Just the headline alone is encouraging for downtown Mobile. But how serious are the owners of the Admiral Semmes Hotel? The area is still suffering from an abundance of unsold homes and vacant condos. And so many recent projects are sitting on the back burner or have been abandoned completely. Look, for example, at what happened with the Gayfers project. Where does that stand? While a number of units are presold (have promise notes with $5000 deposits) in the St. Francis Street condo project; how long will it be before we see dirt moving? And when it comes to guarantee the financing on these condos, how many people will back out?
Unfortunately it’s just the current economic circumstances and the financial ”crisis” that has finally hit Mobile. While the city is expected to turn around much quicker than other municipalities across the country, it still may take a few years.
But the fact remains, this is really good news. Organizations are looking to grow and expand in Mobile. Everyone expects Mobile to boom, to become a major hub of economic prosperity along the Gulf Coast.
Lets all keep our hopes up.
According to the story headlining today’s Real Estate section,
The owners of the Radisson Admiral Semmes Hotel downtown are seeking investor partners to build 100 more hotel rooms, 50 condominium units and office space at an estimated cost of $27 million.
“The way to increase revenue and market share is to have more rooms,” said Kashi Misra, general manager of the 170-room hotel on Government Street. “We want to have the rooms ready when the demand is there.”
The project could start later this year and be finished by 2011 or early 2012, he said.
For the full story, see Admiral Semmes Hotel owners seeking investor partners for project …
