06/06/2026
🛕 Skyscraper for Sale! 🛕
Change is coming to a major intersection in the Port City! The Merchant's Plaza building has hosted some of the city's most successful businesses over the years. We're excited to see what becomes of this historic landmark!
MERCHANTS PLAZA FOR SALE
One of Downtown Mobile's most prominent historic buildings has been placed on the market.
Merchants Plaza, a mixed-use property at the corner of St. Joseph and St. Francis streets, is being offered for sale with an asking price of $11.9 million. The property contains approximately 181,001 square feet.
Originally developed in 1929 as the region's first true skyscraper, the building later underwent a multimillion-dollar adaptive reuse project that preserved its historic character while modernizing the property for residential and commercial use.
According to marketing materials, Merchants Plaza includes luxury multifamily residences and Class A commercial tenants. The residential units feature amenities such as polished concrete flooring, exposed brick, high ceilings and other upgraded interior finishes.
The listing states that the apartment component maintains strong occupancy levels and premium rental rates, while the commercial portion is occupied by long-term tenants that include regional law firms, a financial institution and a national telecommunications provider.
Those commercial tenants generate nearly $1 million in annual rental revenue, according to the offering materials.
The property is being marketed as a debt-free investment opportunity with multiple income streams and the potential for additional development. Marketing materials also highlight the building's location in the heart of Downtown Mobile, within walking distance of cultural institutions, government offices, restaurants, entertainment venues, hospitality destinations and waterfront attractions.
The sale is being handled by Steven McMahon of Inge & Associates Inc.