The developers behind the successful Belk Hudson Lofts project in downtown Huntsville are at it again.

At its meeting Thursday night, the Huntsville City Council agreed to lease a public parking lot at the corner of Holmes Avenue and Jefferson Street to husband-and-wife developers Charlie and Sasha Sealy.

The Sealys' limited liability company, Avenue Huntsville, will transform the site near the federal courthouse into a five-story, mixed-use building called The Avenue. Plans call for at least 120 apartments, multiple restaurants on the ground floor and a 350-space parking deck.

Charlie Sealy III and his wife, Sasha, are the developers behind Belk Hudson Lofts and The Avenue in downtown Huntsville. (Eric Schultz | eschultz@al.com)

Mayor Tommy Battle said The Avenue means more "boots on the ground" downtown, which should help convince other developers to take a chance on the rapidly-emerging center city. The deal also turns an unremarkable parking lot into something that will generate new sales and property tax dollars for the city, he said.

"This is a grand opportunity for us to revitalize that portion of downtown with developers like the Sealys who have a proven track record," added City Councilman Will Culver.

The couple spent $11.5 million creating the 75-unit Belk Hudson Lofts on Washington Street - the first new affordable housing built downtown in a generation. The Avenue is more ambitious, and also more expensive.

Charlie Sealy has estimated the cost at $30 million.

Huntsville is basically giving the Sealys free use of the 2.7-acre building site. They will make a nominal annual rental payment of $100 for the first 50 years. Starting in 2065, the rent jumps to $120,000.

The city will retain ownership of the property.

Huntsville has agreed to improve the area surrounding The Avenue with heavy landscaping, brick-trimmed sidewalks, new street lamps and decorative benches, and more on-street parking. Also, a new public parking lot will be built behind the apartments.

Battle has estimated the city's infrastructure commitments at $2.8 million.

Charlie Sealy recently told AL.com that the first of several planned restaurants should be open by January 2016, with apartment tenants moving in a few months later.