Bridge Street has had its share of headlines this past week. On Monday, Chicago-based Miller Capital Advisory, Inc. under its subsidiary Institutional Mall Investors (IMI), purchased the retail center from O&S Holdings for an undisclosed amount, though property records show the price to be over $100 million. O&S will continue to manage and lease the center. IMI owns part or all of about two dozen high-end shopping centers around the country, including the Houston Galleria and Fashion Centre at Pentagon City in Alexandria, VA. IMI/MCA is a passive investor in these malls, however, so their presence will likely not have a significant impact on the Bridge Street's appearance or tenant mix, unlike what may have happened had a company like Simon or GGP bought the center. In other words, don't expect a Nordstrom simply because they are at some of the other properties MCA has invested in.
Also this week (by coincidence) more details have been revealed about Bridge Street's long-rumored expansion. Tonight, the Huntsville City Council will discuss spending $5 million on infrastructure in preparation for the next phase(s) of the retail complex, including adding another level of parking to the west of the Monaco theater. In an interview with WAAY-TV, City Councilman Will Culver, whose district includes Bridge Street, describes the next phase as a 150,000 sq. ft. department store, along with an additional 50,000 sq. ft. of small shop space, which will be placed where the west portion of the lake now sits. This expansion, also known as "Phase 3" could start sometime this year. Culver also described "Phase 4," which will include another 50,000 sq. ft. of retail and possibly another hotel, which will begin construction in 2015.
And there's one last bit of news-- H&M announced on its website this week that their Bridge Street store, the first in Alabama, will open on June 14th. Let's hope that H&M's opening in Huntsville will entice other unique stores and restaurants to occupy the future store spaces now under consideration, as well as throughout the city.
It sounds like a nice addition. I would be concerned with the draining of the pond somewhat. Water always brings people and used to gather people. Having the pond around puts a very nice urban but relaxing feel to the surroundings. I would hate to see a big portion of it go to just house another walmart (not that they would let a wal-mart go in there, maybe a target). 150k sq. ft. of space is not going to get a high-end store. Maybe an Ikea? I am from SF bay area and we have a development like this, (see map http://www.santanarow.com/) and it only works with a housing component with high-end shops. You know if they plan to have any housing introduced into the project (other than the hotels)?
ReplyDeleteI concur with Tommy that a high-end housing project would be a nice addition to that area, especially if it attracted a boutique grocery chain like a Trader Joe's or a Harris and Teeter. I won't hold my breath, but a girl can still dream :-)
ReplyDeleteDo you know if they planning on draining just a portion of the pond or the whole pond?
ReplyDeleteI like the idea of more stores in the area but I don't like the idea of the pond going.
We need a Fry's Electronics... that would be a good phase 4 :)
ReplyDeleteYea, a Fry's would be awesome for this area. I really miss Fry's and it is definitely unique for the South. Great idea!
ReplyDeleteThis may seem far fetched for the area but a Hard Rock Cafe, Uno's, Saks fifth avenue, Louis vuitton, and Coach venue would really bring business... You would be surprised of the regulars they would have there... N I'm personally tired of driving to another state or city for the good stuff!
ReplyDeleteWhy are they filling in the lake?There's that empty spot next to DSW shoes that they could build a 2-3 story Department Store.
ReplyDeleteDrain the lake? Why can't we ever have anything nice in Huntsville? (Hey, that looks nice. Quick! Plow it under!)
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