Posted Apr 14, 2014, 7:54 PM
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Jubilee on the Bay !!
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Join Date: May 2007
Location: Mobile
Posts: 1,077
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It would be awesome if they would do a replica of the Cowthon.
Long-abandoned housing development on Mobile Bay's western shore shows whispers of new life
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Smelling that sweet SaltAire?
Blake Whitney Thompson of Black Orchid Equity LLC tells me the long-beleaguered SaltAire development could be back on track as early as May with a closing for the first high-end home as early as August.
“With Airbus and all development on western end of Mobile Bay, this could be a long-term 20-30 year event with opportunities for retail, condos, docks and new waterfront housing, so we’re real excited about it,” said Thompson, whose company targets “special situations” in real estate and real estate debt.
For the unacquainted, as much as $15 million was invested in the development before legal disputes stopped it cold in 2008. It was originally envisioned as a picturesque community of as many as 1,250 homes surrounded by parks, two stocked lakes, shops, restaurants, a fitness center and other amenities.
The saga of SaltAire is one I’m only beginning to wade into, but my colleague, Michael Finch II, has a nice head start, and we hope to bring you a thorough look soon at where the development went off the tracks, how its issues have been resolved and what can be expected from it in the coming months and years.
For now, I’ll leave you with Thompson’s thoughts on the subject:
“I think you have to have housing stock that meets everybody’s needs on both sides of the Bay: affordable, waterfront, and all points in between. What you don’t want is a flight to one side,” he said.
“I like the idea of supporting both sides with infrastructure and not just developing one part of Mobile. The Fairhope model is one I’m trying to replicate. You build something nice, and when it’s full, people live next to that and next to that, watching it get nicer and nicer with more amenities and thoughtful little things going on.”
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http://www.al.com/business/index.ssf/2014/04/a_long-abandoned_project_shows.html#incart_river
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Mobile,Al home of the first skyscraper in the southeast !!
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