The Hoover Planning and Zoning Commission recommended Monday night that Hoover City Council re-partition 15.7 acres along US 280 to make way for 120 townhouses and three commercial buildings totaling approximately 25,000 square feet.
The property is located at 5352 US 280, directly across from the Walmart SuperCenter. It is currently designated as the general business district in unincorporated Shelby County and includes a pawn shop, but the pawn shop would be demolished to make way for two restaurants and a 12,600 square foot commercial building, said Jonathan Belcher, president of Signature Homes. who is working with Terra Equities on the proposal.
Directly south of the 4.5 acre commercial space to be developed by Terra Equities, a little farther from the 280 US states, the plans submitted to the City of Hoover would include 11 acres for the 120 townhouses.
To the west is an AT&T building and self storage facility, and to the east are several homes, including RVs, along Lyndon Drive.
Signature Homes and Terra Equities are also calling for the land in Hoover to be annexed if the council approves their request for reallocation. The city council is expected to deal with the application for reallocation in February.
Belcher said the residential portion of the development is expected to be a $ 40 million project.
He suggests two- and three-bedroom townhouses, roughly 1,600 square feet each, which are likely priced around $ 200,000. He plans to model the development after the Edenton Lofts Signature Homes developed on Cahaba Beach Road in 2010, he said.
None of the row houses have garages, but there are 225 parking spaces for residents, Belcher said. That’s a higher percentage of parking space per townhouse than Signature Homes in Edenton Lofts, and there weren’t any problems with inadequate parking there, he said.
Based on his previous experience, he would expect a child to be accepted into the Hoover school system in every tenth townhouse, he said. The Hoover school system has a greater capacity to treat more children in the east of the city, he said.
The commercial portion of the development, slated to be handled by Terra Equities, is expected to be a $ 10.3 million project and include 190 parking spaces for the two restaurants and the third commercial building, Belcher said.
The commercial property is expected to generate estimated total revenues of $ 16 to 17 million annually, Belcher said. That would mean $ 560,000 to $ 595,000 annual sales tax for the city of Hoover, $ 640,000 to $ 680,000 annual sales tax for the state, $ 80,000 to $ 85,000 annual sales tax for Shelby County, and $ 80,000 to $ 85,000 annual sales tax for schools in Shelby County.
The commercial property should also generate $ 44,000 to $ 45,000 per year in property taxes, while the residential property should generate about $ 66,000 per year in property taxes for the school system, Belcher said.
Hoover City Councilor Mike Shaw, when this project was first presented to the Construction Committee in November, said he knew there were many tech jobs in nearby Meadow Brook Corporate Park and he would like places for these workers nearby see, so this type of living at this location appeals to him.
The property that Signature Homes and Terra Equities are looking to buy is now owned by Sam’s Real Estate Investment Trust and Sharit Real Estate Holdings.
On other matters, the Planning and Zoning Commission recommended Monday evening that the city council approve several changes to the city’s zoning regulations, including changes that:
- Create a special zoning district for senior living and senior living communities, separate from independent and assisted living centers, to accommodate multi-family communities designed for people aged 55 and over that are less like institutional senior housing facilities.
- Create a specific zoning area for gyms and fitness / exercise centers.
- Allow taller buildings in commercial areas with conditional use permits.
- Reclassification of gas stations as conditional uses in planned commercial areas.
- Provide additional off-street parking for townhouses.
These changes are now being submitted to the city council for consideration.