Corporate Realty has purchased a parcel adjacent to Baker's Row near Regions Field in downtown Birmingham for future redevelopment, the company announced.

A two-story warehouse currently sits on the property located along the railroad tracks on 14th Street South across the street from Railroad Park.

Construction on the project will begin in the third quarter of 2018, the company said.

The terms of the sale, which closed on Tuesday, weren't immediately available.

"Bringing life to the western edge of Railroad Park with vibrant Class A mixed-use tenants in the coming year will greatly complement the Parkside District," Corporate Realty Chief Operating Officer Meredith Calhoun said in a statement.

The western edge of Railroad Park has become a hot spot for development. The Baker's Row Building, a joint partnership between LIV Development and Corporate Realty, at the corner of 1st Avenue South and 14th Street South is 100 percent leased.

Economic Development Partnership of Alabama, KPS Group, Under Armour and Corporate Realty has offices there.

"We envision the western edge of the Parkside District becoming a tremendous statement for the city," Corporate Realty Chief Development Officer Brian Wolfe said. "We are meeting regularly to collaborate with developers of projects within this area, between 14th South and I-65, to ensure proper and best uses while preventing duplication of efforts."

Corporate Realty is meeting with such groups as Shannon Waltchack, Third & Urban and REV Birmingham on infrastructure assessment, land planning, development concepts, and improvements to the area at large.

"All are working in sync to see the district come together in the best possible way," Wolfe said.