Rendering for the Shoppes of Madison.
HUNTSVILLE, AL -- In his annual State of the City address tonight, Madison Mayor Paul Finley announced plans for a major new shopping center he said will bring the city a much-needed infusion of new tax revenue.
Speaking at the Davidson Center for Space Exploration at Connect 2011, a Madison Chamber of Commerce fundraiser, Finley told the 500-plus in attendance the Shoppes of Madison retail complex will be built on a 28-acre plot just east of the new Madison Hospital site on Balch Road, south of U.S. 72 and west of Wall Triana Highway.
The project, being developed by GBT Reality of Brentwood, Tenn., is rumored to include a regular Target and a couple dozen specialty shops and restaurants.
While Finley said he was not at liberty to reveal the retail anchor, immediately afterward, he said "the target date" for opening is summer of 2012, which drew a big round of applause and laughter.
Finley did promise the complex will include "something we do not have."
Madison already has a Super Walmart and Lowe's, and Home Depot in Huntsville sits near the city's limits, so that narrows down the field quite a bit. Many of GBT's developments include a regular or Super Target store.
Finley said other shops in the development will include a "major home decor" store, an apparel store and "sit-down restaurants."
He said the yet-to-be named retail giant alone is expected to bring in a minimum of around $400,000 in sales tax revenue for the city and that's not counting all the other spin-offs which are likely to spring up in the area.
The Madison Planning and Zoning Commission unanimously approved the certified plats and site plans at a meeting Thursday night despite some opposition from property owners who will be the most affected by the complex.
The plans will be brought before the Madison City Council at Monday's meeting. Construction is expected to start in March with a completion date of the summer of 2012, coinciding with the opening of the new high school and hospital.
Insanity Sportsplex may serve as convention center for Madison.
The mayor also announced a private business owner's plans to work with the city in offering a convention type center at Insanity Sportsplex on Hughes Road across from the new Hogan Family YMCA.
In addition to the skateboard park, the complex already has a 30-foot tall rock-climbing wall, and plans to include a 10-cage batting area, a two-story laser tag area, go-carts, and two roller rinks large enough accommodate big catered gatherings such as Connect 2011.
"We should be making announcements throughout the year," said Finley. "We take as much pride in this as the Shoppes of Madison. It will have an impact on our quality of life."
It is still uncertain how the land, which is owned by Madison Hospital, will be purchased for the Shoppes of Madison project, but Finley says they hope to bond it out for 12 years which will give the city a "immediate positive cash flow."
He said the city is providing a big incentive package, that will include the land, building infrastructure on U.S. 72 such as turn and deceleration lanes, traffic signals and other projects supported by the Department of Transportation.
Finley said of the top 20 sales tax producers in Madison, only four have been added since 2000. The city has grown by more than 13,000 residents since then if the 2010 Census numbers prove to be what Madison officials have projected at 43,000.
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