FirstBank has signed a lease for some high-profile new office space in Huntsville, following up on its announcement in March that it planned to expand its operations in North Alabama. FirstBank's lease adds to the mixed-use Twickenham Square project, which features apartments and retail spaces developed by Franklin-based Bristol Development Group. Triad Properties of Huntsville is building the area's office component.
Private-equity firm Pharos Capital has sold Time Domain, a company that markets ultra wideband products, to a group led by two Birmingham-based peers. Pharos had assumed control of Time Domain four years ago when the company was struggling financially.
Local construction and repair services stalwart Lee Co. is growing its presence in the Huntsville market. In addition to its commercial facilities work, the 70-year-old company, which is based in Metro Center, is adding various residential services such as plumbing, electrical and appliance repairs.
Skilled nursing center owner Diversicare has taken over the management of a 135-bed facility in Huntsville, Ala., which has grown the company's bed count by 2.5 percent. The center generates more than $10 million in revenues per year and is Brentwood-based Diversicare's seventh in Alabama.
Bristol Development Group and its co-developers working on the under-construction Twickenham Square in Huntsville, Ala., are targeting a fall completion for the multi-component mixed-use project.
Charles Carlisle, CEO of the Franklin-based development company, said the project’s Homewood Suites hotel is slated to open on April 1. Relatedly, Artisan at Twickenham Square (the residential component of the complex) will open no later than May, with the development’s Publix grocery store to begin operations later that month.
“The project is nearing the initial stages of completion and we feel it will be a shot in the arm to downtown Huntsville,” Carlisle said.
The project, which involves the redevelopment of a former public housing site, will feature office space, 200 apartments and more than 65,000 square feet of retail space anchored by the Publix. Sited on a 5.6-acre site located near Huntsville Hospital, Twickenham Square is noteworthy considering downtown Huntsville has seen very few infill projects since 2000, despite the city's suburbs having grown rapidly during the same time period.
Bristol is partnering with Brentwood-based PGM Properties and Northwestern Mutual Real Estate Investors on Twickenham Square, with the team expecting to pump more than $30 million into the project.
Brentwood-based GBT Realty is preparing to cut Huntsville officials an $8.2 million check for about 25 prime acres. The company's development agreement with the city calls for it to build 100,000 square feet of retail space in the next two years. GBT plans to construct a total of 240,000 square feet near a prominent highway interchange.
As Bristol Development Group nears the six-month mark of on-site work on its Twickenham Square project in Huntsville, Ala., the company told the Post Monday it is pleased with the progress to date.
The mixed-use project, which involves the redevelopment of a former public housing site, will feature 200 apartments and more than 65,000 square feet of retail space anchored by a Publix grocery store. Rising on a 5.6-acre site located near Huntsville Hospital, Twickenham Square is noteworthy considering downtown Huntsville has seen a paltry number of infill projects since 2000, despite the city's suburbs having grown rapidly during the same time period.
“It’s great to be moving forward with a project like this in a city like Huntsville that has had a need for this type development but was previously unable to pull it together,” said David Hanchrow, chief investment officer for Franklin-based Bristol.
Bristol (which was unsuccessful in luring Publix to a project planned for a site near Nashville's Music Row Roundabout) is teaming with Brentwood-based PGM Properties and Northwestern Mutual Real Estate Investors, with the team expecting to pump more than $30 million into the project.
“Having [Bristol and PGM] with residential and retail expertise and having Northwestern Mutual’s financial strength gives a project like this legs,” Hanchrow said.
The City of Huntsville is financing the construction of a parking garage that will accommodate users of what will essentially become a mixed-used district (a hotel and office space are expected to follow). Hanchrow said the project would have been very difficult to do without public financing of the garage.
Brasfield & Gorrie is serving as general contractor.
Since 2000 and in Nashville, Bristol has been involved in seven urban infill projects, with the latest being Vista Germantown.
A three-year-old brewery out of Huntsville has pushed its distribution network into a number of Nashville-area bars, including the 12South Taproom.
The U.S. Army has awarded Turner Universal Construction a $51 million contract to build the next phase of its Missile Defense Agency complex at the Redstone Arsenal base in Huntsville. The 225,000-square-foot building will house administrative offices, IT facilities and meeting spaces and is expected to open its doors in two years.
SEE ALSO: Turner Universal scores major Marine contract from a year ago
POSTDATA: WARRANTY DEEDS