Atmore project interest escalates

Published 12:59 pm Wednesday, October 31, 2007

By By Adam Prestridge
With infrastructure work nearing completion at Rivercane, real estate brokers for the 643-acre development have been seeing some increased activity.
Atmore mayor Howard Shell said that type of interest is rewarding.
"We are very encouraged with the enthusiasm that we are receiving through our two brokers on the interest in Rivercane," Shell said.
Saad and Vallas Realty Group of Mobile and John Stanley &Associates of Montgomery are the listing brokers responsible for the sale of all non-industrial property within Rivercane.
According to Rivercane Project manager Joe Webb it is only a matter of weeks before work is completed on many crucial projects, which could also stir up interest in the Interstate property.
"We're making good progress," Webb said. "The construction of the water, sewer, gas, electric distribution and streets is getting very close to be completed. We have a date set to close on the Tampa property. The sign is completed, the irrigation system will be completed within three weeks and the electrical part associated with those, the electricity to the sign and to the two wells will be competed in two weeks."
During last Thursday's Atmore Industrial Development Board meeting, members not only announced that John Tampa of Vision Hospitality is scheduled to close on one of two parcels under contract, but also revealed a few additional inquiries.
The board accepted a full price offer on lot two in Phase 1 from a developer who has a history of working with family restaurants and retail stores. Tim Herrington of Saad and Vallas may announce the potential purchaser later this week, he said earlier this week.
The property the developer is interested in is nearly two acres, which would be sold at $10 per square foot. There is 87,120 square feet in two acres, which would make the sale price just over $800,000.
The board has also entertained offers from two convenience store developers, but location and financial negotiations have held up any contract being made on property.
"We are also in negotiations with a developer that wants to build two additional hotels," Webb said. "And we had an inquiry from a residential developers."
Shell said seeing activity at Rivercane is exciting and rewarding.
"Seeing it all come together has certainly been a long road to get to this point and with a lot of different people committees working hard to make it happen," he said. "We are all very encouraged with what we see with the lighting going in, the final paving going in and the landscaping being finished up. We feel we are very near the end of the construction and now we're looking forward to seeing the growth come about."
The board also announced that the PUD (Planned Unit Development) had been clarified. Now the PUD zoning requirements follow the city's zoning requirements. Prior to the meeting there was some confusion cleared up.

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