New Stovehouse Renderings Released, Revival Underway!

The historic Martin Stove Building on Governors Drive is the site of Huntsville’s next destination for dining, shopping, and entertainment. Stovehouse was first announced last September along with early sketches of the coming development. But now, the latest renderings reveal the full breadth of the project and showcase the much-anticipated food garden, rooftop wine bar, entertainment stage, and abundant courtyards.

(Click here to read the full press release.)

The future view of Stovehouse when looking on from 9th Street.

Stovehouse owner/co-developer Danny Yancey purchased the building in 2016 along with his wife Patti and they immediately recognized the historic property’s potential. The goal quickly became to create a new kind of adaptive-reuse project that blended history, innovation, and urban energy—reflecting the character of Huntsville itself.

“From the first time I walked through the huge building, I saw huge potential,” said Danny. “We’re working with Centric Architecture to preserve the past while building a destination that serves Huntsville today. Where Rome Stove and Martin Stove produced durable goods, we’ll be manufacturing leisure.”

When studying the renderings, it’s easy to see the many leisure activities available. A balance of office life, fitness, food, and entertainment make Stovehouse a one-stop shop, creating a seamless transition from a productive workday to a carefree evening.

The future view of Stovehouse when looking on from 9th Street.

Stovehouse will offer tenants access to high-quality amenities and a vibrant community hub suited for everything from networking events to family-friendly activities. And its ultra-convenient location near I-565, Memorial Parkway, and Downtown puts it in the center of major Huntsville attractions.

“We already have firm commitments from tenants who will make Stovehouse a unique, high-traffic destination,” stated Stovehouse co-developer and leasing agent Wesley Crunkleton of Crunkleton Commercial Real Estate. “Curating the proper tenant mix at Stovehouse is vital, and we are focused on finding the ideal entertainment, retail, restaurant, and office combination to ensure the development thrives.”

If you are interested in becoming a part of Stovehouse, contact Crunkleton Commercial Real Estate at or call 256-536-8809. Or fill out a leasing inquiry on the Stovehouse website here.

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haley_squareHALEY CLEMONS

How Changing Demographics Are Shaping The Future – Part Two: Millennials

In PART ONE of this post we took a look at how the baby boomer generation is primed to impact the future of the economy in a big way, affect market trends and influence the commercial real estate industry in the coming years.

Today, in part two, we’ll be taking a look at their equally economically powerful counterparts, millennials.

Team working at a start up

To briefly recap, the baby boomer and millennial generations comprise a combined 61% of the total population.  This means that their likes, dislikes and even mere preferences hold a lot of sway on the future of the market and in turn the future of the commercial real estate industry.

By shifting the focus away from property types and onto the types of generations who live, work and shop in those properties, we can gain new insights and examine possible trends for the coming years.

Now that you’re all caught up, let’s examine how millennials are already shaping the future of the marketplace.

Born between 1980-2000 and totaling about 80 million Americans, millennials spend approximately $600 billion annually already.  By 2020 when the majority of them will have entered the workforce, they are expected to be responsible for a much as $1.4 trillion in spending per year, representing 30% of total retail sales.

With that in mind, let’s examine a few of the millennial trends that are set to have the largest impact on the commercial real estate industry in the coming years.


First, millennials are going to have a big impact on the future landscape of office spaces.  This is due in large to this generation’s preference to view the office no longer as a place dedicated to individuals tasks, but as “a meeting place for a diverse group of people to gather, share and collaborate,” stated a report by Jones Lang LaSalle.  The report when on to explain that, “offices are becoming places where people with common goals, but diverse sets of skills meet to generate new ideas.”

However, not only is the interior landscape of our office spaces and the dynamics of how we function within the walls of those spaces set to shift, millennials are also having an impact on the very location of those offices as well.


More than anything millennials crave community and collaboration, and this translates into a deep love of mixed-used, walkable, live, work, play environments.  And while many millennials are being drawn to urban downtown areas for this very reason, research has shown that the suburbs are not dead. However, if they wish to adapt to this shift in demand will have to prioritize creating mixed-use, walkable neighborhoods that are transit accessible.

One interesting impact that the, tech savvy, online shopping, millennial generation will have on the commercial real estate industry in the coming years is in the industrial sector.


With the rising demand for online shopping and faster delivery times, comes an increased demand for industrial distribution and fulfillment centers.  “An estimated 30 percent of the U.S. industrial big-box demand has a correlation to e-commerce, and this will not abate anytime soon. Major retailers continue to open new fulfillment centers that offer access to the nation’s key population centers and infrastructure, and are opening smaller centers to enhance coverage in secondary markets.” stated La Salle.  “Currently, around 59% of the country’s population shops online; millennials, a generation raised on technology, comprise the majority.”

Lastly millennials place a large priority on price, having lived almost half their life during the great recession, “they habitually use mobile devices to compare prices while shopping in stores and tend to favor value-oriented retailers like dollar stores, second-hand stores, drug stores and off-price retailers,” commented La Salle.  Shop’s topping the millennials most visited list include: Forever21, Old Navy, Marshalls, Target, Walmart, Macy’s, Kohl’s, TJ Maxx, Urban Outfitters and JCPenny.

Millennials are a tech-savvy, ambitious generation who want to be “in the know,” love to participate and engage, crave authenticity, are tremendously influenced by their friends and want to make a difference with their lives.  But it’s also important to keep in mind that these millennials are just now coming into their own, entering the workforce and about to start families.  Keeping tabs on this demographic over the next several years will give many investors a leg up to be prepared for the shifting demands of the future marketplace.

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The Trend Report: Emerging 2015 Insights


According to an industry insight report released by Transwestern last week, there are some interesting commercial real estate trends emerging from the first quarter of this year:

Wage growth is flat, but disposable income is up.

Unemployment has improved since the Great Recession, but employees are not receiving wage increases typical of past recoveries. However, consumer credit is 30 percent higher than July 2010, and consumer confidence is spiking. This could be due to the decline in the price of gasoline: a one-cent-per-gallon reduction in price of gas is equivalent to approximately $1 billion in consumer savings – money that can be spent elsewhere.

The national economy has recovered.

The labor market surpassed pre-recession levels, and the gross domestic product growth exceeded expectations. This growth is expected to continue through 2015, barring a geopolitical jolt. Despite these positive signs, the stagnant wage growth is a cause for concern. With the improving economy, wage growth should be more meaningful in the period ahead.

Consumer behavior is changing.

Immediately following the Great Recession, consumers opted to pay off debt rather than spend money. More recently, consumers have begun taking on more debt – total consumer debt has risen 5.0 percent since bottoming out in second-quarter 2013. This indicates growing confidence in household budgets and job security, so consumers are willing to spend more. Student debt has risen 84 percent since 2008 and totals nearly $1.2 trillion. As these students enter the work force carrying so much debt, they put off homeownership to rent instead. They also put off owning a car, partially prompting the need for companies to seek out transit-served locations.

Tenant behavior is changing.

Densification among office tenants remains strong, with companies taking approximately 10 percent less space per worker, according to a survey conducted by Delta Associates. For some industries, this reduction would likely be substantially greater. Similarly, advancements in technology are prompting retail tenants to lease less space.

Real estate is now an experience, not just a location.

The average consumer is now younger and more informed, forcing developers to adapt. Mixed-use projects are becoming more prevalent as they bring walkability, vibrancy and community together into a unique environment that appeals to the modern urban consumer.

Real estate is a preferred investment vehicle.

Annual office sales volume has risen 528 percent since the market bottomed out in 2009. Commercial real estate in the U.S. continues to be a safe haven for investors seeking higher yields with relatively low risk.

To read the full report CLICK HERE.

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