Project type: Retail, Value-add, Redevelopment
Project value: > $41mm
Project size: 300,000 square feet
A dense retail corridor in Northport, AL has a new face thanks to an intensive, redevelopment and renovation of shopping centers over a period of more than 10 years (2003 – 2015). Previously, two grocery-anchored shopping centers sat at the intersection of McFarland Blvd and Highway 69. Neither the stores nor attached shopping centers were doing well, and both of the biggest names, Kroger and K-Mart, shut their doors.
With strong local knowledge and sensing an opportunity, CGB purchased both centers with other plans in mind. With support from the local government of Northport, CGB redeveloped both near-bankruptcy centers into two new, vibrant shopping centers, anchored by Publix Supermarket and Walmart Neighborhood Market.
Today, both centers operate at a significant profit and now feature other attractive retailers including Hobby Lobby, Harbor Freight and T-Mobile.
- Garnering support from City of Northport was key to making the deals work
- Attracting Publix as an anchor gave other retailers like Hobby Lobby confidence to sign on also
- The success of these centers not only demonstrates CGB’s careful planning and foresight and also generates sustained tax revenue for the city of Northport.