Cypress Village in Orange Beach Next to The Wharf

Published By Mobile Press Register
Sunday, August 13, 2006
By KATHY JUMPER
Real Estate Editor

The developers of the Cypress Village residential community on Canal Road in Orange Beach are banking on the off-the-beach market to keep them busy for the next 10 years.

So far, 80 of the 144 townhomes in Cypress Village have sold at prices ranging from $425,000 to $600,000, and construction is under way on the two-story units in the project, which is adjacent to The Wharf.

"Everybody has storm concerns," said Ross Easter, a real estate broker working with UCO Development on Cypress Village. "But we spent millions before construction started on building the roads, putting in utilities and building the foundation up 13 feet. We are fully committed to this project."

Easter, 35, and developer/contractor Paul Uter and his brother Colin are working together on several projects in Baldwin County. In fact, Paul Uter, 36, packaged the developments and pitched them to Colonial Properties Trust in Birmingham, and now Colonial is a partner in the real estate projects as well.

Colonial Properties is also the developer of Colonial Pinnacle at Craft Farms on Alabama 59 in Gulf Shores, which has a Target store and a Cobb theater.

The UCO list of projects includes 47 Canal Place with 1,300 front feet on the Intracoastal Waterway next to the Foley Beach Express toll bridge in Orange Beach. The owners have permits for 1,700 condo units, but that number could change depending on the U.S. Army Corps of Engineers' consideration of the developers' marina plans, according to Paul Uter.

Construction is under way on The Grander, a 30-unit project with 60-foot covered boat slips on Terry Cove in Orange Beach. The units are sold, Easter said.

The group is also developing Whitehouse Creek Plantation, a 2,500-lot subdivision off Bromley Road in Spanish Fort. The first 47 lots were sold to builders, and houses are under construction.

The 84-acre Cypress Village site will have almost 350 residences including 73 cottage-style homes, 102 single-family homes and 24 courtyard villas, according to Easter. The amenities feature a lazy-river-styled pool, fitness center, clubhouse and exercise pool. Cypress' property stretches almost to the Intracoastal Waterway, but the actual waterfront is owned by the Corps of Engineers.

The city of Orange Beach wants Cypress Village to connect or have easy access to The Wharf, Easter said.

The Wharf will eventually build 300,000 square feet of retail space along its property bordering Cypress Village, according to Beason Wilkes, project director for AIG Baker. The Wharf is a retail, marina, entertainment and 741-condo unit complex.

"We're committed to having a sidewalk along Canal Road" so that people can walk to The Wharf, Wilkes said.

Condo units on the Intracoastal Waterway and backwaters are less costly than Gulf-front units, according to agents. Still, a market slowdown after last year's hurricane season has caused a glut in inventory across the board, with 3,000 condo units listed for sale, agents said. Two condo projects on the Intracoastal were put on hold, Portage Crossing in July and Waterdance last February.

"You can get a better price on a unit there because land costs are less," said Bob Boles of REMAX of Orange Beach. "But frankly, I think everybody needs to use a lot of caution because of the supply and demand. There is ample supply. And that particular area is a little bit untested and unproven."

UCO developers are currently focusing on single-family or two-story units that can be built in phases, rather than high-rise condominiums, Easter said.

The Gulf Coast is just being discovered by many investors and end-users, according to Easter.

"Seventy percent of the money from second homes come from Baby Boomers," he said. "This whole region is catching on to this. A townhome like we're building here would start at $900,000 in south Florida."

Village features amenities such as a lazy-river-styled pool, fitness center, clubhouse and exercise pool.

PhotographerThe 84-acre Cypress Village site will have almost 350 residences, including 73 cottage-style homes, 102 single-family homes and 24 courtyard villas, according to Ross Easter, a real estate broker working with UCO Development on Cypress Village.