Quote:
Originally Posted by HSVTiger
As I and others have speculated, Madison Square needs to go big and turn itself into an urban premier destination, eliminate the asphalt wasteland and steril cold environment. See the proposed Lendon development in Jones Valley for inspiration. This center will not die with CBL involved..
The company that owns Madison Square Mall is working with a retail consultant to rethink the future of the Rocket City's biggest shopping center.
Huntsville Director of Urban Development Shane Davis said CBL & Associates Properties hired the consultant last fall to "help them with options for Madison Square," which opened on University Drive in 1984.
The 928,000-square-foot mall will lose one of its four anchor stores when Belk moves to Bridge Street Town Center in late 2014.
Davis said CBL is considering several options for revitalizing Madison Square including continuing as an enclosed mall, a "partial tear down" to create a more open-air feel and bringing in a mix of shopping, restaurants, office space plus an extended-stay hotel.
CBL Executive Vice President Michael Lebovitz "has told Mayor Battle and myself that he's committed to bringing new energy to the mall," Davis said Tuesday. "That corner is so vital to our city and our community that we'll be a partner in whatever they decide to do if we can assist in any way."
|
A couple of thoughts regarding the article on al.com:
1. It is hard to see how an extended stay hotel could get financing due to what appears to be an almost glut of hotels in this area. When one considers the recent entrants, the Hampton Inn and Suites and Home 2 Suites across the street from Bridge Street, the Springhill Suites at Providence, and the Holiday Inn Express on Jeff Rd. @ 72 (it appears construction has begun), how can this market absorb anymore hotel rooms and what bank will finance it?
2. From the coverage of Belk's decision to move to Bridge Street, it was revealed that both Macy's and Nordstrom had an interest in this market. It seems like a no brainer that when you have three empty department store buildings at Madison Square, some deal could be arranged to entice at least one of these chains to locate there. Also, Von Maur has aspirations to grow in the southeast which they indicated when they announced their store at Riverchase Galleria in Hoover.
3. However, to entice any new department store, office, restaurant or other development, a serious effort has to be made on the atmosphere of the interior of the mall. With so many "no name" lower end stores which attract a clientele which won't shop at Macy's, it is a serious challenge to be overcome. It may be that these department stores may choose not to have direct access to the interior of the mall for that reason.
It is without a doubt that new energy is essential for Madison Square which affects the adjacent retail/restaurant district. Madison Square was the catalyst for all of the development which has occurred since it opened in 1984. Before Madison Square opened, all commercial development ended near Wynn Drive.
The City of Huntsville has an interest just to keep the property values up so that the tax revenues will stay up as well. Anyway, it appears that the situation has gotten to the point of where CBL & Associates is going to take some action.