HUNTSVILLE, Ala. (WHNT) - It is expected to be the next big thing in downtown Huntsville - a $30 million mixed use development right on the corner of Holmes and Jefferson.
The city struck yet another deal with developer Charlie Sealy to make downtown Huntsville the place to be.
"We're excited about all the things happening downtown," said Sealy. "We're just trying to bring more people to the downtown core, and as more people come to downtown the more people want to be there. So it's a snowball effect."
The Avenues development will house apartments as well as shopping and
The city will lease the land to Sealy for only $100 a year for 50 years, and $120,000 each year after that. The deal may sound remarkable, but it actually serves to benefit the city.
"The reality is we'll make much more back off of that in property taxes and ultimately it'll spur other economic development, sales tax and those kinds of things," said John Hamilton, Huntsville's City Administrator.
Sealy will also be responsible for projects the city usually covers in big development deals.
The city invested $2.9 million in road work near the property, but Sealy will be responsible for building the parking decks and everything within the property limits.
Hamilton said the city would consider similar arrangements for other properties.
"If there's a developer interested and there's something we can do to bring the deal to fruition we would certainly look at those," said Hamilton.
Sealy's team is currently running tests on the land, and hopes to break ground on the project this fall.