Huntsville Advances Major Retail Plans: Land Option Near North Parkway Approved by City Council
Huntsville's north end is poised for a significant retail boom. In a calculated move to broaden a rapidly expanding commercial corridor, the Huntsville City Council adopted an option Thursday evening to buy 17 acres of land near the intersection of Memorial Parkway and the Northern Bypass.
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The 150-day option deal with landowners Joni D. Swaim, Jeri S. Kirkpatrick, and Johnnie M. Swaim will cost the city $20,000. The city would pay $3.2 million for the land if it were performed.
An Expanding Center for Retail
The site is close to two major developments that are almost finished: a Starbucks and a new Food City grocery store. It is located immediately off Bob Wade Lane. According to Shane Davis, the city's director of urban and economic development, both are roughly 95% complete and scheduled to open on June 28.
The 42-acre site that the city has previously set aside for what Davis called a "major" retail development sits adjacent to the new 17-acre piece. Due to considerable demand, the city intends to merge the two lots into a massive, multi-tenant project that has the potential to transform the northern corridor.
Davis informed council members, "We have had more interest than we can even accommodate on the 42 acres—which is a fantastic problem to have." "This will allow us the freedom to broaden the scope."
No Loss of Money on Previous Transactions
Davis also underlined how cautiously the city is managing these real estate transactions. He pointed out that the city broke even when it sold the Food City property back to the grocer for the same price it had paid.
Proposals are anticipated to be presented to the council in early June regarding the preparation of additional city-owned lands east of Memorial Parkway for potential retail sales.
What Comes Next?
This new site purchase marks a significant milestone in Huntsville's continuous endeavor to balance expansion throughout the city, since the Northern Bypass project has already started to move development momentum northward.
"As the summer months approach, there will be a lot of activity here," Davis stated.
With the arrival of national retailers, new anchor tenants, and an increased land footprint, North Huntsville is well-positioned to emerge as a major retail destination.
