Developers, city finalize deal for Bridge Street
Site work likely to begin next week at Research Park
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| A rendering shows the Westin Huntsville, which is included in the first phase of The World Famous Bridge Street development. |
O&S Holdings LLC and the City of Huntsville closed Wednesday on the Los Angeles-based firm's purchase of about 100 acres in Cummings Research Park, where O&S plans to build a $210 million retail, office, hotel and residential development called The World Famous Bridge Street.
The purchase price is $4.3 million.
The city has issued a grading permit, and site work likely will begin next week, said Alex Hardy, business development manager and director of public policy for O&S.
"The first phase is roughly 60 percent of the full project, and that (phase) should be completed by the end of 2006," Hardy said.
The first phase includes an 11-story, 200-room Westin Huntsville, the first Westin hotel in Alabama, with 45 luxury condominiums on the top five floors and a conference center. Phase one also includes two lakes; parking; roads; about 60 shops and restaurants taking in 450,000 square feet; an office building next to the retail area; a 16-screen Regal Cinemas theater; and a 40,000-square-foot Ovation Performing Arts Center.
There's already a waiting list for three-quarters of the available condos, Hardy said.
A ceremonial check-passing was to be this morning, with city officials attending as well as Hardy and Jonathan Lauren, O&S senior vice president for leasing.
"I think (Bridge Street) will be an exciting opportunity for not only Huntsville residents, but for residents of surrounding areas, to work, shop, eat and play," said Huntsville Mayor Loretta Spencer. "The purchase of land is the first step. We look forward to seeing progress there."
Hardy said the land purchase is significant because its shows "how real the project is."
O&S was granted an option to buy the 100-acre parcel in December 2002. The City Council's approval of a development agreement last month gave O&S 30 days to close on the land purchase.
The agreement requires construction to start within two years, said Joe Vallely, the city's economic development director. "That's not just grading," Vallely said. "They've got to be building buildings."
The agreement calls for completion of the first phase three years from now.
The property is on the north side of Old Madison Pike, just west of Research Park Boulevard.
Under the development deal, the city will handle some off-site drainage and sewer work, the extension of water lines and underground wiring, Spencer said. Money from the land purchase will pay for those improvements, she said. No city operating funds will be used.
The agreement allows the city to buy back the property if O&S fails to meet construction terms, Vallely said.
Turner Universal Construction Co. is the general contractor for the project.
Staff Writer John Peck contributed to this report'.
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