Plans of Redevelopment in District 7 Spark Excitement Citywide
The recent announcement concerning revitalization plans in the Wildwood Shopping Center has sparked a huge wave of excitement by both residents and retailers who currently operate businesses within the shopping center. Tuesday Birmingham City Councilors voted to approve a resolution authorizing the Mayor to execute a project agreement with Lakeshore Parkway Retail, LP to develop approximately 156,000 square feet of new commercial and retail space in the Wildwood Shopping Center on Lakeshore Parkway. This expansion includes the development of two new retail pads along the south side of Lakeshore Parkway, at an estimated cost of $30 million. The City of Birmingham will provide financial incentives to Lakeshore Parkway Retail, LP of up to $4,800,000.00, payable over five years in installments equal to fifty percent of the sales tax revenue generated from the new businesses, not to exceed $960,000.00 annually.
District 7 Councilor Jay Roberson, whose district includes the Birmingham portion of the retail property, called it the largest economic development project in his district in years.
The development of the project site and implementation of the project are expected to result in the creation of approximately 300 jobs in the City of Birmingham and generate an estimated $1.9 million in sales tax revenue in addition to occupational tax revenue, business license revenue and increased ad valorem tax revenue to the City.
While the anticipation of future development has potential merchants excited, current retailers are also looking forward to new customers that may soon be attracted to the area, now that revitalization efforts is underway. Representatives for K & G Retail stores said even though sales had been down over the last couple of months, they were optimistic about new tenants coming back into the area.
“We’re definitely excited about new retail development in this area,” a K & G Representative said. “This will help increase traffic coming into our store as well as create a steady flow of sales for all businesses.”
Construction of the project is expected to begin early next year with a completion date slated for 2018.
This article is a contribution from Chiara Perry (email@example.com) in the Birmingham City Council Public Information Office. For more information please contact 205.254.2294.