Sony Entertainment is on the cusp of making their ten years of planning a reality. They have purchased 82 acres of land in Albertville, adjacent to the Albertville Premium Outlet Mall. The project is currently in the process of getting final approval from the city. If everything goes according to schedule, Sony will break ground in the late fall of this year. The 150,0000 square foot facility plus 275 room hotel is scheduled for completion in the fall of 2017. The attraction will provide state of the art facilities, an indoor water park, a behind the scenes look of how movies are made, and themed attractions based on Sony Pictures films. It will have enough activities to occupy the whole family. With the nearly 80,000 cars that pass by the site every day, it will quickly become a great indoor destination.
This will have a tremendous effect on the community and commercial real estate in the area. Since the recession in 2008, commercial real estate in Albertville has been in the decline. The Mall of Entertainment will increase land and property values, jobs and traffic in the area. With more visitors comes a great opportunity for new retail, hospitality and restaurant businesses. Currently there is a limited number of restaurants in the area including both formal and casual dining.
Brian Beeman, of IAG Commercial Real Estate, is excited about the opportunity the new theme park will bring to the community. He has a client that owns an adjacent 1.22 acres and has seen a large increase of interest in that area.
Now is a great time to purchase land before property values increase. It is also a great time for development so business openings will coincide with the Mall of Entertainment opening and the increased traffic it will bring.