Huntsville enters development agreement for Memorial Parkway project
Published on September 14, 2023
An agreement to put a large mixed-use development along Memorial Parkway frontage near Joe Davis Stadium received City Council approval.
The agreement between the City and Parkway Vesta, LLC, stipulates the construction of a 100-room hotel, 70,000 square feet of restaurant and retail space, 20,000 square feet of office space and 200 loft-style multifamily housing units. Dubbed Stadium Commons, the project will also include a 408-space parking garage, 300 of which would be leased by the City to support events at John Hunt Park and Joe Davis Stadium.
Shane Davis, Huntsville’s Director of Urban and Economic Development said the project represents a significant redevelopment within the heart of the City’s corridor.
“It brings much-needed uses to support the ever-growing sports and entertainment events in and around John Hunt Park as well as the surrounding neighborhood,” he said.
The development will occupy the former Hollywood 18 and Century Plaza office complex between Drake Avenue and Johnson Road. Construction will begin in mid-2024 and be built over three phases through July 2026. Phase 1 includes the hotel and retail space.
The project is expected to generate $32.5 million in new taxes and a $22 million net return on investment over 10 years. The City anticipates it will recoup its $10.5 million investment into the 300 leased parking spaces after four and a half years.