrice Frey, President and CEO of RePurpose Capital. “We’re proud to offer flexible, mission-driven financing that helps communities unlock the potential of their historic buildings and we’re especially grateful to the 1772 Foundation, whose Program-Related Investment made this loan possible.”
“Historic buildings like this one tell the story of a place—but they also offer real potential for economic renewal,” said TJ Maloney, President of Lathan Development. “We’re grateful for the support from RePurpose Capital, Main Street Alabama, and local partners who helped turn this vision into a reality. Gadsden is a great example of what’s possible when the right pieces come together.”
Mary Helmer Wirth, President and State Coordinator of Main Street Alabama, added: “This is what we hoped the Small Deal Fund would make possible—-driven development in communities where even modest investments can create lasting, visible change. We’re proud to work alongside RePurpose Capital and local leaders to support projects like this across Alabama.”
The Gadsden project supported more than 60 construction jobs and has inspired additional preservation efforts nearby.
About RePurpose Capital
RePurpose Capital is a mission-driven nonprofit loan fund created to finance the rehabilitation and reuse of older and historic buildings in disinvested rural and urban communities. A subsidiary of the National Trust for Historic Preservation, RePurpose Capital provides flexible capital and technical assistance to support community-led development, economic revitalization and improved health outcomes.
About Main Street Alabama
Main Street Alabama is a nonprofit organization focused on creating meaningful economic and community development in historic downtowns and neighborhood commercial districts. Through its Small Deal Fund Pilot Program, Main Street Alabama provides tools and capital to help bring underutilized buildings back to productive use.
About Opportunity Alabama
Opportunity Alabama is a statewide initiative that connects capital to communities—providing expertise, advocacy, and financing to support impactful projects in areas that have historically been left behind.