Developer RCP Companies has secured a major investment partner, Benson Capital Partners (“BCP”), at its Huntsville MidCity District mega project. BCP was founded by Gayle Benson, owner of the New Orleans Saints and governor of the New Orleans Pelicans. The firm brings a wealth of experience in venture capital and real estate investment. The$2.2 Billion mixed-use district replaces a former mall and is poised to become a cultural and entertainment destination in Huntsville. Huntsville Midcity District is located at 5909 University Drive, in Huntsville Alabama.
“We are excited to further RCP Companies’ vision for MidCity, redefining community spaces,” noted Keith Schneider, Managing Director for Benson Capital’s real estate fund. “MidCity District represents a pioneering vision that aligns with our commitment to investing in transformative projects.”
Randy Wolfe, Senior Vice President and Managing Director at Northmarq, facilitated the $13.75 million investment for MidCity Placemakers Retail II, an 82,669 sq. ft. retail space within the MidCity District. Some of the included retailers include, REI, High Point, Salt Factory, Tous Les Jour, Wahlburgers, and Dave & Busters. This financing, structured over a 30-year term, marks a significant milestone in the district’s continued growth.
Since its inception in 2019, Benson Capital Partners has been at the forefront of venture capital investment, focusing on highly scalable and rapidly growing technology startups across the Southeast. In 2023, recognizing the burgeoning real estate opportunities in the region, BCP launched Benson Capital Real Estate I, LP, a fund dedicated to executing strategic real estate investments.
“We are not only gaining a valued partner with BCP but setting the stage for remarkable growth. Their extensive experience in venture capital and real estate investment aligns with our vision for MidCity District,” noted Max Grelier, RCP Companies co-founder. “This partnership signals a bright future for us and underscores our commitment to shaping environments where people thrive.”
Located near Cummings Research Park and Redstone Arsenal, MidCity District revitalized a former regional mall into a dynamic mixed-use development designed to cater to the burgeoning Huntsville market. Focusing on entertainment, retail, dining and residential experiences, upon completion, it is projected to feature 1,865 residential units, 925 hotel keys and state-of-the-art office spaces, along with outdoor gathering spaces, including the world-renowned Orion Amphitheater.
RCP Companies and Benson Capital Partners are poised to drive innovation and catalyze community development, further solidifying the MidCity District’s position as a leading destination in Huntsville.
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