Summit site eyed for more growth

Developers move to possible phase two: 40-60 condos

Wednesday, December 01, 2004

By JOHN PECK

Times Staff Writer jpeck@htimes.com

Bigger things may be in store for the site of the planned Big Spring Summit office tower.

An executive with Huntsville-based Triad Properties Inc. said Tuesday plans have already begun for more potential development in Big Spring International Park.

During remarks late Tuesday at the Summit groundbreaking, Triad's Tom Daniel of Atlanta, one of three principal owners, mentioned Triad's interest in adding 40-60 residential condominiums. The condos would be part of a second phase of development next to the Summit that could include more office space and retail stores.

The development deal approved by the city in December of last year gave Triad a two-year option to construct another building along the park's waterfront. Until Tuesday, little was said about it while the Summit plans were moving forward.

"We've done some designs, but we've really had everything on hold to get this building (Summit) over the goal line," Daniel said after the groundbreaking. "Now that we've got this building started, we're going to turn our attention to finishing the concept design plans for a potential second phase."

Details such as the size and number of units, pricing and other possible venues are apparently still in the early planning stages. Triad officials have previously talked about a mix of residential, retail, commercial and office space.

Developers say a decision on a second phase will depend on market factors, local interest and success of the Summit.

"We don't know what it may end up being, but we think there is completion of this vision (Huntsville's downtown revitalization efforts) that has yet to take place," Daniel said.

Cities throughout the country are discovering increased interest by people preferring downtown life over the suburbs, he said.

"They want to be part of a dynamic where you can walk to work, to places to eat and places to play and have that all in an urban setting," he said.

Joe Vallely, director of economic development for the city, said Triad would have to repay the city for any parking spaces displaced by a subsequent addition. The Summit deal required Triad to add two levels to the city parking deck, which will add 350 parking spaces. The Summit will lease hundreds of spaces during weekdays but free those slots up for public parking at night and on weekends. The city will repay Triad for the cost of expanding the parking deck. Brasfield and Gorrie of Birmingham is the general contractor for the entire project.

Triad controls the air rights over the city garage, which prevented the city from adding levels without entering into a development deal.

Vallely said geological factors would probably limit the height of any second building. The ground where Summit is being built can accommodate a heavier structure, Vallely said.

Mayor Loretta Spencer said she had seen some conceptual ideas for a second phase. She echoed Vallely's point about height restrictions when asked about any immediate concerns over further development at that site.

Spencer, citing the coming Embassy Suites convention hotel and other new development downtown, said she wouldn't be surprised if Triad pursued a second phase.

"They're very excited this phase is going along well. They may be coming back to us before long to talk to us about phase two," she said. Spencer said she hopes any second phase will include retail offerings so more of the public can benefit.

The Big Spring Summit office project will require the partial demolition of a city garage to make room for the building's footprint. The seven-story office building will overlook the lagoon in Big Spring International Park. A restaurant and possibly a coffee house are planned for the ground floor.

Developers plan to move in heavy equipment soon to raze the southeast quadrant of the city parking garage across from the fire station on Church Street.

"We've applied for the building permit and are going to get started on the demolition within the next week,'' William Stroud, principal for Huntsville-based Triad Properties Inc., told the large crowd at the groundbreaking. "We plan to have this building (the high rise office tower) and have a bow on it by next Christmas."

Rain forced Tuesday afternoon's "groundbreaking" to the dank, dark underside of the municipal parking deck. Stroud played off on that setting when praising the mayor for backing the project despite divided City Council support and a vocal public opposed to development in the park.

"Without her help, we would not be able to turn this beautiful garage into a brand new office building," Stroud said.

Gerry Shannon, Stroud's business partner at Triad, said favorable interest rates and Huntsville's strong economy have helped lure tenants.

Several floors are already booked, Shannon said. Tenants include First American Bank, Blue Creek Investment (a money management firm specializing in Huntsville's growing biotech industry), Triad's headquarters and Bill Poole Realty.




Summit site eyed for more growth Developers move to possible phase two: 40-60 condos Wednesday, December 01, 2004 By JOHN PECK Times Staff Writer jpeck@htimes.com Bigger things may be in store for the site of the planned Big Spring Summit office tower. An executive with Huntsville-based Triad Properties Inc. said Tuesday plans have already begun for more potential development in Big Spring International Park. During remarks late Tuesday at the Summit groundbreaking, Triad's Tom Daniel of Atlanta, one of three principal owners, mentioned Triad's interest in adding 40-60 residential condominiums. The condos would be part of a second phase of development next to the Summit that could include more office space and retail stores. The development deal approved by the city in December of last year gave Triad a two-year option to construct another building along the park's waterfront. Until Tuesday, little was said about it while the Summit plans were moving forward. "We've done some designs, but we've really had everything on hold to get this building (Summit) over the goal line," Daniel said after the groundbreaking. "Now that we've got this building started, we're going to turn our attention to finishing the concept design plans for a potential second phase." Details such as the size and number of units, pricing and other possible venues are apparently still in the early planning stages. Triad officials have previously talked about a mix of residential, retail, commercial and office space. Developers say a decision on a second phase will depend on market factors, local interest and success of the Summit. "We don't know what it may end up being, but we think there is completion of this vision (Huntsville's downtown revitalization efforts) that has yet to take place," Daniel said. Cities throughout the country are discovering increased interest by people preferring downtown life over the suburbs, he said. "They want to be part of a dynamic where you can walk to work, to places to eat and places to play and have that all in an urban setting," he said. Joe Vallely, director of economic development for the city, said Triad would have to repay the city for any parking spaces displaced by a subsequent addition. The Summit deal required Triad to add two levels to the city parking deck, which will add 350 parking spaces. The Summit will lease hundreds of spaces during weekdays but free those slots up for public parking at night and on weekends. The city will repay Triad for the cost of expanding the parking deck. Brasfield and Gorrie of Birmingham is the general contractor for the entire project. Triad controls the air rights over the city garage, which prevented the city from adding levels without entering into a development deal. Vallely said geological factors would probably limit the height of any second building. The ground where Summit is being built can accommodate a heavier structure, Vallely said. Mayor Loretta Spencer said she had seen some conceptual ideas for a second phase. She echoed Vallely's point about height restrictions when asked about any immediate concerns over further development at that site. Spencer, citing the coming Embassy Suites convention hotel and other new development downtown, said she wouldn't be surprised if Triad pursued a second phase. "They're very excited this phase is going along well. They may be coming back to us before long to talk to us about phase two," she said. Spencer said she hopes any second phase will include retail offerings so more of the public can benefit. The Big Spring Summit office project will require the partial demolition of a city garage to make room for the building's footprint. The seven-story office building will overlook the lagoon in Big Spring International Park. A restaurant and possibly a coffee house are planned for the ground floor. Developers plan to move in heavy equipment soon to raze the southeast quadrant of the city parking garage across from the fire station on Church Street. "We've applied for the building permit and are going to get started on the demolition within the next week,'' William Stroud, principal for Huntsville-based Triad Properties Inc., told the large crowd at the groundbreaking. "We plan to have this building (the high rise office tower) and have a bow on it by next Christmas." Rain forced Tuesday afternoon's "groundbreaking" to the dank, dark underside of the municipal parking deck. Stroud played off on that setting when praising the mayor for backing the project despite divided City Council support and a vocal public opposed to development in the park. "Without her help, we would not be able to turn this beautiful garage into a brand new office building," Stroud said. Gerry Shannon, Stroud's business partner at Triad, said favorable interest rates and Huntsville's strong economy have helped lure tenants. Several floors are already booked, Shannon said. Tenants include First American Bank, Blue Creek Investment (a money management firm specializing in Huntsville's growing biotech industry), Triad's headquarters and Bill Poole Realty. Copyright 2004 al.com. All Rights Reserved.