By Kathy Jumper | www.al.com
A local investment group has received city approval to develop Gulf Stream, a 64-unit townhome community on 11 acres on the south side of Canal Road near Blalock Seafood in Orange Beach, according to Nathan Cox, CEO of 68 Ventures. The first phase of townhomes should be complete by late 2018. D.R. Horton will serve as the builder of the units, which will start in the low $200s for a 1,550-square-foot townhome. 68 Ventures paid $660,000 for the property.
Investors from Boca Raton, Fla., paid $475,000 for a 16,700-square-foot warehouse on almost 2 acres on Michigan Avenue near Ala. 59 in Foley, according to Stacey Ryals, a general partner in the investment. The property is for lease and was sold by Citizens Bank.
Volume homebuilder D.R. Horton paid $1.344 million for 48 townhome lots on Saufley Field Road across from Mitchell Lane in Pensacola, according to developer Nathan Cox of 68 Ventures. The project will be called Saufley Field and the 1,550-square-foot townhomes will be priced in the mid-$100s.
Soul Bowlz has leased 1,650 square feet of space at 4413 Old Shell Road in Mobile, and plans to open early next year, according to Buff Teague of JLL, who represented the restaurant. Soul Bowlz also has stores in Gulf Shores and Fairhope.
Road construction is under way on Sevilla Place Apartments, a 120-unit complex to be built on Baldwin County 20 in Foley just west of OWA entertainment park, according to local developer Stacey Ryalswho has partnered with Gateway Development Corp. The complex should be complete in the summer of 2018.
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