Hoover City Council Greenlights Mixed-Use Development at Inverness Center North in Hoover, Alabama. NAI Chase Commercial represents the redevelopment of 450,000 SF of class A office space and Developer the Stoagroup, represent the multifamily and boutique retail.

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
waterside 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, including 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 as soon as the office redevelopment’s third phase. 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 diminishes 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.

About NAI Chase Commercial
NAI CHASE COMMERCIAL, an Accredited Management Organization with its professional staff of real estate brokers
with offices in Huntsville and Birmingham, Alabama provides Retail Office and Industrial Commercial Property Brokerage,
Leasing and Sales, Commercial Property Development, Commercial Property Management, Investment Property
Brokerage, Construction Management Consulting, and Building Renovation Services. For more information on NAI
Chase Commercial, please visit www.chasecommercial.com

About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets
and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has
more than 375 offices strategically located throughout North America, Latin America, Europe, Africa, and Asia Pacific,
with over 6,000 local market professionals, managing more than over 1.15 billion square feet of property. Annually, NAI
Global completes more than $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing,
property and facilities management, real estate investment and capital market services, due diligence, global supply
chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com or www.naiglobalnewslink.com