Real Estate in Mobile Continues to Evolve

FEATURE RESIDENTIAL REAL ESTATE

REAL ESTATE IN MOBILE CONTINUES TO EVOLVE

Mobile’s real estate market is constantly evolving, whether it’s emerging markets for new investment; a diverse commercial and residential market that continues to make adjustments to meet ever-changing demands; or new investments that will have long-term effects on the population of people living around it. The Mobile Area Chamber’s editorial team for the Business View set out to look at trends and changes in the real estate market by breaking them down into three specific areas – commercial, residential and transformative projects. All impact one another, and the editorial team believes two key real estate projects – the $70-plus million Hancock Whitney Stadium at the University of South Alabama in west Mobile and the revitalization of blighted homes and neighborhoods around the Oakleigh and downtown Mobile districts – will have farreaching impacts. Today, business is good in Mobile for development. According to Allan Gustin, president of Associated General Contractors and vice president of Dunn Building Co. LLC, local contractors are busy and there are more opportunities for local participation on key projects in the Mobile area. A key challenge he acknowledges is finding and training craft laborers to complete the area’s ever-growing construction demands. When it comes to the Chamber’s work in recruiting new companies to locate here, and helping existing industries expand, having the right piece of real estate – for the business and its employees – is critical. Beyond that, as the Chamber develops a program to recruit talent to Mobile, continued investment by commercial developers and construction and renovation of new and existing homes are key to success.