Moody putting together massive retail project
If all goes as planned, Moody will begin seeing the beginning of a $100 million retail development along U.S. 411 and the Little Cahaba River.
Proposed by noted developer Stan Pate of Tuscaloosa, city officials are hailing it as a “real win” for the city, according to Moody Mayor Bill Lee.
The 200,000 to 250,00 square foot retail space is targeting property between 7 Brew and Joey Adkins Drive on Moody Parkway.
It took some incentives to land the deal, but Lee and the city council believe it to be a wise investment. The property has had its challenges because of the environmental concerns about the creek running through it, but the incentives will help overcome what had been financial roadblocks in the past.
According to the incentive agreement the council approved, worth about $65 million in incentives, it involves abatement of selected sales and property taxes, fees and permits, for up to 40 years or until the total it is paid. Pate has five years to begin the incentive process after his company invests a minimum of $10 million.
The 30-acre site will be mixed use of shopping and dining options. Clearing has already begun on the property. Existing property owners sold their land to Pate and businesses on that property now will be demolished after their leases are up.
