MidCity District and New Orleans Saints Fund Partner: HUNTSVILLE, Ala. — Huntsville’s MidCity District, a $2.2 Billion mixed-use district that has become a cultural and entertainment destination, has announced a strategic partnership with New Orleans Saints-owned Benson Capital Partners, positioning MidCity for future growth.
“So, the owner of the New Orleans Saints, the Benson family started the Benson Capital Fund as a way to invest in transformative real estate projects,” Nadia Niakossary, senior director of development at RCP Companies shares. “So, they’ve reached out. and through that, we’ve created a partnership with them because they really believe in the mid-city vision as a transformative real estate project.”
Niakossary shares how the vision of what MidCity could be become was well received by BCP. “They really liked our vision behind MidCity and just the redevelopment of this area of town, but just also creating culture from scratch is a difficult thing,” Niakossary shares. “New Orleans oozes culture and so us just trying to bring a fraction of what New Orleans has just through architecture or through programming, throughout mid-city, through music, through art, a lot of MidCity is inspired by New Orleans.”
Phase 1 is a 13.75-million-dollar investment for MidCity Placemakers Retail II, an 82,669 sq. ft. retail space within the MidCity District. “The Placemakers retail deal was one of the first that we presented to the Benson capital fund group,” Niakossary shares. “They’ve invested in all the existing retail that is at MidCity. so, the RCI, Komodo Ramen, Wahlburgers, Dave and Buster’s, it’s the buildings that make up the retail two projects that we have recapitalized, and they invested in the recapitalization. Phase two that will bring in more retailers to the frontage of MidCity. We are now recruiting more retailers to build out that frontage.”
Niakossary shares being a part of this growth hits home. “It’s very fulfilling and I’m very grateful to be able to have a hand in this because I see a lot of people wanting to move back to Huntsville or that credit, you know, the music scene or the restaurant scene or the event scene here for like their reason for wanting to move back,” Niakossary shares. “I’m born and raised Huntsville, so I saw the Madison Square Mall when it was first here and so to be a part of changing the cultural landscape for Huntsville and North Alabama with what we’re doing with bringing new restaurants here, new retailers here. It’s very fulfilling in that way.”