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Book details
  • Genre:ARCHITECTURE
  • SubGenre:History / Contemporary
  • Language:English
  • Pages:176
  • Hardcover ISBN:9781667860763

History of the 60 Commercial Buildings Developed by

The Retirement Systems of Alabama

by Mark Fagan

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Overview

The Retirement Systems of Alabama (RSA) is a defined benefit plan for public teachers and public employees in Alabama. The RSA manages around $54 billion and has investments in 24 countries and in all asset classes. The RSA has developed $2.8 billion in commercial real estate buildings. This book is an historical account of the commercial real estate developed by the Retirement Systems of Alabama (RSA) as RSA assets.

The RSA has constructed or refurbished 60 commercial buildings since 1977. These 60 buildings include 15 office buildings, 1 industrial building, 14 parking decks, 8 hotels/6 spas, and 22 golf buildings. The total space of these buildings is 15 million sf (11 million sf in Alabama and 4 million sf in NYC). The total space in Alabama includes 3.6 million sf in office buildings, 3 million sf in parking decks, 2.2 million sf in industrial buildings, and 2.2 million sf in hotels and golf buildings. The RSA has developed 10 buildings, 10 parking decks, and 1 hotel/convention center in Montgomery from 1977-2011.

In 1993, the RSA acquired the largest private office building in New York City and then renovated it. The RSA built 20 golf clubhouses/maintenance buildings and purchased 2 more from 1992-1999. The RSA developed 5 hotels (in addition to the ones in Mobile and Montgomery) around the RSA's Robert Trent Jones Golf Trail (The Trail) in Alabama from 1999-2008. From 2006-2016, the RSA developed 4 office buildings, 4 parking decks, and 2 hotels in Mobile.

Description

The major topics for this book are the RSA and the RSA's investments, the RSA's 55 Water Street building in New York City, the RSA buildings in Montgomery, the RSA buildings in Mobile, the RSA buildings and hotels on The Trail, and the RSA's Railcar Plant in The Shoals (Alabama). There is a chapter on each major topic with chapter one, an overview of the RSA and chapter 7, the conclusion. A summary for each chapter follows.

Chapter 1, The Retirement Systems of Alabama, provides an overview of the RSA mission, membership, benefits, contributions, income, and funds under management. The RSA's investments and asset classes are detailed including alternative investments and economically targeted investments.

Chapter 2History of the RSA Building at 55 Water Street in New York City, is the history of the RSA's 55 Water Street building in New York City. It covers the initial developers, how the RSA acquired the building, and the RSA's renovations since 1993.

Chapter 3History of the RSA Buildings in Montgomery, details the RSA's office buildings, parking decks, other buildings, and parks in Montgomery. The history of how each building came about and all development issues.

Chapter 4, History of The RSA Buildings in Mobile, covers the RSA's office buildings and parking decks in Mobile. The history of each building includes the RSA's agreement to develop the building and previous uses of the building if purchased by the RSA.

Chapter 5History of The RSA Hotels and Buildings on The RTJ Golf Trail,  gives information on the buildings developed by the RSA on The Trail. It also covers the RSA hotels.

Chapter 6The RSA’s Railcar Plant in The Shoals, explains the RSA's railcar plant in The Shoals. The detailed history and description of the building is presented.

Chapter 7Conclusion for The RSA’s Buildings,  provides summarizing information and tables on all of the RSA's buildings, parking decks, and hotels. There is summarizing information on the cost to the RSA for developing the RSA commercial real estate.

Sources for This Book

This book was compiled from the RSA newsletters, the RSA reports, and media reports about the RSA’s activities. I began receiving weekly newsclippings about the RSA in 1992 as part of my involvement with promoting The Trail. Since 1991, I witnessed the development of the RSA buildings on The Trail, Montgomery, Mobile, and The Shoals. I visited each one of the RSA’s commercial real estate properties and photographed most of them.

Dr. David G. Bronner, CEO of RSA, shared with me his copies of The Advisor (the RSA monthly newsletter) and RSA Annual Reports dating back to 1974. He allowed me to review his 64 books of press clippings dating back to 1973. We discussed activities at RSA for developing the RSA’s commercial real estate assets. I interviewed some of the RSA staff members for information for this book. I used the knowledge I acquired about the RSA’s commercial real estate while writing articles and books about these RSA assets. I included information from the late Charles Humphries of PH&J architects (worked on 6 RSA buildings and 2 RSA parks) that was compiled by his grandson, Cyle Conoly.

I searched the databases for historical newspapers and reviewed newspaper articles from 1850 to the present about the RSA’s commercial real estate assets. Below is a list of the specific newspapers with articles about the RSA’s office buildings and properties before development by the RSA: The Alabama Beacon (Montgomery, AL); The Cahaba (AL) Gazette; The Vicksburg (MS) Daily Whig; The Natchez (MS) Weekly Courier; The Mobile (AL) Daily Times; The (New Orleans, LA) Times-Picayune; The (New Orleans, LA) Times -Democrat; The New Orleans (LA) Republican; The Mobile (AL) Daily Tribune; The Jacksonville (AL) Republican; The Baldwin (SL) Times; The Montgomery (AL) Times; The Birmingham (AL) News; The Montgomery (AL) Advertiser; The Fairhope (AL) Courier; The Foley (AL) Onlooker; The Chicago (IL) Tribune; The Rocky Mount (NC) Telegram; The Alabama Journal (Montgomery, AL); The Cincinnati (OH) Enquirer; The Robesonian (Lumberton, NC); The Pensacola (FL) News Journal; The Atlanta (GA) Constitution; The Commercial Appeal (Memphis, TN); The Alexander City (AL) Outlook; The Courier-Journal (Louisville, KY); The Standard Guage (Brewton, AL); The Leighton News (Leighton, AL); The Park City Daily News (Bowling Green, KY); The Huntsville (AL) Times; The Jackson (TN) Sun; The Mobile (AL) Journal; The Macon (GA) News; The Bristol Herald Courier (Bristol, TN); The Birmingham (AL) Post Herald; The Mobile (AL) Press Register; The Associated Press; The Anniston (AL) Star; The Magnolia Messenger (Mobile, AL); The New York (NY) Times; The London (England) Daily Telegraph; The Baltimore (MD) Sun; The San Francisco (CA) Examiner; The National Post (Toronto, Canada); The Courier (Waterloo, IA); The Daily Times (Mamaronek, NY); The Daily Item (Post Chester, NY); Fort Myers (FL) News-Press; Hartford (CT) Courant; Newsday (Hempstead, NY); The Los Angeles (CA) Times; The Statesman Journal (Salem, OR); and Newsday (New York, NY).

Statement on the Photos in this Book

Each photo in this book has a caption underneath with the photo credit in parentheses. I took many of the photos in this book. The RSA provided many of the photos in this book. Historical photos in this book came from several newspapers, the Alabama Department of Archives and History, the University of South Alabama, Troy University, The Mobile Public Library, and The Fairhope Single Tax Corporation. There are photos from some of contractors who worked on the RSA buildings as well as some from Google Earth.

About the author

Mark Fagan earned a degree in psychology and economics at Jacksonville State University (JSU), then received his Master's and Doctoral degrees in social policy along with a doctoral minor in Human Resources Management at the University of Alabama. He retired from JSU as Professor Emeritus in 2012 with 32 years teaching and managing the Department of Sociology and Social Work. He has assisted in efforts for economic development in Alabama, and has written extensively about economic impacts, economic history, and retirement development for 39 years. His research on migrating retirees was used to establish the Alabama program to attract retirees. 

His work on attracting retirees was used as partial justification for developing The Trail. Beginning in 1991, his work on The Trail included: assisting negotiations for 3 of the golf complexes; completing projected economic impact studies for 5 of the golf complexes; providing justification for State funding for access roads for 4 of the golf complexes; assisting with housing development at 4 of the golf complexes; assisting JSU to launch the first website for The Trail in 1995; writing 35 articles, 17 encyclopedia entries, and making 11 presentations about The Trail; receiving publicity in 24 publications for work on The Trail; being interviewed by The Golf Channel with the story broadcast worldwide during of The Barbasol Championship in 2017 (at Grand National); and appearing on 16 television programs and four radio programs discussing The Trail.

Mark has now published 10 books and has been a consistent resource for national news media outlets concerning retirees and retirement strategies.