MADISON, Ala. – Monday, the Madison City Council approved a development agreement that would bring a mixed used development to the downtown area. The project would be based on The Avenue on Jefferson Street in Huntsville.
The development would be created on 6 acres at the former site of Mullins & Sons Building and the Clanton Muffler Shop on Sullivan Street. It would include 140-160 Residential units, 10,000 square feet of retail/commercial space, and approximately 400 parking spaces for Residential & Retail use. The apartments would be loft-style, with some live-work units included, said city administrator, Taylor Edge.
Edge outlined a number for benefits connected to the project, including:
- $27M investment in downtown
- 50% increase in downtown retail/restaurants square footage
- Increased downtown property values, aesthetics and energy
- Will spur additional downtown commercial activity
- 10 year direct City revenue: Approx. $2.15M
- 10 year direct School revenue: Approx. $1.65M
The developer, Charlie Sealy, said he wants to begin construction work on the project by July. He is the same developer who created The Avenue.
Alongside the developer, the city of Madison would need to make some improvements to accommodate the development, including relocating a Huntsville Utilities substation for $1.7 million. But there would also be a new entry point to Madison City Schools stadium on its western side, something the city says will greatly improve connectivity and traffic flow.
The development is expected to, much like The Avenue in Huntsville, be a catalyst for economic growth in downtown Madison.
Mayor Paul Finley said this is an opportunity to bring something new to Madison and create some amenities the city doesn’t currently offer.