Image courtesy of Broad Metro
Broad Metro LLC has completed a $4.6 million acquisition of approximately 65 acres in Hoover, securing the remaining property needed for Phase Three of Stadium Trace Village.
The transaction closed Aug. 17. The property had been held by 11 tenants in common, with broker Lee Willcoxon IV representing the ownership group and negotiating the transaction.
Plans call for Phase Three to be a mixed-use development with retail, medical and professional office space and luxury residences along the upper portion of the property.
"We are thankful to all of the professionals involved, and we want to thank the Alabama Department of Workforce, Jefferson County and the City of Hoover for their business friendly approach," Broad Metro President and CEO Will Kadish said.
Kadish also credited Willcoxon with helping complete the acquisition involving the property's 11 owners.
The purchase marks another step in the expansion of Stadium Trace Village, a mixed-use development in Hoover. Phase One is open and operating.
The Hoover City Council unanimously approved a development agreement for Phase Two in July, with the measure passing by a 7-0 vote.
Broad Metro is an Alabama-based development company with more than 30 years of experience on projects across the United States, including mixed-use and commercial developments.
No construction timeline for Phase Three was provided.
