Signature Homes proposes 120 townhomes off U.S. 280 across from Walmart

Signature Homes and Terra Equities are asking the city of Hoover to annex 15.5 acres along U.S. 280 to accommodate 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, but the pawn shop would be torn down to make way for two restaurants and a 12,600-square-foot commercial building.

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.

Signature Homes President Jonathan Belcher told the Hoover Planning and Zoning Commission Monday night that 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, he said.

None of the townhomes would have garages, but there would be 225 parking spaces for residents, Belcher said.

Based on past experience, he would expect one out of every 10 townhomes to include a child for the Hoover school system, he said. The Hoover school system has greater capacity for handling more children on the east side of the city, he said.

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.

The commercial property also should 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 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. He would like to see some sort of pedestrian connection between the proposed development and Meadow Brook Corporate Park, he said. Belcher said he has not yet reached out to the property owner in between this property and the corporate park to discuss that, but he would be willing to request that.

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 parties are asking for zoning for the property first and then to be annexed into Hoover if the zoning application is approved.

The Hoover Planning and Zoning Commission is expected to consider the zoning case on Dec. 13. If approved there, it likely would go to the City Council for consideration on Jan. 17.