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Developers propose HomeSense and shoe store at former Big Lots; request $1.9M incentive
Summary
NRE Riverchase LLC and city staff previewed a redevelopment of the former Big Lots box at Riverchase Crossing: a 38,000‑sf reconfiguration anchored by HomeSense (first in Alabama) and a shoe department, $10.4M total investment, and a requested $1.9M incentive structured as a 50/50 retail sales‑tax split capped at 10 years; construction is planned to begin mid‑September with a May 1, 2027 opening target.
Staff and developer representatives presented a redevelopment plan for the former Big Lots at Riverchase Crossing. The proposed plan divides roughly 38,000 square feet into new tenants, anchored by HomeSense (a TJ Maxx company) and a dedicated shoe department; the developer estimates total investment of roughly $10.4 million (about $8.7M hard costs and $1.7M soft costs).
City staff and developer Joseph Grimes said the project could raise taxable sales roughly four times the previous tenant’s levels and that the developer seeks incentives totaling $1.9 million, modeled as a 50/50 split of incremental retail sales tax with a 10‑year cap. The presenters said construction would begin mid‑September and the anchors would target opening by May 1, 2027, subject to closing and council action on incentives.
Councilors asked timing and contingency questions; staff noted incentives are contingent on closing and on lease commitments with the primary tenants. The planning session served as a preview ahead of a formal incentive package that will be brought to the council for vote.
