The Hoover City Council has approved a 15-acre mixed-use development to be located off Inverness Parkway.
NAI Chase Commercial, a member of NAI Global, is representing the landlord on behalf of Inverness Center North Office Park, while Stoa Group, a Louisiana mixed-use developer, will develop the multifamily and retail portions of the development.
The mixed-use development will feature a blend of predominantly single-unit dwellings alongside 16,000 square feet of retail space, complementing the existing 450,000 square feet of class A office space. The retail space will include a restaurant, boutiques, cafes and other high-end retail establishments.
“We are delighted that the city council approved this mixed-use development,” said Randy Thomas, executive vice president-brokerage of NAI Chase Commercial. “This new development will revitalize a once vacant office park, tenanted by Southern Company. Over the past year, the new owners of the Inverness Center North Park have invested over $4 million in renovating the existing office buildings.”
Thomas added that Building 44 is now at 95% occupancy, and that renovations to the common areas at Building 40 are underway. A third phase of the office-space renovation at Building 42 will begin soon.
“Mixed-use developments cater to young professionals by seamlessly integrating the live, work, play aspects into a single cohesive environment,” said Prescott Bailey, of Stoa Group. “Inverness Center North will feature luxury professional living, renovated Class A office spaces, retail stores and entertainment venues within a unique, lush natural setting with walking trails along Memorial Lake.”
Bailey added that mixed-use developments like the one planned encourages social interaction and networking, providing a flexible and modern way of living.
“For young professionals, the convenience of living near their workplace and having access to amenities such as gyms, cafes, restaurants and parks significantly enhances their quality of life,” Bailey said.
