Alabama’s Gulf Coast – A Home Away from Home
Alabama’s Gulf Coast Becomes Home Away from Home
Alabama's Gulf Coast is fast becoming a home away from home for many non-residents.
Alabama’s real estate market continues to heat up with the construction of Cypress Village, a residential coastal community covering more than 80-acres located in the heart of Orange Beach.
The project is being developed through a partnership between UCO Development and Colonial Properties Trust (NYSE: CLP). Colonial Properties Trust is one of the nation’s largest diversified REIT’S, with a portfolio of multi-family, office and retail properties.
The state’s coastal towns such as Orange Beach, Gulf Shores and Fort Morgan have long been a top destination choice for Southerners, and now the secret’s out. Vacationers, second-home owners and retirees from Texas, the Mid West and New England are flocking to the area and finding something unique – coastal living with southern hospitality.
This, coupled with the area’s “GO” Zone designation, has lead to tremendous growth along Alabama’s coastline. In 2005, Congress enacted the Gulf Opportunity Zone Act (“GO” Zone), which encourages redevelopment through tax incentives. The Act offers compelling tax benefits, particularly for real estate developments and property investments.
Upon completion, Cypress Village will feature approximately 350 town homes, cottage-style homes, courtyard villas and single-family homes. Phase one of the project, two-story town homes ranging in size from 1,638-2,500 square-feet, is currently being offered for sale.
UCO executives Christopher Mayhall and Ross Easter point out that unlike many traditional condominium projects underway, Cypress Village gives its residents plenty of room to roam – a place where friends, family and neighbors can enjoy coastal living in an atmosphere that feels much more like a home.
Cypress Village is located a short ½-mile from the beach along Canal Road which parallels the Inter Coastal Waterway. The community has been designed with a neighborhood “feel,” and will feature numerous on-site resident amenities, including swimming pools, a lazy river, poolside cabanas, clubhouse and fitness center, hiking trails and a nature preserve. Residents can also take a short walk to enjoy fine dining, entertainment, world-class shopping, movie theater, amphitheater and charter fishing trips.
UCO Development and its sister companies, UCO Construction and UCO Realty, is earning a reputation in the real estate industry as a company with big plans in the Gulf Coast region. This is apparent in its recent partnership with Colonial Properties Trust.
UCO Development and Colonial Properties Trust has other projects under development, including The Grander, located on Terry Cove in Orange Beach, just across from Perdido Pass. The Grander is a gated community featuring 30 luxury residences. Each four-story complex features private elevators, two-car garage and 60-foot covered boat slip.
The company also plans to develop a 50-acre site along the Inter Coastal Waterway across from Bama Bayou and The Wharf. The project will include approximately 1,350 luxury condominium and marina.