Gulf Shores, Alabama
About the Project
Gulf Crown is proposing to develop a single-family residential community with as close to an equal mix of 60’ x 140’ (8,400 square feet) and 70’ x 140’ (9,800 square feet) lots, each having a 35’ front yard setback. In addition to the developed lots, there are planned amenities that include a Clubhouse, pool, lakes and open space for parks for the neighborhood use. The combined area for these amenities is approximately 10% (16 acres) of the total development. The set aside the minimum cost of the infrastructure package for amenities along with the entrance landscaping is $500,000. These amenities will be in place upon completion of the first phase of the development. The Company and the Contractor have worked with the City of Gulf Shores Engineering department for the location of the entrance streets to be placed at the intersection of the future roadway to Trailside Subdivision, and at the existing intersection of Osprey Landing Subdivision. Also, Gulf Crown has agreed to the dedication of 10’ of land adjacent to Coastal Gateway Boulevard (County Road 8) to the City for the purpose of future roadway expansion. Taking into consideration the adjacent zoning, all of which is single-family residential, the placement of the 70’ x 140’ lots will be along the Eastern Boundary line contiguous with Stone Gate Subdivision and the 60’ x 140’ wide lots along the Western Boundary line, contiguous with Raintree Place.
Creation of Development Loan Package and Securing of capital
Both the debt and the equity has been secured and the landowner is commencing construction. 100% of the single-family lots have been pre-sold to the national homebuilder, DR Horton.