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Posted Jul 22, 2007, 4:42 PM
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Mobile, Alabama
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Join Date: Mar 2007
Location: Mobile, AL
Posts: 313
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Hot off the Press-Register!
Here are today's rounds of developments mentioned in the Press-Registrer. The first one is a story on downtown condo developments and the second is about Waterstreet Landing, which investors say will happen and the land is not for sale.
Condo projects keep sprouting downtown
Sunday, July 22, 2007
By KATHY JUMPER
Real Estate Editor
Tuscaloosa developer Steven Barr chose downtown Mobile a year ago for his 21-unit condominium at 308 St. Louis St., based on his belief that the city has a bright economic future.
"I felt Mobile was in for some good times," he said. "Mobile could be the capital of the Gulf Coast."
Like Barr, out-of-town and local developers are hitting the downtown pavement in search of buildings or land to construct more residences to meet the demand they say is there.
"The timing is right," said John Hunter of Mobile, who plans to develop 250 St. Francis Street, a 32-unit condo building on a parking lot site at St. Francis and North Joachim streets.
"We don't have to tear anything up," he said. "It's going to be a first-class project."
Hunter, who has developed several condo complexes on Dauphin Island, and John Peebles, a commercial broker, are partners in 250 St. Francis Street. Presales have just begun at prices starting at $239,900 for a one-bedroom unit and up to $375,000 for large, three-bedroom units. Six units are reserved, Peebles said.
"There's a pent-up demand for housing downtown, and the city's study confirms this," Peebles said.
Residents moving to downtown Mobile would fill more than 250 housing units a year for at least five years if developers could build them, according to a report done last November for the Downtown Mobile Alliance.
There's a potential market of 1,960 households each year that are looking to rent or buy apartments, lofts, condos or townhouses, according to the city's study by Zimmerman/Volk Associates of Clifton, N.J. Prices for the condo units and houses should range from $115,000 to $500,000, the report said.
The prices for current downtown projects range from $166,000 to $500,000, depending on the square footage and amenities. The complexes include historic warehouses to new construction. Some condo projects offer private, indoor or covered parking; others have secluded courtyards, and another offers balconies overlooking the Mardi Gras parades.
The buyers are a mix of young professionals working downtown, empty-nesters who have a second home on the bay or at the Gulf, and investors who plan to rent the units, according to developers.
Downtown's condo prices may be getting too high for folks to afford, according to contractor Tilmon Brown. "You need to match your pricing to the marketplace if you can," he said. "It's unrealistic to price condos at $400,000 to $500,000 downtown."
His downtown projects include the 24-unit Mattress Factory on Dauphin Street that he developed for seven out-of-town investors, which should be done this fall. There are two units available, a townhome listed for $325,000 and a loft at $199,000, according to Nichole Patrick of Dauphin Realty.
Brown just finished St. Emanuel Place, an 11-unit apartment complex he owns at 127 Dauphin St. The units rented so quickly that he plans to build 28 apartments in the Buick building or the former Turner Motor building on St. Louis Street.
But most developers are looking to build condo units to sell.
Brown has partnered with Todd Drummond, a commercial broker, and former state Sen. Ann Bedsole to renovate the O'Gwynn building at Conti and Conception streets into 10 condo units. The units will start at $191,000.
Another condo project under way, Carriage Works at 701 and 709 Dauphin St., is a joint project of Drummond and Bedsole. There will be seven condo units built in the existing building, priced from $229,000 to $390,000, and four new townhomes built next door, priced at $399,000, according to The Drummond Group.
Barr's St. Louis Lofts are priced from $166,000 to $255,000 and 12 of the 21 have sold, he said. He is renovating the former Mobile Fixture & Equipment warehouse.
"We're not disappointed with sales since lofts are still fairly new and people need to see what they look like," Barr said. "We think the momentum is about to pick up."
The newest residential project, 250 St. Francis Street, will be new construction built to look like old Mobile architectural style, according to Peebles.
"Our goal when it's finished is to have people drive down the street and say, 'Wow, what a fabulous old building, and we're so happy they saved it.'"
Water Street developers persevere
Group putting together riverside condo-retail complex says it will overcome difficulties
Sunday, July 22, 2007
By KATHY JUMPER
Real Estate Editor
The Water Street Landing condominium and retail complex is one of "the most amazingly difficult projects" that Los Angeles developer John Bostick says he has ever tackled.
The 241-unit project at the foot of Government Street downtown was announced three years ago, and progress has stalled from the get-go for a number of reasons: The city was unaware that a partner in the project is a convicted felon; negotiations are still ongoing with CSX Railway to build the condos over train tracks; a key development partner passed away in December 2006; and a month later the project architect and contractor filed liens on the property.
"We do understand that there's a perception of 'Wow! This is probably never going to happen,'" said Bostick, a partner in the Millennium Pacific Icon Group based in Los Angeles. "But we're not going anywhere. The property is not for sale."
Bostick became the group's spokesman after the managing partner, James Mahoney of Tustin, Calif., died unexpectedly last fall.
"I still believe this is one of the best locations in the city," Bostick said. "We just keep running into issues. But some of the most difficult projects are usually some of the best."
The estimated $80 million
riverside residential and retail complex on 1.6 acres on Mobile River would include about 60,000 square feet of retail space, according to Millennium's plans. The condo units are to be built on the west side of the CSX tracks, with trains traveling underneath the project. Last March, Millennium hired crews to demolish the old CSX office and removed it from the property.
The most recent complaint against Millennium was filed June 26 in Mobile Circuit Court by White-Spunner Construction, which is seeking $68,500 for pre-construction services. The Mobile-based contractor had already filed a lien against the property Jan. 30, seeking payment.
"We're asking for the basic costs," said John White-Spunner, president of the firm. "The architect got paid. But we couldn't get any response." He said the company worked on the design plans and did the construction budget, which includes costs of materials and equipment.
White-Spunner's complaint has been turned over to Millennium's attorney, according to Bostick. "In our opinion, Alabama law says that you can file a lien if you've built a structure, and, obviously, they didn't build a building and didn't do work on the site," he said. "I don't think filing a lien is the right approach."
Watermark Design Group in Mobile filed an $869,724 lien against the property on Jan. 2, 2007, for design work the architects did for the condo project. The lien was withdrawn after the issue was resolved through mediation, according to Bostick.
Millennium plans to hire a Birmingham architectural firm to work on the plans, but that is on hold until CSX and city officials work out issues related to crossing the tracks, according to Bostick. The city would like crossings at the condo site as well as the nearby Alabama Cruise Terminal.
The city is confident it can reach a resolution with CSX soon, according to Al Stokes, chief of staff for Mayor Sam Jones. "We are not in a position to discuss the details at this time," Stokes said.
The riverside project was first introduced to the city in December 2004 by Andrew Oliver, a Mobile native working with the L.A. group. Shortly thereafter, the Press-Register learned that Oliver had a criminal record, including a conviction in connection with a bank robbery and murder in Georgia in 1965. He offered to step aside if his involvement would hurt the project, but city officials said they were still supportive of the planned development.
The condo building and retail stores may have to be under construction before people believe it will happen, according to Bostick. "We've never looked at this as a resort or vacation deal where you have to have presales before you can get construction financing. We see these as more permanent residences."
The prices for the condo units have not been determined, Bostick said. "What will drive our pricing is purely the location."
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There is also something that caught my attention from Wikipedia which states..."Mobile is expected to overtake Birmingham as the most populous city in Alabama by 2012 with a population of 251,000", http://en.wikipedia.org/wiki/Mobile,_Alabama. The last I heard was this was expected pass 2020. Can anyone give me some comments on this? The site also states that Mobile is amongst the top ten most prosperous cities in the U.S.
Last edited by CottonCity251; Jul 22, 2007 at 4:51 PM.
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Too bad I didn't have a camera that was able to take pano shots.
Before I would attempt to get a shot of the city like that, I would have to get a better camera, and figure out how to get a pano shot. Isn't there a lense that enables you to do that ?
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