Texas developer has big plans for abandoned Bama Bayou
In a unanimous vote at a special-called meeting on Wednesday, May 30, with Jeff Boyd absent, the Orange Beach City Council authorized Mayor Tony Kennon to execute a Memorandum of Agreement with PG Investco LLC ot Texas for the provision of economic assistance to develop the property commonly known as Bama Bayou. The property is a 150-acre mixed-use parcel that has sat abandoned for over a decade next to the toll bridge on the Intracoastal Waterway’s north side.
“We are excited but also cautiously optimistic about the possible development of the former Bama Bayou property,” Mayor Kennon said. “It’s time for the eyesore to go away! The City of Orange Beach approved an Memorandum of Understanding, which utilizes economic development tools at our disposal to facilitate development of this project without assuming any debt or taking any financial risk with regards to our citizens.
“If the new project is successful, we all succeed. If it does not happen, then the City of Orange Beach has not incurred any costs whatsoever. Let’s all pray the project succeeds,” he added.
Investco has not announced its plans for the property that started as part of an unprecedented national real estate boom that came close to bankrupting the entire country by September of 2008 when the mounting subprime crisis burst into a full-blown financial crisis.
Bama Bayou was planned as a water themed coastal resort complete with a Gulf World aquarium, shark tanks, retail & restaurants and even a swim with dolphins attraction. But it has sat half-built on more than 100 acres under the Foley Beach Express ever since.