HUNTSVILLE, Ala.—Brentwood, Tenn.-based GBT Realty Corp. has announced more retail development in northern Alabama at The Shoppes of Albertville. 

"With The Shoppes of Albertville already 92 percent leased, we continue to see a great deal of interest for the small shop space from those retailers we are targeting that will complement the anchor tenants,” Thom Hickman, senior vice president for acquisitions and development at GBT Realty Corp., told GlobeSt.com. “However, what is for sure is that this center will give Albertville residents direct access to retail that is currently 30 minutes to an hour away." 

GBT is developing the $18 million, 135,000-square-foot retail center along Albertville's primary commercial corridor. The company acquired the 13.2 acres last month and construction is currently under way.

The initial tenant line-up features PetSmart, T.J.Maxx, Hobby Lobby, Ross Dress for Less and Hibbett Sports. Additional space is available for a junior anchor between Hibbett Sports and Ross and another 11,200 square feet of small shop space along Highland Avenue, adjacent to Hibbett.  The center is expected to be completed spring 2016.

“We're seeking shoe retailers, fast-casual dining options and service-oriented tenants to complement the center's existing amenities,” says Jeff Pape, managing director/shopping center division for GBT.

GBT entered into a development agreement with the city whereby the city agreed to sell bonds to provide $5 million of funding to offset predevelopment and development costs; a portion of the sales tax generated at the shopping center will pay off the bonds.

The site is nearby boating and fishing opportunities, which is a tourism driver. It is also within commuting distance to three community colleges and three universities in North Alabama.

The Shoppes of Albertville is the latest development added to GBT's Alabama portfolio of community centers that also includes the most recently announced expanded Strong Station in Huntsville, Vestavia Commons and Crossings of Hoover, both in the Birmingham MSA. Currently, GBT has more than $65 million of retail development totaling over 300,00 square feet planned or under development throughout Alabama, including bringing the first two Sprouts Farmers Markets to the state.