Huntsville updates

[HSVTiger]

Originally Posted by JuanHunt

The Bridge Street concept that was envisioned for the place, as a shopping and dining destination, dies a few years ago. The development is trying to mold itself into a viable development by adopting more conventional shopping mall traits. Its a open air mall into the middle of a cow pasture, with nothing to differentiate it from most any mall.

it sits right in the middle of one of the largest concentrations of high tech/defense companies in the world, including US Army and NASA.

[JuanHunt]

Originally Posted by HSVTiger

it sits right in the middle of one of the largest concentrations of high tech/defense companies in the world, including US Army and NASA.

Sounds like it should be a great location, but 6 years of evidence say otherwise. Its a strip mall with bad parking and high prices in an area overrun with penny pinching engineers.

[Tourian]

Engineers have never been known to be flashy or big spenders especially now when sequestration is looming.

[jhsv]

Not writing off bridge street at all. Just pointed out the restaurants are what they have had the most trouble maintaining.

And true... Belk wouldn't be moving there if they thought it wouldn't be a good option.

[Rail Claimore]

Originally Posted by quattordici

I don't think the absence of the lake will be such a detriment to Bridge Street. I do think that portion was the most scenic, however. I think what many people are upset about is that what is replacing that portion of the lake isn't what it could have been. The renderings of what will replace it look OK, but compared to what used to be there, it isn't even close. A landscaped, creekside pedestrian-way would have been so much better.

Either way, I don't think removing the lake will end Bridge Street; I don't think much could. Bridge Street won't die by any means... any speak about its death is much ado about nothing. If the place was in such awful danger of decline, Belk would have pulled out long ago (the new construction of their 2 story store was announced over a year ago).

Bridge Street has had a bit of trouble retaining a few headline occupants, but all that says is that the center hasn't completely nestled into its niche; that's the case with any large scale retail center in a rapidly growing area.

If you're writing off Bridge Street because occupancy is constantly changing, you really don't understand what is going on in the Tennessee Valley.

Agreed. Anyone with half a brain about real estate in this area knows that Huntsville is over-saturated with restaurants in the upper-middle brow category, and those are the ones we've seen go tits up at Bridge Street. The rest of the retail there is doing just fine.

[JuanHunt]

Originally Posted by Rail Claimore

Agreed. Anyone with half a brain about real estate in this area knows that Huntsville is over-saturated with restaurants in the upper-middle brow category, and those are the ones we've seen go tits up at Bridge Street. The rest of the retail there is doing just fine.

O&S sold the complex for $207mil, an amount less than the cost of construction. I dont know if the sale included the Westin property, or even if O&S owns the hotel. I guess it does include the lake/mud pit. Maybe a mubog race is what the place needs?!

http://www.costar.com/News/Article/Bridge-Street-Town-Centre-Traded-for-$207-Million/139824

[jhsv]

Originally Posted by Rail Claimore

Agreed. Anyone with half a brain about real estate in this area knows that Huntsville is over-saturated with restaurants in the upper-middle brow category, and those are the ones we've seen go tits up at Bridge Street. The rest of the retail there is doing just fine.

That is one thing that has been interesting/confusing is why people have kept opening those upper-middle brow places there. The main chain places seem to have done ok but the others not so.

[Smoothcat]

Meanwhile...

http://www.al.com/business/index.ssf/2013/09/the_fight_to_save_huntsvilles.html

I grew up in Florence, and remember our trips to Madison Square being an EVENT. I think those days are over. I won't pretend to know the right answer on how to keep MSM from continuing its death spiral, but I certainly think they need to get away from an all-retail idea.

Fascinating to see those photos and to see the cotton fields where the mall now stands.

[SpawnOfVulcan]

Originally Posted by Smoothcat

Meanwhile...

http://www.al.com/business/index.ssf/2013/09/the_fight_to_save_huntsvilles.html

I grew up in Florence, and remember our trips to Madison Square being an EVENT. I think those days are over. I won't pretend to know the right answer on how to keep MSM from continuing its death spiral, but I certainly think they need to get away from an all-retail idea.

Fascinating to see those photos and to see the cotton fields where the mall now stands.

I don't think Madison Square has too much to worry about in regards to vacancy. It's in a prime location and I imagine that if it shuts down as a retail destination someone will scoop it up and redevelop it.

[Rail Claimore]

Originally Posted by tascalisa

I don't think Madison Square has too much to worry about in regards to vacancy. It's in a prime location and I imagine that if it shuts down as a retail destination someone will scoop it up and redevelop it.

Who didn't see this coming a few years ago? Half the mall is empty now. It'll be sold to the high bidder and be built as an expansion of Research Park.

[SpawnOfVulcan]

Originally Posted by Rail Claimore

Who didn't see this coming a few years ago? Half the mall is empty now. It'll be sold to the high bidder and be built as an expansion of Research Park.

The naysayers... I know we all hear about how the market will fix things but in this case it is pretty true. Eventually Madison Square won't be able to live up to what Bridge Street can offer. At that time it will become appealing to another use.

Huntsville isn't some city like Buffalo, it's growing rapidly. Any piece of property in a city like Huntsville, on a major thoroughfare, at an intersection of TWO major thoroughfares, doesn't have to worry about its future viability. We need to stop worrying about its future as a mall and start being interested in its future as a multipurpose/multiuse center.

[HSVTiger]

Originally Posted by HSVTiger

that would be a great development, throw in a couple of other stores and or a restaurant and you would have something unique.
But the disaster waiting to happen is the Parkway. All development or lack of always comes back to aldont. Inefficient and reactive road construction is holding the city hostage.

Walmart is leasing, rather than buying, the site of a proposed 24-hour Supercenter on Memorial Parkway south of Drake Avenue.

A ground lease filed with the Madison County Probate Judge’s office on Aug. 26 says Walmart’s 20-year lease on the Mason Plaza shopping center property commenced Feb. 27, 2012.

The document does not say how much the nation’s largest retailer is paying to rent the 13.56 acres from Huntsville-based Bragg Development Properties.

The contract gives Bragg the right to cancel the lease if Walmart does not start construction within five years. However, Bragg would have to wait 20 years before leasing the land to certain businesses that compete with Walmart including gas stations, membership warehouse clubs, pharmacies, grocery stores and discount department stores.

After the initial lease term, the contract is renewable in five-year increments for another 75 years. The contact says Walmart can “assign or sublease” any part of the property – an indication that the re-development of Mason Plaza could include more than just a Supercenter.

Mason Plaza businesses have already been told they need to vacate their space by Dec. 1 to make room for Walmart.
HSV Times

[HSVTiger]

First hotel at Redstone Gateway announced

Corporate Office Properties Trust (COPT) (NYSE:OFC) announces that Redstone Hospitality, LLC (the Developer) will build a Marriott TownPlace Suites hotel on a 3.1 acre parcel in Redstone Gateway. The Developer, which is not an affiliate of the Company, will pay LW Redstone Company, LLC (the joint venture between COPT and Jim Wilson & Associates, LLC) a ground rent in accordance with a ground lease between the two parties. The Developer expects to break ground before March 31, 2014, and to complete construction approximately one year later.

The I-565/Research Park interchange is developing into a nice mix of hotels

[stewdog1]

Fingers crossed: "Chynoweth expects work to begin in two months and construction to take around 18 months."

http://blog.al.com/breaking/2013/09/madison_engineer_i-565_interch.html

[MovingAL]

As of 10a ET, 70% of respondents are in favor of a downtown stadium.

http://blog.al.com/breaking/2013/09/downtown_ballpark_makes_good_s.html#incart_m-rpt-2

[downtownhsvguy]

Originally Posted by MovingAL

As of 10a ET, 70% of respondents are in favor of a downtown stadium.

http://blog.al.com/breaking/2013/09/downtown_ballpark_makes_good_s.html#incart_m-rpt-2

But if you read the comments below the poll, not so in favor.. It needs to be built downtown and fast.

[MovingAL]

Originally Posted by downtownhsvguy

But if you read the comments below the poll, not so in favor.. It needs to be built downtown and fast.

The comments look very similar to what Birmingham area residents said about Regions Field before it was built. Now B'ham has a few multi-million dollar developments popping up around the stadium and park and the highest attendance in the SL (it is the stadium's inaugural season, so long term effect is TBD).

I agree that a stadium needs to happen sooner rather than later.

[Tourian]

Originally Posted by HSVTiger

Walmart is leasing, rather than buying, the site of a proposed 24-hour Supercenter on Memorial Parkway south of Drake Avenue.

A ground lease filed with the Madison County Probate Judge’s office on Aug. 26 says Walmart’s 20-year lease on the Mason Plaza shopping center property commenced Feb. 27, 2012.

The document does not say how much the nation’s largest retailer is paying to rent the 13.56 acres from Huntsville-based Bragg Development Properties.

The contract gives Bragg the right to cancel the lease if Walmart does not start construction within five years. However, Bragg would have to wait 20 years before leasing the land to certain businesses that compete with Walmart including gas stations, membership warehouse clubs, pharmacies, grocery stores and discount department stores.

After the initial lease term, the contract is renewable in five-year increments for another 75 years. The contact says Walmart can “assign or sublease” any part of the property – an indication that the re-development of Mason Plaza could include more than just a Supercenter.

Mason Plaza businesses have already been told they need to vacate their space by Dec. 1 to make room for Walmart.
HSV Times

So it looks like Wal mart is dipping their toe in instead of committing to a location that they feel like will only be viable for a finite number of years - but because if their clout they get to c-block any competitor from using the site for the foreseeable future. Unreal.

[SpawnOfVulcan]

Originally Posted by Tourian

So it looks like Wal mart is dipping their toe in instead of committing to a location that they feel like will only be viable for a finite number of years - but because if their clout they get to c-block any competitor from using the site for the foreseeable future. Unreal.

Dirty, isn't it? Huntsville, and North Alabama as a whole, deserves better.

[Huntsvillenative]

Originally Posted by MovingAL

As of 10a ET, 70% of respondents are in favor of a downtown stadium.

http://blog.al.com/breaking/2013/09/downtown_ballpark_makes_good_s.html#incart_m-rpt-2

Here's what it might look like.