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(For more retail coverage, click GlobeSt.com/RETAIL and the multifamily market, click here.)

LOXLEY, AL-Making its first land play in Alabama, PEC Development Group has acquired 3,900 acres to build a mixed-use project. The Atlanta-based developer bought the land from Copper Station Holdings in Beaufort, SC for $35 million.

PEC Development will handle land development and bring in regional and national builders for vertical construction on land that’s just 30 minutes from Mobile, AL and Pensacola, FL. Paul Corley Jr., PEC Development’s CEO, says the infrastructure and road work will begin in fall 2007 in partnership with the City of Loxley. “We’ll put a parkway through the property, connecting state highways 31 and 59, as well as sewer and water infrastructures,” he says of the property, which is bounded on the south by Interstate 10. Bryant Commercial Real Estate Partners in Atlanta brokered the transaction.

Temporarily being called the “Golden Triangle,” the development most likely will sprout single-family homes first and followed by commercial after infrastructure is in place. “We need some rooftops first, but we’ve already talked to several different retailers and commercial developers,” Corley tells GlobeSt.com. “There’s a lot of interest but right now, too early to discuss anything commercial.”

The property, planned for a 10-year build-out, also will be mapped out for high-density residential, senior and adult living units and public schools. Corley estimates 60% of the developed space will be single-family dwellings; 20% will be multifamily projects of townhouses and apartments; and the balance built out with retail, suburban office and industrial space.

Corley isn’t surprised the interest that the property is attracting from residential and commercial developers. “Baldwin County doesn’t have a true master-planned community with major amenities,” he says. “We’re working toward developing a strong major plan before we even start building the houses.”

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