The Real Deal

By Sharman Egan Lagniappe columnist

The real estate and business buzz on the Bay over the last several weeks has been all about NASCAR. Zoom, zoom.

I set out to write this column about new residents moving into town. First, I called the sales manager of a large real estate brokerage firm and started asking questions.

“We’re really excited about the racetrack,” he replied. (Did I say anything about a racetrack???).

Going with the flow I said, “That’s a great deal for the area. Where do you think it will end up – Saraland or the Foley Beach Express location?”

“I’m betting on Grand Bay.”

“Grand Bay?” I asked, trying not to sound like I was out of the loop. “I didn’t know that was one of the sites.”

“I know but that’s the site I’m betting on,” he said mysteriously.

Hmmm. I never could get him (or anyone else) to comment further. I found rumors floating around in cyberspace, but no one official seems to know anything about a racetrack in Grand Bay. Or, if they do, they’re not talking.

A reliable source told me the other day that former Mayor Mike Dow helicoptered over the true site near Foley last week. This source says that’s the spot, even though there are options on three different spots in the area. Supposedly the racetrack group will locate their operation near Foley and will run a six-lane road from the Styx River exit on I-10 south to the Foley Beach Express. This will also allegedly help hurricane evacuation. It all sounds pretty plausible.

All this set me off on a mission to see what else I could stir up in the rumor mill. As usual, much of the buzz is centered on downtown development. Here’s what I found.

•Construction has begun on the Crescent Theatre at 208 Dauphin St. Developer Max Morey says that the project will include an “art house” theatre that will screen independent films. There will also be two upscale condominiums with “magnificent views of the RSA Tower.” Look for completion in 12-18 months.

•Next door at 210 Dauphin St. in the Old Monsoons building, construction has started on a new restaurant/club. Developer Mark Stafford says current plans call for a high-end, full-service restaurant and jazz/piano bar. He expects to open in about six months.

• The Crescent Theatre developers are planning another condo building at the southeast corner of Dauphin and Bayou Streets. They say it’s too early to discuss details of that project.

•Look for yet another downtown condo development announcement in October. Sources say the project will consist of another 30-40 units near Bienville Square.

•The Battle House Hotel has been delayed again. Ron Blount, project manager for the hotel project, says the hotel will be ready for guests “first quarter of 2007, probably towards the end of the quarter.”

•The Mobile skyline improved this month with the RSA Battle House Tower’s elegant new spire. But when will the tower start bringing more people downtown? The project is still on schedule for opening in January, but it seems to need more tenants. Although it’s been several months since any new leases were announced, my sources think the RSA folks have some new tenants in their pocket that haven’t been announced yet. I’m hearing a large brokerage has signed a lease and that Carnival Cruise Lines may be on board. I wasn’t able to get a comment from RSA.

• Recent reports have said the Water Street Landing mixed used project on the CSX site is still a go. Word on the street is that the developers will move ahead with the retail portion of the project with the condos to follow somewhere down the road. Real estate agents tell me there is no longer any buzz about the project. Most agents think it will never happen. I couldn’t get a comment from the developers.

•The Lafayette Plaza hotel has been approved for GOZone (Gulf Opportunity Zone) funding. David Calametti of the Downtown Mobile Alliance explained this is a very big deal because GOZone funds, including $44 million in funding for 28 projects in downtown Mobile, had been frozen by Gov. Riley. Calametti (along with a lot of other folks) is hoping the OK on funding for the Lafayette Plaza indicates more of the $44 million will be approved. Over three-fourths of the projects are completely new projects rather than Katrina rebuilding projects. And even more significant, according to Calametti, is that over half of the projects are on dormant lots downtown, some of which have been sitting idle for as long as 40 years.

•In the not-exactly-business-or-real-estate-but-still-worthy-of-mention category: If you notice that the Iron Deer in Washington Square has gone missing, don’t panic. It’s not a deer-napping. John Sledge, author of the just-published book on Mobile’s ornamental ironwork, “An Ornament to the City: Old Mobile Architecture,” says the deer will be moved to the Museum of Mobile History for the Breaking the Mold exhibition Oct. 1 through Dec. 15. The exhibit will reunite the deer with a statue of a young boy from Mobile’s National African-American Archives. The two pieces of historic ironwork were originally in the center of Bienville Square, with the boy leading the deer. The boy and his deer have been separated since 1890.

Heard anything about a racetrack in Grand Bay or any other hot news on real estate or business in Mobile or the Eastern Shore area? E-mail me at sharman@sharmanegan.com.

Sharman Egan is Lagniappe lagniappe columnist. Contact her at Sharman@SharmanEgan.com.

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