First American Bank buys into Summit

Company to occupy 3 of 8 floors, is providing $16M in construction financing

Friday, October 22, 2004

By MARIAN ACCARDI

Times Business Writer accardi@htimes.com

First American Bank will occupy three floors of the planned eight-story Big Spring Summit, making the bank the largest owner of office space in the downtown building.

The building's developers weren't ready Wednesday to announce any other tenants. Big Spring Summit is scheduled to open in late 2005.

"To say we're excited about it would be an understatement," said Evans Quinlivan, president of First American Bank for Madison County. Quinlivan said the Summit, to be built in the southeast quadrant of the city parking garage across from the Von Braun Center, will likely become the "premier building in downtown Huntsville" and set the standard for future development in the area.

First American Bank is not only buying 41 percent of the building, it is also providing the $16 million construction financing for Triad Properties Corp., the project's developers.

"Local businesses and investors will have the opportunity to buy real estate in a class A office building," said William Stroud, one of Triad's owners. The other owners are Gerry Shannon and Thomas Daniel.

Architectural plans for the project have been completed, Stroud said, and developers have applied for a building permit from the city's Inspection Department. The construction loan is scheduled to close the first week in November, he said, and construction is expected to start within the next 30 days.

The announcement of the bank's move to the building comes a year after Mayor Loretta Spencer unveiled plans to the Huntsville City Council for the proposed office building in Big Spring International Park. The city's Planning Commission gave its approval for the building last month; the Huntsville City Council, in a 3-2 vote, approved it last December. The vote was delayed several times after some residents and city leaders objected to the tower, saying it will box in the park.

What's important about the project, Spencer said, is that "the park is going to grow. We continue to stress that." The offices are to be built over a parking garage, she said, and the park will increase by 5 acres as it spreads across Monroe Street to merge with landscaping for the planned Embassy Suites hotel, scheduled to open in early 2006.

Big Spring Summit will be nearly 80,000 square feet. Two levels of deck will add about 350 parking spaces, bringing the total parking at that location to about 1,200 spaces when completed, said Shannon. The ground floor will house a restaurant, possibly a coffee shop and some office space, he said.

"We're dealing with a couple of other occupants," but those deals aren't final yet, Shannon said.

Thirty-five employees at First American's main office will move to the Summit, which will allow the company's banking, mortgage, investment and insurance services to be in one building. The bank also plans to add a few more employees, Quinlivan said.




First American Bank buys into Summit Company to occupy 3 of 8 floors, is providing $16M in construction financing Friday, October 22, 2004 By MARIAN ACCARDI Times Business Writer accardi@htimes.com First American Bank will occupy three floors of the planned eight-story Big Spring Summit, making the bank the largest owner of office space in the downtown building. The building's developers weren't ready Wednesday to announce any other tenants. Big Spring Summit is scheduled to open in late 2005. "To say we're excited about it would be an understatement," said Evans Quinlivan, president of First American Bank for Madison County. Quinlivan said the Summit, to be built in the southeast quadrant of the city parking garage across from the Von Braun Center, will likely become the "premier building in downtown Huntsville" and set the standard for future development in the area. First American Bank is not only buying 41 percent of the building, it is also providing the $16 million construction financing for Triad Properties Corp., the project's developers. "Local businesses and investors will have the opportunity to buy real estate in a class A office building," said William Stroud, one of Triad's owners. The other owners are Gerry Shannon and Thomas Daniel. Architectural plans for the project have been completed, Stroud said, and developers have applied for a building permit from the city's Inspection Department. The construction loan is scheduled to close the first week in November, he said, and construction is expected to start within the next 30 days. The announcement of the bank's move to the building comes a year after Mayor Loretta Spencer unveiled plans to the Huntsville City Council for the proposed office building in Big Spring International Park. The city's Planning Commission gave its approval for the building last month; the Huntsville City Council, in a 3-2 vote, approved it last December. The vote was delayed several times after some residents and city leaders objected to the tower, saying it will box in the park. What's important about the project, Spencer said, is that "the park is going to grow. We continue to stress that." The offices are to be built over a parking garage, she said, and the park will increase by 5 acres as it spreads across Monroe Street to merge with landscaping for the planned Embassy Suites hotel, scheduled to open in early 2006. Big Spring Summit will be nearly 80,000 square feet. Two levels of deck will add about 350 parking spaces, bringing the total parking at that location to about 1,200 spaces when completed, said Shannon. The ground floor will house a restaurant, possibly a coffee shop and some office space, he said. "We're dealing with a couple of other occupants," but those deals aren't final yet, Shannon said. Thirty-five employees at First American's main office will move to the Summit, which will allow the company's banking, mortgage, investment and insurance services to be in one building. The bank also plans to add a few more employees, Quinlivan said. Copyright 2004 al.com. All Rights Reserved.