TROY, AL – Troy University has updated the look of a former shopping center, and officials have now announced a new name for the center.
Parklane Shopping Center will now be known officially as University Park, complete with new mailing addresses recently approved by the U.S. Postal Service.
Located between South Brundidge Street and Park Street near downtown Troy, the shopping center had fallen into disrepair before being purchased by the Troy University Foundation.
Nearing final completion, the overhaul includes an expansion of 50,000 square feet and the renovation of 40,000 square feet. CGI, an information technology and business solutions services company, leases 50,000 square feet from the Foundation, while the remaining space is utilized by the University's Department of Information Technology, a University training center and, beginning in December, TROY's eCampus headquarters.
"This project was the result of a partnership between the City of Troy and the University," said Dr. Jim Bookout, Senior Vice Chancellor for Finance and Business Affairs. "When fully staffed, the facility will put nearly 600 people to work in close proximity to the downtown business district. It's a win-win for the University, the city and our corporate tenant."
Dr. John Schmidt, Senior Vice Chancellor for Advancement and External Affairs, chair of the Pike County Economic Development Corporation at the time of recruiting CGI to Troy, cited two additional considerations.
Schmidt noted that attracting high-tech companies to communities like Troy in a turbulent economy speaks volumes for the region and the workforce. Equally important is the significance of the estimated economic impact the public-private partnership will have on the community and region.
"CGI's presence combined with University consolidation provides an estimated $2 million in new tax revenue for our community and state," he said.
In addition to the renovation project, the University purchased seven lots on Madison Street adjacent to the site to accommodate parking for seven lots on Madison Street adjacent to the site to accommodate parking for employees.