$240M Riverchase Galleria redevelopment proposal unveiled

The much-anticipated study to redevelop the Riverchase Galleria was released tonight at the Hoover City Council meeting.

Conducted by Hunden Partners—a Chicago-based real estate development firm—the study recommends Alabama’s largest mall be redeveloped in two phases totaling $240 million.

Riverchase Galleria: An awesome location

Hunden Partners’ Steve Haermmerle told the Council that the 40-year-old Riverchase Galleria has a lot of potential for redevelopment.

“In not all places, we can say this — this is an awesome location. It has strong highway access, it’s incredibly visible, and there are already a mix of uses here. So you’re all starting from a point where things can change, and again, not all places that can happen. And so I think this is a really good starting point.”

Steve Haermmerle, Hunden Partners

Below are the two proposed redevelopment phases, which include building a 1,100-seat performing arts center and 492 apartments.

 Phase One is a smaller-scale redevelopment that includes the following:

• Demolition of the former Sears
• Construction of:
  • 282 apartments
  • 28,000 square feet of retail
  • 1,100-seat center for the arts
  • 25,000-square-foot public plaza & greenspace

Phase Two is a full build-out of the redevelopment with additional residential and retail space that includes the following:

• Demolition of the current Macy’s box and the adjacent triangular corridor of the mall
• Construction of:
  • 260 apartments
  • 16,000 square feet of retail
  • 19,000-square-foot public plaza & greenspace

According to Hunden, the proposed conceptual redevelopment project would generate an estimated $396 million in net new spending, $74 million in net new earnings and $9.2 million in new city taxes over 10 years. 

If no redevelopment occurs, the group expects sales taxes generated from the mall to continue to decline over the next 10 years.

Read the entire study

You can find a link to the entire study by going to the City’s website at: www.hooveralabama.gov. Information regarding the study is at the bottom of the homepage under the “News and Spotlights” section.

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