New Orleans-based Regency Hangars, a firm that focuses on hangar community developments for airports along the central Gulf Coast, has been conditionally approved to develop a large master-planned hangar community at the Fairhope Airport (CQF) and Gulf Shores Jack Edwards National Airport (JKA).
The hangar communities at the two Baldwin County airports — branded Regency Hangar Village CQF and Regency Hangar Village JKA — will be set up like homeowner associations. Regency Hangars will manage all infrastructure and operating requirements of the communities, including airport ground lease obligations, structural reserves, insurance and common area maintenance.
The goal for the hangars is to be individually owned, offering a range of options such as three different T-hangar footprints and two corporate box sizes. A total of 25 hangars at each site will become available for pre-construction purchase effective Friday, Nov. 15.
The units will feature 45-foot door widths on the T-hangars and 55-foot-by-50-foot door widths on the corporate units, all with insulation, interior lighting, electrical outlets and rough-in plumbing.
Expected timeline on the project will be as follows:
Early November: Regency Hangars markets the hangars to the surrounding aircraft owner/pilot community.
Mid-November: Regency Hangars collects “soft” reservations for hangar units toward determining full project scope.
Late November: Regency Hangars submits a formal development proposal to the airport authority toward a 30-year ground lease and build concession award.
Early 2020: Regency Hangars executes 30-year ground lease with the airport authority and executes purchase agreements with the hangar buyers.
Mid-2020: General contractor coordinates design, site testing and permitting toward construction start.
Early 2021: General contractor constructs the hangar community within a projected build timeline of eight months.
“Both the Gulf Shores and Fairhope airport authorities have developed excellent infrastructure towards expanding hangar options at the airport, including the addition of new taxiways to serve development-ready land,” Jay Taffet, president of Regency Hangers, said. “I think this is going to be an enormous opportunity for the Baldwin County aviation community to acquire personal and corporate hangars for long-term use.”
He went on to say the company will also be offering custom hangar build-outs for owners who would like to be part of the community, but with larger and more specialized facilities.
More information about the aviation projects can be found at regencyhangars.com
Business moves, transactions
A 70,000-square-foot professional office complex, the Waterman-Smith Building, is currently at 100 percent occupancy for the first time in decades. Located at 61 St. Joseph St. in Downtown Mobile, this complex was built in 1947 by and for the Waterman Steamship Corporation. The most recent owner has been renovating this building since purchasing it in 2018.
The 15th floor has been out of commission for years but is currently being renovated into a multi-tenant floor that will be available for lease in the first quarter of 2020, according to Josh W. Hall of NAI Mobile who handles the leasing of the landmark historic building.
Jill Meeks with Stirling Properties and John M. Delchamps with the Merrill P. Thomas Company reported that the Foley-based chain Whacked Out Weiner (WOW) had a new franchisee sublease for 2,000 square feet of restaurant space inside the Bowdoin Shopping Center located at 705 Highway 43 in Saraland.
Delchamps represented the sublease’s owner, Papa Murphy’s. Meeks worked for the new tenant. Plans are in place for WOW to open sometime in December. According to Meeks, the local chain has grown to more than 11 locations across Alabama, Florida and Missouri.
The former Toys “R” Us property located at 429 Bel Air Blvd. in Mobile was recently acquired by Swintstorage, a self-storage developer out of Savannah, Georgia, for $2.7 million. Plans are in place to renovate the space into climate-controlled self storage with drive-in capability. The building encompasses 49,025 square feet and the property covers some 6.6 acres.
Built in 2005 and vacant since 2018 due to bankruptcy, the liquidated Mobile site was initially acquired by Los Angeles-based Kelso & Company at a deep discount of $790,000. David Dexter and Niki Coker of NAI Mobile handled the transaction.
Fairhope-based law firm Lyle Johnson Attorneys LLC recently leased 455 Pine St. in Fairhope for their new office. The building covers some 2,800 square feet and leased out at $23.78 per square foot for a five-year term.
The property was recently purchased by Wise Properties – TN LLC, who plans to develop the remaining 8,000-square-foot corner lot located on Bancroft and Pine streets at a later date, according to. Mike Reid with White-Spunner Realty, who handled the transaction.
PitStop Carwash recently purchased the 51,400-square-foot former Reynolds Ace Hardware lumber yard lot located at 803 S. McKenzie St. in Foley and is anticipated to open in the spring of 2020.
The purchase price was $750,000 and the company also has an existing location in Fairhope. Andrew Dickman, senior advisor with Stirling Properties, represented PitStop Carwash in the transaction.
The long-shuttered Applebee’s site located at 4940 Government Blvd. in West Mobile, adjacent to both Trackside Go-Karts as well as The Putting Place amusement park, has been leased by Mobile-based rapper Yung Bleu (born Jeremy Biddle, 1994).
Plans are in place to convert the space into a new soul food restaurant sometime next year. Timelines on construction, completion, staffing and opening were unknown as of press time.
Local business Foley & Company recently purchased two acres of undeveloped land located on Myrtle Avenue East, which is located one block east of Highway 59 in Baldwin County, at a price of $139,000. Sharon Wright and Mike Reid represented the sellers. Foley & Company owner John Foley represented himself in the transaction.
The UPS Store is leasing 1,600 square feet of space in Athens Retail Center, Suite B, located at 1260 U.S. Highway 72 in Athens and plans to open in the spring of 2020. Angie McArthur with Stirling Properties represented the landlord in the transaction. Martin Smith with SRS Real Estate Partners LLC represented the tenant.
A local investor has purchased three acres of land on McDonald Road in Mobile for the operation of a fuel service station. The purchase price was $600,000. Andrew Dickman with Stirling Properties represented the seller in the transaction.
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