Mayor approves major redevelopment project boosting local economy

In a recent government meeting, the Hoover City Council approved a resolution authorizing Mayor Brocato to enter into a development agreement with Riverchase Crossing LLC, aimed at revitalizing a vacant retail space. The project, known as Project Aloha, involves the renovation of the former Bed Bath and Beyond location on Montgomery Highway into two new retail spaces.

The agreement, presented by Mr. Knighton, outlines plans to subdivide the existing 38,000 square-foot space into a 16,000 square-foot area for a national specialty retailer and a 22,000 square-foot space for another tenant. The specialty retailer is projected to generate approximately $30 million in annual sales and create between 35 to 40 jobs.

The total investment from Riverchase Crossing LLC, owned by Mr. Bill Livingston, exceeds $11 million, with hard costs surpassing $7 million. The development agreement includes economic incentives, specifically a 50% rebate on net new sales tax revenue from the specialty retailer for a period of 10 years, capped at $1.7 million. This initiative is expected to yield an estimated $900,000 in annual sales tax revenue, potentially generating over $11 million for the city over the next decade.

Additionally, the redevelopment is anticipated to positively impact property taxes, with estimates suggesting an increase of $44,000 annually, of which $35,000 would benefit Hoover City Schools. The project aims to enhance the Laurel Road and Highway 31 corridors by filling a challenging vacant space and contributing to the city’s economic growth.

The council expressed support for the initiative, highlighting its potential to revitalize the area and stimulate local employment. Public hearings were opened for community feedback, with council members commending the efforts of Mr. Knighton and Mr. Livingston in bringing this project to fruition.