The deal between Huntsville and Parkway Vesta LLC stipulates the construction of a 100-room hotel, 70,000 sq. ft. of restaurant and retail space, 20,000 sq. ft. of office space and 200 loft-style multifamily housing units, according to a news release by the city. (City of Huntsville rendering)
An agreement to put a large mixed-use development along Memorial Parkway frontage in Huntsville, Ala., near Joe Davis Stadium, received approval from the city council in mid-September.
The deal between Huntsville and Parkway Vesta LLC stipulates the construction of a 100-room hotel, 70,000 sq. ft. of restaurant and retail space, 20,000 sq. ft. of office space and 200 loft-style multifamily housing units, according to a news release by the city.
Dubbed Stadium Commons, the project also will include a 408-space parking garage, 300 of which would be leased by the city to support events at John Hunt Park and Joe Davis Stadium.
Shane Davis, Huntsville's director of urban and economic development, said the project represents a significant redevelopment within the heart of the city's corridor.
"It brings much needed uses to support the ever-growing sports and entertainment events in and around John Hunt Park as well as the surrounding neighborhood," he explained.
Stadium Commons will occupy the former Hollywood 18 and Century Plaza office complex between Drake Avenue and Johnson Road. Construction will begin in mid-2024 and continue over three phases through July 2026. Phase 1 will include the hotel and retail space construction.
The project is expected to generate $32.5 million in new taxes and a $22 million net return on investment over 10 years. Huntsville officials anticipate it will recoup its $10.5 million investment into the 300 leased parking spaces after four and a half years.
Coffee, Dale County Towns Receive Rebuild Alabama Funds
Roads in the Coffee County town of New Brockton and the communities of Level Plains and Newton in Dale County are among recipients of funding made available through the state's Annual Grant Program, created under the Rebuild Alabama Act.
The Ledger, a newspaper in the nearby city Enterprise, reported Oct. 2 that Gov. Kay Ivey awarded the three southern Alabama municipalities with the grants, part of a statewide package of more than $2.25 million in state funding earmarked to cities and counties for various road and bridge projects.
In a joint project between the town of New Brockton and Coffee County, a state grant of $250,000 will go toward resurfacing County Road 514/South John Street from County Road 515 to Ala. Highway 51, a nearly 5-mi.-long project. Combined with $130,357 from the city and county, the total project cost of road work is $380,357.
Next door in Dale County, the resurfacing of nine roads within the city limits of Level Plains, covering just over 2 mi., will cost $600,000, of which $350,000 will be provided from local sources and the remaining $250,000 granted from the state.
The Ledger also noted that another project in the Dale County town of Newton will resurface portions of Price Street, Mullins Street, River Road, Waterford Road, Collins Drive and McCants Drive, with a total length of 1.165 mi. The effort's price tag is slated to be $400,000, with $150,000 contributed by the local government and $250,000 from the state program.
The Rebuild Alabama Act, overwhelmingly passed by the legislature and signed into law by Ivey in 2019, requires the Alabama Department of Transportation (ALDOT) to establish an annual program setting aside $10 million off the top of the state's share of new gas tax revenue for local projects.
This is the third and final round of funding for the 2024 fiscal year.
"I am proud to announce today's latest installment of road and bridge projects, a testament to our enduring dedication to improving our state's infrastructure in all 67 counties," Ivey said. "For several years now, Rebuild Alabama has been the bedrock of progress, and our state continues to see its transformative impact. We are taking tangible steps toward safer, more efficient travel and there is more to come."
Of the awarded projects, cities and counties also contributed more than $2.3 million in local funds. Matching funds are not required to be eligible. It is anticipated that a number of projects will be under contract by the end of this year. All projects are required to move forward within one year of the awarding funds.
With this round of awarded state funding, more than $141 million in state transportation funding has been awarded through the local grant programs created by the Rebuild Alabama Act. Projects have been awarded in all 67 counties, according to the state.
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