City of Mobile, AL
10/15/2024 | Press release | Distributed by Public on 10/15/2024 08:27
Sale agreement to pave the way for downtown waterfront development
Sale agreement to pave the way for downtown waterfront development
Oct 15th, 2024
Posted in:Press ReleaseMayor
- October 15, 2024 -
For Immediate Release:
Sale agreement to pave the way for downtown waterfront development
Mobile, Ala. - Mayor Sandy Stimpson is proposing the sale of city property to support a mixed-use development in downtown Mobile that will connect citizens and visitors to the waterfront.
In December 2023, the City of Mobile, Burton Property Group, and Kessler Capital announced plans to develop Mobile's only mixed-use waterfront entertainment and hospitality development: River Walk Plaza. Anchored by a luxury hotel, the conceptual plans for River Walk Plaza also include condos, Class-A office space, and multiple food and beverage, retail, and entertainment options.
River Walk Plaza is slated to be built at 10 Water Street, adjacent to the Mobile Convention Center. Through a public-private partnership, this is one of several improvements Mayor Sandy Stimpson is leading along the downtown waterfront, including the renovation of Cooper Riverside Park, the Hall of Fame Walk and future attractions planned at the National Maritime Museum of the Gulf of Mexico.
"The purchase-sale agreement is an important next step to bringing the River Walk Plaza development to fruition. This project is poised to be a transformational public-private partnership that will fully activate our downtown waterfront," Mayor Sandy Stimpson said. "A mixed-use development with lodging, entertainment and recreational options on the banks of the Mobile River will perfectly complement the other ongoing projects in the area. When this vision is realized, the waterfront will be a fully connected and thriving piece of downtown Mobile."
"This sale agreement is an important and necessary step to developing the River Walk Plaza project," Philip Burton, President and CEO of Burton Property Group, said. "Having this step behind us allows the project team and the City of Mobile to work together to execute the vision of providing great access and use for Mobile's downtown waterfront. We are excited about this important step in making this project a reality."
The River Walk Plaza concept was developed following the City of Mobile's request for proposals for a potential development on the downtown waterfront. The city selected this project, which marries residential, recreational, and office uses, as the best use for this property. Today's Mobile City Council meeting will include the first read for a purchase-sale agreement between the city and the developer.
If approved, this agreement would be a critical next step in moving this transformational project forward. The project, which is in its early stages of development, aims for a groundbreaking in 2025.
The development will include luxury hotels and condos, Class A office space, and multiple food and beverage, retail, and entertainment options. To allow for easier access, the project will be engineered to provide vehicular and pedestrian access across Water Street and the CSX train tracks.
In accordance with its regular rules and procedures, the Mobile City Council is expected to hold over the purchase-sale agreement for one week and vote on it at its October 22 meeting.
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Additional Background:
Burton Property Group is a Mobile-based property development firm. BPG has executed more than $1 billion in real estate projects since 2012 and has more than $1 billion in the development pipeline. In addition to River Walk Plaza, BPG's most significant project to date is the South Alabama Logistics Park (SALP), a 1300-acre master-planned industrial complex containing 500,000 square feet in operation and capacity for an additional 11 million square feet.
This project, which is in its early stages of development, is aiming for a groundbreaking in 2025. Design and conceptual elements will incorporate stakeholder feedback and are subject to change over time. Renderings for the project are available at www.riverwalkmobile.com