MONTGOMERY, AL | MAR 23, 2010–Jim Wilson & Associates (JWA) is pleased to announce the formation of a joint venture with Corporate Office Properties Trust (COPT) for the development of Redstone Gateway, a 468 acre land parcel adjacent to Redstone Arsenal in Huntsville, Alabama. To be developed as a business park, this site will be home to over 4.6 million square feet of office, retail and hotel space upon completion. With land owned by the U.S. Government and leased to the joint venture pursuant to a long term ground lease through the government’s Enhanced Use Lease (EUL) program, the business park is planned to be developed in three phases and will feature three to six story office buildings containing 80,000 to 165,000 square feet. Meeting also a need for secured office space, over 1.2 million square feet will be within the secure area of Redstone Arsenal.
The development of Redstone Gateway will include extensive interaction with Redstone Arsenal and the City of Huntsville as the joint venture works through the City of Huntsville to create a Incremental Financing (TIF) program that will fund a majority of the infrastructure cost of the Project. Redstone Arsenal is located in Huntsville which is in the center of the Tennessee Valley, in northern Alabama. A recipient of one of the largest BRAC 2005 decisions, Redstone Arsenal gains 4,700 direct military, government civilian workers and contractors bringing the on-base working population to over 30,000 direct jobs. Redstone Arsenal’s expanded missions will further bolster an already large off-post contractor population by adding a total of nearly 15,000 indirect jobs to Huntsville and the surrounding area. Redstone Arsenal is completing nearly $450 million of military construction to support the BRAC relocations that are due to be completed by September 2011.
Jim Wilson & Associates, LLC is pleased to be a part of this new project. “Redstone Gateway is a premier project positioned to meet the growing needs of Redstone Arsenal through the construction and operation of an outstanding Class A business park,” said Jim Wilson, III, Chairman and CEO of JWA. Working alongside his brother on this important project, Will Wilson, President of JWA notes, “With over four years of background work to make this a reality, the team of Redstone Arsenal, Huntsville, Madison County and the developer, JWA and COPT, are now ready to see the landscape change on this great site with the commencement of the installation of infrastructure and the construction of new buildings.”
Corporate Office Properties Trust (COPT) (NYSE: OFC) is a specialty office real estate investment trust (REIT) that focuses on strategic customer relationships and specialized tenant requirements in the U.S. Government, Defense Information Technology and Data sectors. The Company acquires, develops, manages and leases properties which are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in growth corridors. As of December 31, 2009, the Company owned 269 office and data properties totaling 20.2 million rentable square feet, which includes 20 properties totaling 1.1 million square feet held through joint ventures. The Company’s portfolio primarily consists of technically sophisticated buildings in visually appealing settings that are environmentally sensitive, sustainable and meet unique customer requirements. COPT is an S&P MidCap 400 company and more information can be found at www.copt.com.
Jim Wilson & Associates, LLC, based in Montgomery, Ala., is a privately owned real estate company specializing in shopping centers, residential real estate investments, offices, condominiums, hotels and mixed-use developments. With over three decades of real estate experience, JWA has developed in excess of 21 million square-feet of shopping center space. The company’s development portfolio includes residential communities and condominium residences, mixed-use developments, Class A office buildings and hotel and country club assets. For more information, visit www.jwamalls.com.