|Retail recruitment study set to promote economic development in strategic corridors
FOR IMMEDIATE RELEASE
July 23 2012
(Huntsville, AL) - The City of Huntsville has selected retail specialist The Shopping Center Group to perform an economic development study on four strategic areas that are important to the City in gaining new retail investment.
The strategic areas include North Huntsville along Memorial Parkway Corridor, Jordan Lane Corridor, University Drive Corridor, and South Huntsville along Memorial Parkway Corridor.
The Shopping Center Group will study the four strategic areas and identify multiple opportunity sites for development or redevelopment. They will provide a detailed market analysis of existing and potential retail for the areas and leakage reports to indicate the most opportune retail type categories for areas studied. The study will also provide site specific marketing reports on identified opportunity sites, a marketing package for each strategic area to assist economic development efforts by the City, and market optimization reports for each strategic area studied.
"The completion of this retail recruitment study will allow us to further our efforts in the retail development of key areas within our community," said Mayor Tommy Battle. "Our economic development and planning departments will be using the results of the study to work with property owners, brokers, and retailers to recruit new business in these four strategic areas."
Urban Development Director Shane Davis says the study will take about 90 days to complete and it will be updated through 2014.
"We have major corridors that have suffered through the recession and a decade of road construction," said Shane Davis, Director of Urban Development. "We believe these corridors are still a vital part of our urban infrastructure, and we look forward to pursuing what might be possible."
The $69,500 contract with The Shopping Center Group, to be paid in three installments over a two-year period, will be presented to the City Council this week for approval. The Shopping Center Group is based in Atlanta and provides expert retail real estate brokerage services throughout the Southeast and Mid-Atlantic regions.
"Developers have multiple options in today's marketplace, and we need every tool in our tool chest to showcase the numerous opportunities in Huntsville," said Michelle Jordan, director of economic development. "Even with good data and models through these studies, it will still take teamwork and a strong effort with our community partners to help revitalize these important core areas of our city."
For more information, contact:
Kelly Cooper Schrimsher, Director of Communications, Office of the Mayor, City of Huntsville, 256-427-5006 (w), firstname.lastname@example.org
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