Riding the wave of renewed investment on the Alabama Gulf Coast, Brett/Robinson Real Estate and Development Co. is planning its 21st condo project.
The Orange Beach-based company already has work underway on the 22-floor Phoenix Gulf Shores on West Beach Boulevard and now has plans to build a 21-floor Phoenix Orange Beach on a roughly 2.75-acre lot it purchased for $5.5 million.
Broker John Brett of Brett/Robinson said the plan is to build a 114-unit condo on Perdido Beach Boulevard next to the Hampton Inn & Suites, across from the Publix shopping center.
The site, with 250 feet on the Gulf, was most recently pegged for a 23-floor, 97-unit condo, named Junonia, but the new Phoenix will be built in its place.
Developer Rick Phillips said the Junonia project is history.
"Brett/Robinson bought it; that's the end of that," Phillips said in a phone interview with AL.com on Monday. "I don't have any control over the land."
Brett said the new tower will have a design similar to Phoenix Gulf Shores with three- and four-bedroom units. The proposed project is under Orange Beach's maximum allowable density of 42 units per acre as well as its maximum height restriction of 26 floors, which includes 20 for livable units, five for parking and one for amenities.
Phoenix Orange Beach will have 19 stories of livable space and an additional two floors of common areas. An eight-story parking deck will front the beach highway.
The condo will feature a lazy river and an indoor and outdoor pool.
Brett said the plans call for the construction of a boardwalk sturdy enough for emergency vehicles to access the beach from the property and a large-capacity drainage system near the beach highway.
Initial conversations with the city have been favorable, Brett said.
"Since we're not asking to come in with additional numbers of units more than what's allowed with the property as far as density is concerned, and since we're not coming in with additional height ... we feel comfortable," Brett said. "So at this point we're taking reservations from customers that we've sold to in the past that are interested in a new building in Orange Beach. This will be the first new condominium development in Orange Beach since we opened up the last one that took quite a while."
Brett/Robinson opened the 32-floor Phoenix West II -- Alabama's largest residential building -- in September 2013 on the west end of Orange Beach.
Construction on the new tower in Gulf Shores began in earnest early this year and construction crews were pouring slabs for the second floor last week. The project is scheduled to be completed by the end of 2016.
"We've got 54 units paid for out of the 80," Brett said of cash deals for the Gulf Shores tower. "We're anticipating the same type of sales pace in Orange Beach."
After Brett/Robinson purchased the Orange Beach property earlier this year enough interest was generated through reservations that the company decided to move forward with the city's approval process, according to Brett.
Due to a higher market value in Orange Beach, the units in the two towers differ in price.
The three- and four-bedroom units in Gulf Shores are listed at $545,000 and $625,000, respectively, compared to $565,000 and $695,000 in Orange Beach. The four-bedroom units in both towers are 1,948 square feet but the three-bedroom units in Orange Beach are slightly larger than the 1,740-square-foot units in Gulf Shores.
According to Bill Brett of Brett/Robinson, the Orange Beach Planning Commission is scheduled review the company's plans in July and the City Council's review will likely follow a month after that.
"We're encouraged and really thankful that the market is as good as it is and we're trying to price it to sell," Bill Brett said.