As North Alabama Development Group LLC of Scottsboro plans for the groundbreaking, it's finishing a 77-room hotel next door. Neil Victor, senior adviser with Sperry Van Ness' Huntsville, AL office, says the just-completed hotel at 26000 John T. Reid Pkwy. originally was slated as a Best Western, but will now do business under the Comfort Inn flag.
Victor is marketing the remaining 25.1 acres remaining of Cherokee Trace to retail, multifamily residential and restaurant developers. He says North Alabama Development is bringing hospitality product on line at just the right time. "There's a shortage of hotel space in Scottsboro and a shortage of multifamily in the area," he says.
Victor tells GlobeSt.com that one guaranteed boost in demand for hotel space is Bellefonte, a nuclear power plant six miles northeast of Scottsboro. The facility was constructed in the 1970s and never completed. With the search on for alternative energy, the US government is re-licensing nuclear facilities and Bellefonte is in line. "If that goes through, that will bring in 850 workers within the next year or two and up to 3,000 workers when the entire project is done," Victor says.
With Scottsboro's potential growth, Victor says Cherokee Trace's remaining acreage could support 40,000 sf to 50,000 sf of retail, with a pad site or two thrown in for good measure. The back 12 acres also would be ideal for a multifamily development, he adds. The land, without the hotels, is valued at about $6 million.
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