City OKs $210M Research Park deal
'Bridge Street' developer has 30 days to close
Friday, March 11, 2005
The building boom in west Huntsville is set to take off even more.
The City Council approved a major agreement Thursday night that sets the stage for a $210 million retail, office, hotel and residential development in Cummings Research Park .
"This is a major milestone and represents a tremendous investment for the Research Park area and, when completed, it will be a showcase project for Huntsville ," Mayor Loretta Spencer said.
Plans for the "World Famous Bridge Street" development call for a 12-story, 200-plus-room Westin Hotel and conference center, a 16-screen movie theater by Regal, hundreds of condominiums and apartments and numerous yet-named restaurants and retail stores that will line a man-made lake. Water taxis are planned to ferry visitors among the various venues in the development.
Los Angeles-based O&S Holdings secured a purchase option agreement from the city for the 100-acre tract in December 2002. Approval of the development deal Thursday night gives the firm 30 days to close on the $4.3 million land purchase.
The property is on the north side of Old Madison Pike, just west of Research Park Boulevard .
"This agreement says they're ready to buy," Spencer said.
Gary Safady, managing partner of O&S, said the company looks forward to a formal groundbreaking. That should take place before the end of April, said Alex Hardy, business development manager of O&S.
City Attorney Peter Joffrion said the development deal spells out the obligations for each party, time frames and remedies if one or the other party reneges on any provision.
The city has agreed to assist with utility infrastructure, some off-site drainage work and upgrades to Eagle Drive on the west end of the complex. A buyback provision will allow the city to repurchase the property if O&S doesn't begin construction within two years.
Hardy said O&S will build two access roads off Old Madison Pike and make Eagle Drive another entry point into the development. Hardy said about half the 450,000 square feet of retail space for Bridge Street has already been spoken for. Thursday's approval of the development agreement will help finalize commitments from other prospects, Hardy said.
Joe Vallely, economic development director for Huntsville , said the development is expected to generate as many as 1,000 jobs. Spencer said the complex will pump more money into the city by drawing out-of-town visitors as well as Research Park employees who might otherwise spend their money elsewhere.
A study conducted when roads for the sprawling Adtran building were constructed found that 35 percent of Adtran employees commuted from outside Madison County . Spencer expects many Research Park employees to frequent restaurants and shops in Bridge Street before heading home.
Copyright 2005 al.com. All Rights Reserved.
Copyright 2005 al.com. All Rights Reserved.