Dead mall to mixed-use driver
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MidCity's latest expansion is just the most recent chapter in the history of a pivotal Huntsville retail site.
Why it matters: The Arts + Innovation Subdistrict is further diversifying MidCity's offerings and solidifying its foothold as a premier destination for the region.
Catch up quick: The 140-acre MidCity sees 5.8 million visits per year, per RCP, and is aiming for a total 1,850 residential units and 925 hotel rooms alongside office space and 40-plus acres of outdoor gathering space.
- It sits along a prime business corridor at the corner of Research Park Boulevard and University Drive, formerly home to Madison Square Mall.
- Niakossary said revamping the site of the 1 million-square-foot mall started with residential sites in 2018 and 2019, then $200-million-plus in mixed-use work, including retail.
- The development brought new names to Huntsville like Top Golf and Trader Joe's.
State of play: MidCity just opened two $100-million projects in Anthem House and Wellory, she said, marking roughly 40% completion for the development's overall master plan.
- The new district, an at least $300 million effort, will bring that to around 60% once completed.
It's a regional destination, Shane Davis, Huntsville's director of urban and economic development, told Axios, one that has already exceeded the total investment forecasted back when the project started.
- "The thought wasn't, 'Let's see how quick can we get this fully redeveloped and get out of here,'" he said. "The intent for MidCity has always been to grow it at the pace for when we look back 20 or 30 years from now, it's vibrant … like a downtown."
By the numbers: A study from real estate advisory firm RCLCO projects the district to account for 40% of MidCity's non-Orion fiscal impact, support 386 permanent jobs and generate more than $420 million in new tax revenues, of which the city of Huntsville is projected to receive $220 million.
The bottom line: "This really adds multiple new layers of MidCity, with the robust hospitality portion and adding that mid-sized venue," Niakossary said, of the latest expansion.