Developer purchases $884,000 parcel

Published 12:54 am Wednesday, October 29, 2008

By By Adam Prestridge
The Atmore exit off Interstate 65 may soon be the next busiest stop along the stretch of freeway between Greenville and Mobile.
Local hotel investors Raman and Savita Patel recently sealed the deal on just over two acres in Rivercane, the city’s 643-acre commercial development project at I-65, and plan to build a Hampton Inn &Suites, according to Southern Real Estate’s Debbie Rowell, who represented the buyer. Coupled with the construction of a Comfort Suites currently underway in Rivercane and the Poarch Band of Creek Indians’ Wind Creek Casino and Hotel, Exit 57 may soon become full of activity.
Saad &Vallas Realty Group was the listing agent for the property, which is located on the west side of Hwy. 21 south of the Best Western, and sold for $884,000, according to Rowell. The selling price breaks out to be $10 per square feet.
Atmore Mayor Howard Shell said he is pleased to have another developer committed to Rivercane.
Shell added that land transactions such as the Patel’s take a lot of time to close.
Rowell said the four-story hotel will consist of 81 rooms and construction is planned to begin in January 2009. She said the Patel’s plan is for construction to be completed and the hotel opened in the summer of 2009.
Rowell believes the new hotel will benefit the area in many ways.
Webb added that there are other investors seriously looking at locating in Rivercane.
No timeline is available for when closing will occur on the two hotels or fast food restaurant.
As for the stability of Rivercane during today’s economic skid, Webb believes the city is holding its own.
The Patels were unavailable for comment.

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