Mobile Development Thread

[Grogck]

Originally Posted by BlessedMobile

Grogck...Hearing what Atlanta people think of Alabama is hardly a surprise. As a native Georgian...we think Atlanta is a foreign country. The white collar workers at the mill will be recruited mostly from the South and Mobile is considered a prime location for young people and professionals. If you are like so many other B'hamers you like to come down here and visit the area to eat the seafood and enjoy the seashore....lots of other young peope from all over the South see the same thing. Young and old, get your resumes out and come on down...jobs are plentiful and the water is beautiful. We have a great job for YOU!

Indeed I do. I briefly attended school at USA for a couple quarters and fell in love with Mobile (also have family in Baldwin county.) The Mobile area's a great place to live and I'm glad to see it booming right now.

Most of the workers likely will come from the immediate region. I fully expect there will be a recruitment from select outside areas too though. Such is always the case whenever a major operation goes into place.

[BlessedMobile]

Come home Grogck.....native sons are chosen first!

[Grogck]

Sorry, but as much as I love the Mobile area, Birmingham is my home and I love it here too.

[Grogck]

What's the status of Mobile getting a second cruise ship? I know the terminal would probably have to be expanded. But it seems like it's pretty much a foregone conclusion Mobile will eventually land a second ship. They're clearly having no problems filling the ship and I'm sure everyone would like to see another (hopefully larger/newer)ship added. Any semi-official word on that front?

[nimsjus]

This would be perfect if we had a big project ready to go(Mobile Landing, Maritime Museum, Courthouse Condos, Downtown Towncenter retail, etc)... I think we are missing the boat on this. Hopefully alot of smaller projects will put it to good use.
GO ZONE BONDS
Downtown developers could benefit instead
Saturday, May 19, 2007By KAIJA WILKINSON-Business Reporter
ThyssenKrupp AG, the German steelmaking giant that plans to build a $3.7 steel facility in north Mobile County, reportedly plans to forgo nearly $1 billion in Gulf Opportunity Zone Act, or GO Zone, funding that the state of Alabama had reserved for the mill, freeing up that money for dozens of other projects that had been waiting in the wings.

Downtown developers are among those who could benefit.

The Downtown Mobile Alliance, with the support of Mayor Sam Jones' office, announced last fall that it would seek $44.4 million in GO Zone bonds to help finance 28 projects worth more than $141 million. But since then, the list has changed, as one development group sought other financing and a major riverfront project has been delayed.

State officials have said that ThyssenKrupp has no plan to use the $900 million in low-interest bonds that the state reserved for the steelmaker as a way to lure it to Mobile.

Congress late in 2005 approved the Gulf Opportunity Zone Act, touting its tax credits and low-cost loans as a way to boost economic recovery along the hurricane-ravaged Gulf Coast.

Alabama had up to $2.1 billion in tax-exempt "GO Zone" bonds available, but last year chose to freeze allocations with $900 million still unused as it eyed the steel mill project.

Though Alabama won the project with an incentives package worth at least $811 million, analysts have said ThyssenKrupp will likely build its plant without borrowing money and doesn't see the need to take on debt, even at a favorable interest rate.

However, state officials are not yet ready to allocate the $900 million elsewhere, awaiting a letter from ThyssenKrupp officially declining the offer of GO Zone funds.

If and when the letter is received, entities and individuals that had previously applied for the financing will be notified, said Kathy Johnson, director of public affairs for the state's Finance Department.

The Downtown Alliance has tapped Denise Browning of Hunter Ventures to re-work its plan to group several projects and apply for the low-interest loans. Browning said that she has found that several developers either decided to pursue their projects without the financing or would not be ready to move forward this year.

A revised request for GO Zone funding could be as little as $17.5 million, she said, though the alliance might pursue its original amount and make that money available to new developers.

Among projects that fell off the original list of 28 are a bundle of five projects, including a 540-space parking garage, that collectively were seeking more than $10 million in financing, and Water Street Landing, a massive condo development that was seeking $15 million.

Browning said that the law firm behind the five projects decided to use other financing, and that the downtown waterfront condo development is unlikely to get under way this year.

[BlessedMobile]

Originally Posted by Grogck

What's the status of Mobile getting a second cruise ship? I know the terminal would probably have to be expanded. But it seems like it's pretty much a foregone conclusion Mobile will eventually land a second ship. They're clearly having no problems filling the ship and I'm sure everyone would like to see another (hopefully larger/newer)ship added. Any semi-official word on that front?

We are closer but it won't be a much newer and certainly not a much bigger ship. The turning basin by the Cochrane bridge is not big enough for a ship much larger than we have. I talked to the Maritime Museum people over the weekend and they say that another parking deck must be built before another ship can come in; after thinking about it...that does make since. I sure don't want a bunch of parking garages directly on our waterfront. Since the cruisers mostly come in on the same day for the 4pm departure I really don't see where the city benefits much form the cruise ship. Think about it...they arrive, get onboard, ride and eat, come back, get in their car and leave town; just where is the money spent in Mobile? Oh yea, and the likely new bridge may go right over the cruise terminal but NOT over the Maritime Museum.

[nimsjus]

Originally Posted by Grogck

What's the status of Mobile getting a second cruise ship? I know the terminal would probably have to be expanded. But it seems like it's pretty much a foregone conclusion Mobile will eventually land a second ship. They're clearly having no problems filling the ship and I'm sure everyone would like to see another (hopefully larger/newer)ship added. Any semi-official word on that front?

From the Press Register today...
Cruise ship buzz heats up
Sunday, May 20, 2007By KAIJA WILKINSONBusiness Reporter
Vacationers continue to book cruises out of Mobile on Carnival Cruise Lines Holiday as far out as a year, but several signs point to the cruise ship, the oldest and smallest in Carnival's fleet, being replaced by a larger ship as early as November.

Mayor Sam Jones and Al St. Clair, director of the Alabama Cruise Terminal, were in talks with Carnival officials last week, and some industry watchers have said the Holiday will likely be involved in Carnival's plans to shift vessels to a business partner in Spain.

Miami-based Carnival Corp. &plc has taken delivery on four new ships this year, and has 16 more on order for delivery by 2011. When a cruise line puts new ships in service, it typically creates a domino effect as old ships are cycled out of the lineup.

More significant is Carnival's new partnership with Orizonia Corporacion, a Spanish travel company positioned to serve a growing industry there.

In announcing the partnership, Carnivals said that it anticipated building the Spanish company’s fleet with vessels in the Carnival line.

Jennifer de la Cruz, Carnival spokeswoman, declined to say which ships, or how many, would be transferred. But Oivind Mathisen, editor of New York-based industry magazine Cruise Industry News, said Carnival’s two oldest ships, the Holiday and the Celebration, are the most likely candidates.

Terry Horne, a seasoned cruiser from Hueytown who sailed on the Holiday earlier this month, told the Press-Register that crew members said the Holiday is probably headed to Spain, and will be replaced by a larger ship around November.

[pboo74]

Originally Posted by BlessedMobile

We are closer but it won't be a much newer and certainly not a much bigger ship. The turning basin by the Cochrane bridge is not big enough for a ship much larger than we have. I talked to the Maritime Museum people over the weekend and they say that another parking deck must be built before another ship can come in; after thinking about it...that does make since. I sure don't want a bunch of parking garages directly on our waterfront. Since the cruisers mostly come in on the same day for the 4pm departure I really don't see where the city benefits much form the cruise ship. Think about it...they arrive, get onboard, ride and eat, come back, get in their car and leave town; just where is the money spent in Mobile? Oh yea, and the likely new bridge may go right over the cruise terminal but NOT over the Maritime Museum.

Did you happen to ask them blessedmobile about when construction will start on the museum?

[Grogck]

Originally Posted by BlessedMobile

We are closer but it won't be a much newer and certainly not a much bigger ship. The turning basin by the Cochrane bridge is not big enough for a ship much larger than we have. I talked to the Maritime Museum people over the weekend and they say that another parking deck must be built before another ship can come in; after thinking about it...that does make since. I sure don't want a bunch of parking garages directly on our waterfront. Since the cruisers mostly come in on the same day for the 4pm departure I really don't see where the city benefits much form the cruise ship. Think about it...they arrive, get onboard, ride and eat, come back, get in their car and leave town; just where is the money spent in Mobile? Oh yea, and the likely new bridge may go right over the cruise terminal but NOT over the Maritime Museum.

The money may not always be spent directly in Mobile (some might book a hotel the night before or after) but some of that money will be spent elsewhere in the state - particularly those that reach Mobile via the I-65 corridor (which is where many of the bookings are coming from.) A hotel stop in Birmingham or Montgomery on the way down. Meals elsewhere. Gas fill-ups for sure. Little things, but they cumulatively add-up.

And obviously it provides a new audience for the Mobile area - which the area can then market itself to. And since the number of repeat cruisers in the industry as a whole is climbing you have multiple chances to make a good impression and market the city and surrounding areas. Even if they direct impact seem minimal it's obviously not a bad thing.

[BlessedMobile]

Originally Posted by pboo74

Did you happen to ask them blessedmobile about when construction will start on the museum?

PBoo...I did talk to them at length about the project. The city has committed 10 million to build the building and the non-profit museum is about to start on the fund raising to do the exhibits and staffing. There are already 3-4 people who are permanent and working on the exhibit planning. The exhibit manager told me that they were actually going to have a cutaway of a ship where people on the bridge would get an OmniMax experience of being onboard a ship. The quality of exhibits is such that our museum will be a serious tourist draw to Mobile. These are highly qualified people who are putting this together. Mayor Jones is very supportive of the project. It will be built in the now open area just north of the cruise terminal. A crosswalk is planned.

[BlessedMobile]

Originally Posted by Grogck

The money may not always be spent directly in Mobile (some might book a hotel the night before or after) but some of that money will be spent elsewhere in the state - particularly those that reach Mobile via the I-65 corridor (which is where many of the bookings are coming from.) A hotel stop in Birmingham or Montgomery on the way down. Meals elsewhere. Gas fill-ups for sure. Little things, but they cumulatively add-up.

And obviously it provides a new audience for the Mobile area - which the area can then market itself to. And since the number of repeat cruisers in the industry as a whole is climbing you have multiple chances to make a good impression and market the city and surrounding areas. Even if they direct impact seem minimal it's obviously not a bad thing.

Grog...this must be my reply day. I have been told by the cruise people that most customers come from an area about 6 hours away. If that is correct, those who are taking the cruise can ,and most likely do, drive in on the day of their departure. I for one do not want another parking garage directly on the waterfront for another cruise ship especially if we get little or nothing from OUR investment. There would be some overlap in the cruises so the same garage can not be used for both ships.

[nimsjus]

A couple of tidbits from the most recent Lagniappe...
Ch-ch-changes
There are more announcements for MiMo and LoDa in the restaurant arena. Across from the Korbet’s Square strip on Airport at the Loop, the same group that runs the USA/Spring Hill Mellow Mushroom is building another development on the north side of the street next to Regions Bank. No more hauls out to WeMo to get your Mellow Mushroom fix – which is something I do frequently. Their whole wheat, honey like crust is hard to beat, and I enjoy the pizza with pesto, spinach and portabella mushrooms with jalapenos.
Thank goodness that the Tijuana Flats space on Catherine Street will not be empty for long. WOW Wingery and Café will be open in two months – hopefully with great wings – and will be strongly supported. The company is out of Biloxi.
And downtown, work continues on the old Quatorze building on Conception Street, with an establishment called Bacchus, a "small plates" bar that should open by the end of summer or early fall. The old Loretta’s building will not be gathering dust for long (well, I guess dust had slowing been gathering in there for quite a few years) when Noell Broughton opens his sports bar concept there in early summer. The menu is still in the works and it will be interesting to see the transformation from mid century mod to sports bar take place.

Give ‘em time
There’s already been some complaining about the Trellis Room at the Battle House Hotel regarding price at night. Hey folks, give them time, it takes a lot to open up and get in the groove. And time will also show if the food is worth the price.
I for one stayed at the Battle House the first Saturday it was open and my expectations were exceeded. Forget and get over the rug in the lobby – the place is stunning (and if you want to see a hideous rug, go check out the disaster of a black light poster carpet they just put in the Convention Center).
The service was attentive and cordial throughout the hotel, my room was well decorated, comfortable and had nice touches, along with one of the largest and nicest hotel bathrooms I have ever encountered.
I am really excited to have a refined place to eat breakfast, especially for business. At my business meeting on Sunday, the buffet had perfectly fresh fruit, some of the best cheese blintzes I have ever tasted, pastries made in house and crispy, peppered bacon (that I think I may have eaten a dozen pieces of).

Aritcle on a new sushi place downtown:
http://www.lagniappemobile.com/article/891
For you guys are in town, support these spots if they are good, in hopes that they hang around and increase the momentum that downtown is building. If a few of these are a success that will encourage more local and national retail/food to come on down too.

[nimsjus]

Where are these guys headquartered in town now? If not downtown, any chance they make that move after this merger?
$156.2 MILLION DEAL
Tuesday, May 22, 2007By KAIJA WILKINSONStaff Reporter
Mobile-based BancTrust Financial Group Inc. and The Peoples BancTrust Co. Inc., based in Selma, will try again to merge in a $156.2 million deal announced late Monday by the companies.

The new company will retain the BancTrust name and have its headquarters in Mobile, said W. Bibb Lamar Jr., president and chief executive officer of BancTrust Financial Group, who is set to become president and CEO of the newly combined company.

The deal would form the fifth-largest bank holding company in Alabama, the companies said.

The merger, expected to close in the third or fourth quarter, will not affect BancTrust's 400-plus employees and will likely add to payroll in coming years, Lamar said.

The combined company hopes to achieve double-digit growth -- 10 to 15 percent -- each year for the next several years, Lamar said. "As you open new branches and go into new locations, that means more jobs," he said.

Under terms of the agreement, Peoples shareholders will receive cash and stock worth $25.50 per share of Peoples common stock -- $6.37 in cash and the remainder in BancTrust shares.

Peoples' announcement last December that it was exploring strategic options sparked speculation that it would be put up for sale, but the bank's directors announced in March that the bank would remain independent.

Peoples has 23 offices in 10 Alabama counties, according to the company.

"We feel like Peoples' stockholders, employees and customers will benefit tremendously from the combined resources and larger geographic presence that this combination creates," Don J. Giardina, Peoples president and chief executive officer, said in announcing the deal. "The Peoples and BancTrust cultures are complementary, and we believe strongly that the principles and ideals that have guided these two financial institutions will be strengthened to the mutual benefit of all parties involved."

Lamar said BancTrust tried to join with Peoples in once before in late 2000, but that deal, a "merger of equals," fell through for a number of reasons. Now, he said, the timing is right since the merger means a stronger bank.

We will have the resources to compete," he said. "I think both of us recognize that to compete we have to keep growing. We're mutually compatible, and that's good for our shareholders, good for customers and good for our employees."

The newly combined company would employ about 700 people and would have approximately $2.4 billion in assets, nearly $2 billion in deposits and 54 BankTrust branches in Florida and Alabama, according to the companies.

Richard P. Morthland, former chairman of the board of Peoples and a major shareholder, called the deal "a joining of the forces that will make the bank better."

Speaking from his home in Selma, he said the companies are a nearly perfect fit, with the footprints overlapping only in Prattville.

Morthland is among a group of shareholders, calling themselves Stockholders For Progress, who split from the board to name new director nominees. Peoples delayed its annual meeting after receiving the nominations from the breakaway group, and no annual meeting has yet been set.

But in announcing the merger agreement, the banks noted that both the Peoples board and the Stockholders For Progress group backed the merger agreement, which remains subject to shareholder and regulatory approvals.

Earlier this month, BancTrust reported that first-quarter profit fell in comparison to its 2006 earnings, blaming a softening Florida loan market and shrinking net interest margins.

BancTrust said it made $2.45 million, or 22 cents per share, for the quarter, down from $3.73 million, or 33 cents per share, during the first three months of 2006. Officials at Mobile's BancTrust (Nasdaq: BTFG), however, said they are optimistic about 2007 and beyond.

Peoples, meanwhile, reported that its first quarter earnings fell from $2.5 to $2.2 million. In announcing those earnings, Giardina noted that net interest income and noninterest income increased over the first quarter, "and while salaries and benefits expense increased; it was primarily the result of our continued expansion into higher growth markets."

FTN Midwest Securities Corp. on May 11 rated BancTrust a buy, saying the company had "arguably a once-in-a-lifetime opportunity" to take advantage of the "turmoil" in its core markets, created in part by the recent merger of Regionals Financial Corp. and AmSouth Bancorp., and build a "significantly more valuable franchise."

BancTrust shares closed Monday at $18.95, down 2 cents on the day. The shares have traded between $17.94 and $28.25 in the last year.

Peoples closed unchanged Monday at $22.90. Shares have traded from $16.84 to $26.07 in the past year.

[bayourat 15]

Hey.....why not a new highrise in downtown . For the bank

[bayourat 15]

No it will never happen. How bout move the bank's headquarters in the 480ft(counting the anntena its Alabama's second tallests skyscraper) Old Amsouth Building. Maybe they could spend a little money a give her a facelift.



And whats the word on the crown for the Amsouth Building. Like I said a few months ago , Put an A-frame Roof on top . Like the one B-ham and Shreveport has. I don t think the Crown will look good.

[BlessedMobile]

Nims...I think BancTrust calls HQ the relatively new office building they put up at the intersection of Old Shell and MacGregor. It is very nice but now it may be a bit small for a soon-to-be larger bank.

[matguy7070]

Hi everyone.

You know, many weeks ago I posted a constructive critism (and I will admit opinionated) post. Yet my post also pointed out the many loves I have for my former digs in Mobile. I have a great love with Mobile, especially because family and friends are still there, beautiful treelined streets and homes, and the Bay and Gulf at large.

But this is the kind of hate mail I received just yesterday from a Mobile member on these boards to remain annonymous:

You need to stop dissing on Mobile, and do not come back at all. You have posted to much negative about Mobile, AL. Fist off The RSA Tower is only the beganing. They approved 3 new high rises over 900 feet for Mobile, and that will be higher than where you live in little saint loui.... Have a nice day.

Now that is hateful, untruthful, and a nasty personal attack. Not to mention grammer flawed.

[matguy7070]

I was going to keep this member "annonymous" but he is now "hijacking" every St. Louis thread that I post in or posted by posting anti-St. Louis this and that and "notes to matguy7070" in these threads.

This is the user:

http://forum.skyscraperpage.com/member.php?u=25550

See his lovely hijacking posts (example):

http://forum.skyscraperpage.com/showthread.php?t=131210

How very sad. I have been on the boards for over two years - and I have never seen anything like this.

I have reported this to the mods of these boards. If anyone knows this poster, please let him know that this makes Mobile and himself look not too favorable.

[bayourat 15]

Who Cares! quite da b_tching. Be positive in this thread for once.

This thread is about the development of Mobile.

[Scottybo]

Originally Posted by matguy7070

Hi everyone.

You know, many weeks ago I posted a constructive critism (and I will admit opinionated) post. Yet my post also pointed out the many loves I have for my former digs in Mobile. I have a great love with Mobile, especially because family and friends are still there, beautiful treelined streets and homes, and the Bay and Gulf at large.

But this is the kind of hate mail I received just yesterday from a Mobile member on these boards to remain annonymous:



Now that is hateful, untruthful, and a nasty personal attack. Not to mention grammer flawed.

LOL at 3 new highrises over 900 ft.