Nicol Investment Begins $200M Alabama Mixed-Use Development
The 60-acre project will feature both market-rate and senior housing components.
Original article from Multi-Housing News
AUGUST 26, 2021
Nicol Investment Co. has unveiled the details for its first master-planned mixed-use community, a 60-acre project in Huntsville, Ala. The $200 million Upland Park will include multifamily properties, senior housing, restaurants, retail, offices, entertainment and public spaces. Nicol Investment is planning to complete the multiphase project in fall 2022.
Upland Park will include three residential components, each being tackled by different project teams. For The Kelvin, Nicol Investment tapped JHP to design the project and EMJ Construction to build the community. The 301-unit Class A community is slated for 2022 and will include one-, two- and three-bedroom units.
The mixed-use project will also include The Collins, a 334-unit Class A community that offers one- and two-bedroom apartments alongside 150 three-bedroom apartments known as Big House units. These units are stand-alone buildings that feature private garages and entrances and have been well-received in the market, according to Nicol Investment. The company tapped Humphreys & Partners as The Collins’ architect and TriBridge Residential as the general contractor. Nicol Investment also tapped RAM Partners as property manager for both apartment projects.
Plans for Upland Park also include a 189-unit Class A senior housing community, Vitality at Upland Park. The senior living property will include units for independent living, assisted living and memory care. Nicol Investment has partnered with Vitality Living for the development and management of Vitality, which is slated for a 2021 completion. The developer tapped ESA as architect for the project, while DeAngelis Diamond will be the general contractor.
HIGH GROWTH IN HUNTSVILLE
To anchor the mixed-use development, Nicol Investment is also co-developing a creative office and retail project with Nashville-based developer Vintage South. The project named HQ will include at least 80,000 square feet of creative office space and at least 20,000 square feet for retail and restaurants. Nicol Investment and Vintage South tapped Centric Architecture as HQ’s architect, while Doster Construction will be in charge of building the project. When completed, Colliers will be responsible for the office and retail leasing at HQ.
Nathan Lyons, founder & CEO of Vintage South, said in prepared remarks that Huntsville was seeing a migration from national corporations and agencies alongside an organic growth of local businesses. Mark Nicol, president of Nicol Investment, added in prepared remarks that Huntsville was also growing due to the many research and education institutions alongside the defense and aerospace industries within the city. South of Huntsville, Nicol Investment also broke ground on a 250-acre mixed-use development in Mount Juliet, Tenn., with its joint venture partner Cumberland Advisors.