Huntsville city officials have said that the planned completion of the Northern Bypass is generating conversation by developers to take advantage of the open land along the highway.

North Valley appears to be one such potential project.

IMS Development, a Tuscaloosa-based real estate development firm, announced Tuesday the purchase of about 130 acres of land in north Huntsville from the University of Alabama in Huntsville Foundation as well as plans to build 800 residential units to the area along with 20 acres for commercial development.

The planned development is on the south side of Research Park Boulevard at Alabama Highway 53 and Blake Bottom Road.

The residential aspect will be a mix of low and high-density housing. For commercial development, the announcement said it could attract big box retailers, hotels, restaurants, convenience stores and entertainment establishments.

“This acquisition is an exciting venture for our firm,” H. Jackson Wallace, president and COO-Development at IMS, said in the announcement. “North Valley is not just a development project. It’s an opportunity to create a thriving community that provides residents with an unparalleled living experience while contributing to the growth and prosperity of north Huntsville.”

Long-awaited work on the final three miles completing the four-lane Research Park Boulevard to North Memorial Parkway – informally known as the Northern Bypass – is expected to begin soon. Intended as a fast track to Redstone Arsenal from the north and a way to ease congestion in the I-565/Memorial Parkway interchange, the economic benefits are an added bonus for the city.

The planned development would be in close proximity to North Huntsville Industrial Park, which includes Toyota Motor Manufacturing, Meta data center and Aerojet Rocketdyne among its tenants. Other projects are also planned for the park. The development would also be near Redstone Arsenal and Cummings Research Park.

“The decision to invest in the Huntsville market was driven by its impressive growth and economic diversity,” Greg Wood, president, and COO-Management at IMS, said in the announcement. “We saw an area of the city that was underserved and believed we could create a project that would enhance the area and introduce new commercial ventures. There are a lot of possibilities that the commercial lots can accommodate, and we are excited to hear from interested parties.”

Crunkleton Commercial Real Estate’s Vice President Eric St. John assisted IMS Development with the acquisition.

“We are honored to help bring IMS Development’s expertise to the area,” St. John said in the announcement. “North Valley will elevate the quality of life for its residents and present exciting opportunities for commercial ventures.”