Mixed-use development in the works for Brookwood Village
Two local companies are planning to breathe new life into the Brookwood Village at Lakeshore Drive.
The new mixed-use district will have a public green space as its anchor, and this space will be surrounded by locally owned, upscale retailers; food and beverage options; new office buildings; hotels; and housing for both renters and homeowners. The plans include 350 high-end apartments.
The two companies under contract are an affiliated entity of Colliers International | Alabama, a leading real estate professional services and investment management company; and Arlington Properties, a leading multifamily development, property management, and construction firm. They announced their plans at the Oct. 26 Homewood City Council meeting.
“Brookwood will be an accessible, regional destination that is vibrant, energetic, and bustling, and one that supports positive growth in Homewood,” the companies said in a release. “The multi-use property will be conceptualized and planned to withstand the test of time and to be conducive and beneficial to the natural evolution of the community and its needs.”
Mark Stuermann, executive vice president of development at Arlington Properties, said he was attracted to the property because of what it meant to the community.
“People have very fond memories growing up there,” he said. “There are so many little memories that I’ve heard about from people about how much they love Brookwood.”
It’s well-located real estate too, he said. Not only does the property have easy access to U.S. 280 and U.S. 31, it also sits between Jemison Trail and Shades Creek Greenway.
Despite these advantages, Brookwood Village’s disadvantage is that it has been a single-use development. There are some offices on the property, but the development is mostly used for restaurants and retail.
“When you have places that are designed for a single use, if the economy changes or people’s patterns change, then it’s no longer a fit,” Stuermann said. “There are some offices, but in general, it’s a massive retail facility.”
Under the mixed-use plans, the hotel, offices, apartments and retail offerings will all be owned under separate, local entities. Before this deal, the mall has been entirely owned by one entity.
“So if the hotel needs to change over time, that ownership group could change it, as opposed to having to redevelop the whole mall,” he said.
The most important thing about a mixed-use development, Stuermann said, is it brings people there all day long. The plans include 350 apartments and between 80,000-120,000 square feet of office space.
“You’ll have 500 people living at Brookwood, and they’ll walk on the trails. They’ll walk their dogs. They’ll wake up and eat breakfast, lunch and dinner. They’ll shop at Fresh Market. The office users will come in the mornings. They’ll get coffee at O’Henry’s. They’ll eat lunch. They may grab a drink with a colleague on their way home.”
The hotel will have approximately 120 rooms, which means approximately 150 people could be staying at Brookwood Village each night.
“The reason Brookwood worked was because it was a shopping destination and it brought people in. We’re making it a destination again, and we’re going to also program it with lots of people to kind of activate it. It will be a place for people to live there, to work there and for the community.”
The conceptual planning and rezoning process could be finished by spring 2021, the developers said in a statement. After that process is complete, construction could take 18-24 months.
Frequently Asked Questions
Mark Stuermann of Arlington Properties and Joe Sandner IV of Colliers International held four community meetings in Homewood and took questions from the community. These were some of the frequently asked questions:
Q: How will the increased need of infrastructure affect our taxes?
- A: “We don’t see this project as requiring any additional infrastructure from the city, so taxpayers should not have to pay any additional taxes to fund it. From a real estate tax perspective, Brookwood should increase tax revenue for both the city and for the Homewood school system.”
Q: How long will the construction take from start to finish?
- A: “There are a lot of variables for a project of this size, so our best estimate is two to three years. The zoning process can take anywhere from four to 10 months, and then the construction process after that is 18-24 months.”
Q: How many jobs will be lost because of this project?
- A: “The current mall is almost 50% vacant and has already lost many jobs. While we’re sensitive to jobs going away as the remaining retail tenants close ahead of construction, Brookwood will be a job generator overall. The new project will employ many people at retailers, restaurants and the hotel. There will be a tremendous number of construction jobs as well.”
Q: Why are you building office space when so many offices are not being used due to COVID-19?
- A: “The Homewood area actually has more demand for office space than anywhere in the Southeast. We want this project to be successful and active for years to come, and we feel strongly that office space is an important part of that tenant mix.”
Q: What’s different about the retail that will be offered in the new project versus the retail in the current mall (which is clearly not doing well)?
- A: “The new retail will be on a much smaller scale and will be outward-facing, as opposed to the closed mall that exists now.”
Q: Will Macy’s get a face-lift to match the new project?
- A: “Macy’s owns their store, so this decision will be up to their company.”
Q: Do you know what the makeup of the apartment units will be?
- A: “The majority of our residences will be studios, one bedrooms and two bedrooms. As of November 2020, we anticipate the breakdown to be 45% one-bedroom units, 44% two-bedroom units and 11% three-bedroom units. There may be a few studio units as well. We don’t anticipate many residents will have kids, but it will be very child-friendly – energetic, lively and something for all ages and stages todo.”
Q: How many units will there be?
- A: “We’re targeting 350 rental apartments and a smaller number – we’re not sure how many – condominiums for sale.”
Q: Why can’t you come up with a plan that doesn’t have any apartments?
- A: “Multi-family, mixed-use development is really the only way to get a vibrant environment that is attractive to visitors and residents alike. A lively, active community is key to attracting high-quality, long-term retail and restaurant tenants as well.”