A large crowd gathered Thursday morning to hear plans for the newly-announced, $30 million redevelopment project titled Merchants Plaza, a historic landmark in downtown encompassing an entire city block and formerly known as Merchants National Bank.
Developers of Heritage Land & Development announced the 225,000 square foot mixed-use project will have approximately 80,000 square feet of Class A office space, 26,000 square feet of commercial / retail / restaurant space and at least 82 upscale loft apartments, including several two-story penthouse units with spectacular views of downtown and the Mobile River. Leasing and property management of all commercial space will be handled by NAI Mobile and Harbert Realty. *View initial floor plans below.
“Downtown Mobile has so much rich history, and we are thrilled to be working on a project here,” said developer Will Yandell of Heritage Land & Development.
“I am confident in this project and excited about being a part of downtown Mobile’s energy.”
Yandell discussed in detail several projects Heritage has previously completed, including Tuscaloosa Towers in Tuscaloosa, Alabama. According to Yandell, after completion of Tuscaloosa Towers, somewhere between $50 to $100 million had been invested in downtown Tuscaloosa from several other developers following suit, including an Embassy Suites and Hotel Indigo.
“It’s not just about this one space, it’s about the entire area and what it will do.”
According to Yandell, there are potential tenants in the works and [the developers] will hopefully be able to announce them soon.
On Historic Tax Credits
Yandell attributed a large part of the success of these projects to the state’s historical tax credits, spearheaded by Representative Victor Gaston, and the importance of the continuation of the tax credit programs.
Stephen McNair of the McNair Historic Preservation is advising the developer in the redevelopment of the property to fully capitalize on the federal and state historic tax credit programs.
“Merchants National Bank is one of the most architecturally significant structures in Alabama and the first skyscraper constructed on the Gulf Coast,” said McNair.
“We are honored to be included on the team that will restore and adaptively re-use this landmark and contribute to the revitalization of downtown Mobile.”
“There’s not anybody here present that does not understand the significance of the project,” said Mayor Sandy Stimpson. “We know if we don’t have a great downtown, we will never have a great city. Maybe this project - people living in downtown and shopping in the downtown area - will be the same thing as what the RSA tower was to business.”
In addition to Mayor Stimpson and the developers, other speakers for the event included City Council President Gina Gregory, County Commission President Merceria Ludgood and Elizabeth Stevens of the Downtown Mobile Alliance, who all expressed the magnitude of the project.
For more information on how to lease space at Merchants Plaza, contact Allan Cameron of NAI Mobile or Dean Nix of Harbert Realty locally at 251-438-4312.
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