New development will take over the site of the former Coca-Cola bottling plant at 514 Clinton St.
HUNTSVILLE, Ala. (WAFF) -325 million dollars, that’s the dollar figure attached to building out that last chunk of open land in downtown Huntsville, all 13 acres of it. Several developers wanted to get their hands on it, but Huntsville has chosen to partner with Rocket Development Partners out of New York.
The former site of the Coca-Cola Bottling Company in downtown will be home to the multi-phase project.
“It fronts 3 streets, which is very unique to the downtown area for its size of the property, Clinton Avenue, Holmes Avenue, and Monroe Street, " says Director of Urban and Economic Development, Shane Davis.
City planners say this will be a space where community members can live, work, and play.
“It will be a mixed-format containing retail office hospitality and multi-family,” says Davis.
The development will be completed in three phases. The apartments, calling for 400 units, and retail space will be included in the first phase starting in the Fall of 2022
“The first phase, Phase 1, we guaranteed with the developer that it will develop over 50% of the site,” says Davis.
A hotel will come in the second phase set for June 2025, and the final phase will come later that year with office space and an 800 spot parking garage.
The city has set several requirements for developers to complete.
“They are required to build 400 urban-styled apartments, 26,000 sq feet of supporting retail, the first office building has to be at least 40,000 sq feet and we fully expect more office to be part of the project,” says Davis.
The city would invest $18 million over multiple phases.
“The revenue that comes off of this project, we will have gotten those funds back within the first 4 years. The next 6 years produces $25,000,000 of new revenue back into the city budget, that we can spend on other things. Street resurfacing, drainage projects, greenway places, and other parts of the community, “ says Davis.
General work on the land to prep for construction will be completed by July 2022. The project is set to wrap up in the summer of 2025.
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