For Immediate Release

**Hoover, AL, May 29, 2024** – NAI Chase Commercial, a member of the world’s premier managed network of commercial real estate firms, NAI Global, announced today the Hoover City Council’s approval of a 15-acre Mixed-Use Development to be located in the picturesque environment off Inverness Parkway, Hoover, Alabama. Randy Thomas represented the landlord on behalf of Inverness Center North Office Park, while the Louisianna Mixed Use Developer, Stoagroup will spearhead the multifamily and boutique retail portions of the development.

This mixed-use development will feature a blend of predominantly single unit dwellings with a luxury style targeting young, educated professionals, alongside 16,000 square feet of boutique retail space, giving compliment to the existing 450,000 SF of class A office space. The retail space will include a destination white tablecloth restaurant with outdoor water side seating, boutiques, cafes, and other high-end retail establishments, creating a walkable community atmosphere nestled within a park-like setting.

“We are delighted that the city council approved this mixed-use development,” said Randy Thomas, Executive Vice President-Brokerage of NAI Chase Commercial. “This new development will revitalize a once vacant office park, tenanted by Southern Company.   Over the past year, the new owners of The Inverness Center North Park have invested over $4 million in renovating the existing office buildings. Building 44 is now at 95% occupancy. Building 40 has completed a portion of its common area renovations which include a conference facility and fitness center. The class A office buildings have secured six new leases, including tenants such as Pulmonary Associates of the Southeast, Ardent Schools Corporate Offices and Ascension IT. Building 42 will undergo renovations soon as the third phase of the office redevelopment. The approval of the mixed-use Development within the Inverness Community is a perfect example of sparking new energy into office parks suffering from Post Pandemic occupancy.” Thomas added.

“Mixed-use developments cater to young professionals by seamlessly integrating the Live, Work, play aspects into a single cohesive environment,” said Prescott Bailey with Stoagroup. “Inverness Center North will feature Luxury professional living, renovated Class A office spaces, retail stores, and entertainment venues within a unique, lush natural setting with walking trails along Memorial Lake. This environment diminished the need for long commutes and fosters a balanced lifestyle. For young professionals, the convenience of living near their workplace and having access to amenities such as gyms, cafes, restaurants, and parks significantly enhances their quality of life. The vibrant, dynamic atmosphere of mixed-use developments encourages social interaction and networking, while the variety of activities and services available supports a flexible, modern way of living,” said Bailey. This holistic approach to urban planning not only meets the practical needs of residents but also creates a thriving community that is attractive to the young, dynamic workforce.