Quote:
Originally Posted by HSVTiger
and Von Maur can probably get a sweet deal there. I expect MS to be totally redone and become an exciting place to go. Maybe this Belk move was part of that, Belk did not want to be part of that plan.
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I don't recall a major development announcement that has been met with such
a negative vibe. What did they think, obviously they didn't and probably not much choice. Belk probably threatened to leave the city if they didn't put up
the cash. Guess what someone else would be glad to fill the void.
Blame other retailers as well for being slow to respond.
BUT this new store will be spectacular and like nothing we have seen in Huntsville or Alabama for that matter. It is a testament to Huntsville that they will spend 20 million in this market.
The competition will follow.
Along with Belk, the outdoor shopping center says it will add 45,000 square feet of additional retail space and a large chain restaurant by March 31, 2015.
Most of the picturesque manmade lake on the west side of Bridge Street will be drained and filled to make way for the new shopping and dining. Only a tiny finger of water will remain near Connors Steak & Seafood. The lake east of the pedestrian bridge will be left as is.
Bridge Street plans to add approximately 900 new parking spaces by turning the surface lot outside Red Robin Gourmet Burgers into a two-story garage. A new surface lot is planned for the grassy area behind Designer Shoe Warehouse.
"We are grateful to city leaders for embracing this expansion," said John Neutzling, chief operating officer of Miller Capital Advisory. The suburban Chicago-based firm bought Bridge Street earlier this year on behalf of Institutional Mall Investors.
"We view Huntsville as a dynamic and growing community," Neutzling said Friday, "and we look forward to a long and prosperous relationship with the city and the community."
Institutional Mall Investors, or IMI, also owns Riverchase Galleria in Hoover.
Belk said its new Bridge Street store, targeted for a fall 2014 grand opening, will cost $20 million.
Jan Clevenger, who chairs Belk's Birmingham-based western division, said the 170,000-square-foot store will offer "a fabulous new shopping environment featuring expanded selections of premier fashion merchandise with more brands and styles that our customers are looking for."
Belk said its Madison Square Mall location will remain open until the Bridge Street store is ready. There are no plans to close the Belk in Parkway Place, which was remodeled last year.
Huntsville will spend a maximum of $4 million bringing utilities to the Belk site and installing an underground culvert to divert storm runoff to a city-owned lake nearby. The city is obligated to have those things done by July 1, 2013.
HSV Times