Harbert Realty Services, Inc. plans to bring a new retail, restaurant and shopping development to U.S. 31 near Shelby Baptist Medical Center in Alabaster, and is looking to have the center completed by the third quarter of 2016.
The development is planned for the east side of U.S. 31 slightly south of Shelby Baptist. Once complete, the development will be between U.S. 31 and Second Street Northeast and will have access points from U.S. 31 and Second Street Northeast.
“We became interested in developing the property after seeing the large tract was for sale”, said James Proctor, Leasing & Brokerage Associate for HRS. “It was interesting that that much land was available. We’re really excited about it and focusing on the hospital as our big draw.”
HRS, which also developed the Chace Lake shopping center in Hoover, has not yet finalized tenants for the development, but said it likely will include “fast-casual” restaurants “that will be all-new to Alabaster.”
Plans call for the retail and restaurant space to front U.S. 31, while the medical office space will be close to Second Street Northeast. Proctor said HRS will close on the property in November, and is planning to begin construction soon afterward.
HRS and the city of Alabaster are teaming up to make improvements along Second Street Northeast, including new sidewalks, said Alabaster City Manager George Henry.
“There will be improvements along Second Street Northeast to include sidewalks to encourage pedestrian traffic within the medical mile, specifically near Shelby Baptist, to patronize these shops,” Henry wrote in an email.
Alabaster is considering a tax incentives package for the new development similar to the package it offered to the Dick’s Sporting Goods development in 2014. The incentive package is tied to the city’s sales tax, and uses a tiered system over a 10-year period.
If approved, Alabaster will reimburse HRS for 90 percent of the city sales tax collected at the development during the first year the center is open. The city will keep 5 percent more of the sales tax revenue collected each year through the 10th year the center is in operation. Alabaster’s 1-cent sales tax earmarked for schools will not be included in the incentives package.
Click Here to see the full article by Neal Wagner, Managing Editor with the Alabaster Reporter.