The Hoover City Council has approved a $23 million economic incentive package for the second and third phases of the Stadium Trace Village development. The development, located at the intersection of Interstate 459 and John Hawkins Parkway, is expected to generate $123 million in annual sales activity and $2 million a year in property taxes for Hoover schools.
Development Plans
The plans for the second phase of Stadium Trace Village include a Chasing Aces golf and entertainment center, an 80,000-square-foot medical office building, and a 200-room hotel. The third phase is proposed to have 27 acres of high-end residential space, 10 acres of mixed-use space, and other land that could be used for another hotel or commercial space.
Developer William Kadish of Broad Metro has already invested $150 million in the development and plans to spend $200 million more for the second phase. The city council agreed to give Broad Metro a $4 million upfront payment to help with stormwater improvements and up to $19 million in breaks related to sales and lodging taxes and construction permit fees.
Council Reasoning
Councilman Steve McClinton, who made the motion to approve the incentive package, said the developer has proven himself with the first phase of the development and believes he will do the same with the second and third phases. Councilman Gene Smith noted that the incentives are tied to the development becoming successful over time and that the city will begin to reap the full benefit of the increased tax dollars once the developer reaches the capped benefit level.
Some residents praised the developer for his commitment to cleaning up stormwater problems, while others objected to the tax breaks and a proposed road connection to Brock’s Gap Parkway. Steve Lawrence, treasurer of the Trace Crossings Residential Association, said the association’s board voted to support Broad Metro’s incentive request because they think the development will be good for the community.
Original reporting: Hoover Sun — read the source article.
