Negotiations are in the works with 10 potential anchor stores for Town Madison, which the retail developer for the 800,000-square-foot shopping center said it right on schedule for recruiting the first tenants.
Josh Beyer, vice president of development for the Florida, Gulf Coast region of The Sembler Company, which is handling retail end of the $400 million mixed-use development, said he’s not yet a liberty to announce which stores he is negotiating with, but they are all big box type of retailers that are key to establishing the shopping center.
Traditionally, developing large shopping centers begins with securing the anchor stores first, and then the smaller retailers come on board, he said. The anchor stores will occupy about 300,000 square feet, he added.
Beyer was in North Alabama on Monday and Tuesday meeting with local officials, including Madison City Council on Monday night to finalize an agreement for $3 million in tax incentives in return for constructing a series of new road improvements surrounding a new 130,000-square-foot shopping center at Browns Ferry Road and Wall Triana Highway.
Sembler was involved in the first phase of developing Valley Bend Shopping Center in Jones Valley, which now has grown into 414,000-square-foot center. It’s anchored by Hobby Lobby, Dick’s Sporting Goods, Marshalls, Bed Bath & Beyond, Petsmart and a SuperTarget.
Gov. Robert Bentley helped local officials break ground on Town Madison in August. In all, Town Madison will encompass 700 acres along Interstate 565 and Zierdt Road. Conceptual plans show 800,000 square feet of retail, entertainment and restaurant space. Lennar Commercial is partnering on Town Madison and is handling the commercial development of 625,000 of office space.
The land for the retail area has been cleared of trees in recent weeks, and developers continue to work on site plans for store layout and roads.
The City of Madison and Madison County Commission created a cooperative district that will allow local developer Louis Breland to take out a $20 million bond to pay for new roads and other infrastructure improvements, including a new interchange with Interstate 565. Breland will get a tax break on Town Madison until his investment is recouped.
Beyer said the new interchange and road supporting the shopping center must be complete before any of the stores will open. He anticipates opening in late 2016 or early 2017.