Outlook Bright for Redstone EUL Project
- July 25, 2011
As the completion of the first building at Redstone Gateway — the $1 billion office park at Redstone Arsenal being developed under the enhanced use leasing (EUL) program — approaches in the fall, the company that is leading the effort has high expectations for the project.
“It is not a normal office park. It is a first-class office park. All of the office buildings will be LEED certified,” Rand Griffin, president and CEO of Corporate Properties Trust, told the Huntsville Times.
Griffin’s positive outlook is a direct result of the potential for growth he sees in Huntsville, Ala., in both the commercial and federal sectors. The EUL project was attractive, he said, because the region has a strong government presence and a need for facilities for defense contractors.
“There are a number of cities with strong military bases, but don’t need office space,” Griffin told the Times.
Another factor is the city’s stance toward gaining new military missions.
“Unlike some other cities in the country, I think Huntsville has a very positive attitude toward BRAC, and they are willing to make investment of time and energy in successfully winning BRACs. Not just this BRAC, but in future BRACs, they will able to succeed,” he said.
The project calls for 4.6 million square feet of space, including two 150-room hotels and 40,000 square feet of retail space; it is slated to be completed over a 15-to-20-year period.