HUNTSVILLE, Ala. (WHNT) - Huntsville City Council members unanimously voted Thursday to approve the development agreement for Cabela's and the new Parkside Towne Center.
It will be built off Governors West, south of Old Madison Pike near Interstate 565 and Research Park Boulevard
The nearly six acres of land where the development will be located will cost the city about $3 million.
The center, which will be anchored by an 80,000 square foot Cabela's, will attract retail traffic from all over North Alabama.
"Those types of regional draws bring people in, it makes your development a success and solidifies its position throughout the area," said Mayor Tommy Battle.
Huntsville's Director of Urban Planning Shane Davis says the Parkside Towne Center is expected to generate $110 million in sales and the return on investment is predicted to take less than two years.
"Our total investment will be somewhere between three, three and a half million dollars when finished," said Davis. "The first year of sales tax for the development is five million dollars, so it doesn't take a rocket scientist to figure out that the return on investment is very, very, very quick."
City Councilman Will Culver says he is excited about what the center will be able to do for the city financially.
"Most of our revenues are generated through sales tax and we certainly need to increase our revenues," said Culver. "This particular project is going to be a good financial injection for us."
The city's $3 million investment will cover only public improvements.
Davis says Cabela's is paying its own way.
He also believes the investment in this location will help to revitalize others in town, such as Madison Square Mall.
"With a regional powerhouse like Bridge Street and then Parkside Towne Center coming in with a regional anchor like Cabela's, naturally it becomes this mecca kind of like how you see in other markets of this retail corridor that we can build off of," said Davis.
With the approval, members of the Cabela's design team will be in town Wednesday with a goal to break ground within the next 60 to 90 days.
The retailer wants to have the store open no later than fall of 2015 and it plans to accelerate its usual 14-month construction schedule to nine months.
For more on the initial announcement, click here.