Real Estate Update

MOBILE, BALDWIN COUNTY, Ala. — According to AL.com, a developer paid $1.15 million for the former BancorpSouth branch building at 1057 Schillinger Road at Hitt Road in Mobile, according to Vallas Realty. The buyer may redevelop the 1.09-acre site for a retail project including a drive-thru restaurant. The 3,554-ft2 building will either be demolished or retrofitted. Also in Mobile, a local investor paid $482,150 for a 6,745-ft2 single-tenant retail building at 5412 Cottage Hill Road, according to Angie McArthur and Nathan Handmacher of Stirling Properties, who represented the seller and buyer.

In Gulf Shores, a local investor group plans to start construction on Uptown Plaza East Commercial Center at the corner of East 20th Avenue and East 2nd Street, according to Alla Nikitina of Ryals Realty. The project will include 6,000 ft2 for lease for retail, office and restaurant space, including drive-thru features. Monet Candle Co. has leased 2,500 ft2 in Palmetto Place at 960 South Schillinger Road in Mobile and plans to open in April, according to Angie McArthur of Stirling Properties. Also in Gulf Shores, Oyster Bay Townhomes is to be developed on 4.3 acres at Highway 180 and Oyster Bay Lane, according to the Gulf Shores Planning Commission. The 40 units would be on the north side of the highway. Nearby, Raley Farm Phases 3 and 4 are in the planning stages, with 200 single-family lots proposed for 66.71 acres on the north side of Coastal Gateway Boulevard. Phase 1, with 90 homes, is almost complete, and Phase 2, with 108 residential lots, is under construction.