MADISON, Ala. – March 16, 2011 – GBT Realty Corporation, a national retail real estate development company, in partnership with the City of Madison, today announced the acquisition of property for the development of The Shoppes of Madison.
The property, comprised of 28 acres located at US Highway 72 near Wall Triana Highway, will include a 135,000 square foot Target and an additional 125,000 square feet of other retail space. The City of Madison and GBT will hold a groundbreaking ceremony at 10 a.m. on March 21, 2011. The development of the shopping center is scheduled for completion and opening in March 2012.
Madison Mayor Paul Finley applauded the land purchase and Target opening. “With Target, we bring a quality business to our City. Many of our residents currently travel all the way to Huntsville to shop, so not only will this store provide our residents the shopping options they desire, it will also significantly add to the City’s bottom line.”
Amy Bell Furfori, director of community development and planning, echoed the sentiment. “Mayor Finley and the City Council have been clear since my arrival that increasing sales tax was a top priority. Partnering with GBT Realty to ensure Target selected our City is a huge step in the right direction.”
In addition to landing Target, there is a strong demand for the additional retail space and outlots in The Shoppes of Madison. GBT is currently securing leases for a large percentage of the center and will announce as leases are signed.
“We are very fortunate to have Mayor Finley and his team's support and assistance in this development,” said George Tomlin, president and CEO of GBT Realty Corporation. "Their proactive business approach is what allowed this development to come to fruition for the benefit of Madison residents.”
Madison has become a very popular destination for families that value a high quality of life and top rated education for their children, and for retiree’s that want to be close to their children and grandchildren. Coupled with its proximity to large employment centers such as Redstone Arsenal and Cummings Research Park, the City of Madison has become a highlighted area to live when people are considering relocation to the Tennessee Valley.
GBT has developed additional Target anchored centers in Decatur, Ala. and Florence, Ala. It is also the developer of Madison Corners, a 12.86-acre property located just west of the Shoppes of Madison on US Highway 72 and adjacent to the Regional Madison Hospital opening February 2012. The new hospital was a factor that was instrumental in Target’s site selection.