The Hoover City Council on Feb. 21 plans to vote on whether to rezone 15.7 acres along U.S. 280 to make way for 120 townhomes and three commercial buildings totaling about 25,000 square feet.
The property is at 5352 U.S. 280, directly across from the Walmart Supercenter. It currently is zoned as a general business district in unincorporated Shelby County and includes a pawn shop, which would be torn down to make way for two restaurants and a 12,600-square-foot commercial building, said Signature Homes President Jonathan Belcher, who is working with Terra Equities on the proposal.
Just south of the 4.5 acres of commercial space to be developed by Terra Equities, a little further away from U.S. 280, would be the 11 acres for the 120 townhomes, according to plans submitted to the city of Hoover.
To the west is an AT&T building and self-storage facility, and to the east are several homes, including mobile homes, along Lyndon Drive.
Signature Homes and Terra Equities also are asking for the land to be annexed into Hoover if their rezoning request is granted by the council. The Hoover Planning and Zoning Commission on Jan. 10 recommended the City Council approve the rezoning request.
Belcher said the residential portion of the development is expected to be a $40 million project.
He is proposing two-bedroom or three-bedroom townhomes with roughly 1,600 square feet of space each and likely priced in the high $200,000s. He plans to pattern the development after the Edenton Lofts that Signature Homes developed in 2010 off Cahaba Beach Road.
None of the townhomes would have garages, but there would be 225 parking spaces for residents, Belcher said. That is a higher ratio of parking spaces per townhome than Signature Homes has in Edenton Lofts, and there have been no issues with inadequate parking there.
Based on past experience, Belcher said he would expect one out of every 10 townhomes to include a child for the Hoover school system. The Hoover school system has greater capacity for handling more children on the east side of the city.
The commercial portion of the development, to be handled by Terra Equities, is expected to be a $10.3 million project and include 190 parking spaces for the two restaurants and third commercial building, Belcher said.
The commercial property should generate an estimated total revenues of $16 million to $17 million a year, Belcher said. That would mean $560,000 to $595,000 in annual sales taxes for the city of Hoover, $640,000 to $680,000 in annual sales taxes for the state, $80,000 to $85,000 in annual sales taxes for Shelby County and $80,000 to $85,000 in annual sales taxes to schools in Shelby County.
It should also generate $44,000 to $45,000 a year in property taxes, while the residential property should generate about $66,000 a year in property taxes for the school system, Belcher said.
Hoover Councilman Mike Shaw, when this project first was presented to the zoning board in November, said he knows there are a lot of technology jobs in the nearby Meadow Brook Corporate Park, and he would like to see places for those workers to live close by, so this type of housing in that location is appealing to him.
The property that Signature Homes and Terra Equities want to buy is now owned by Sam’s Real Estate Investment Trust and Sharit Real Estate Holdings.
The City Council also on Feb. 21 is expected to consider several amendments to the city’s zoning ordinance, including amendments that would:
► Create a specific zoning district for senior living/retirement communities, separate from independent and assisted living centers, that is designed to accommodate multi-family communities designed for people ages 55 and older and less like institutional senior living facilities.
► Create a specific zoning district for gymnasiums and fitness/exercise centers.
► Permit taller buildings in commercial zones with conditional use approval.
► Reclassify gasoline stations as conditional uses in planned commercial districts.
► Provide for additional off-street parking areas for townhome developments.
The zoning board recommended approval of those and several other amendments.