5/22/2006 - Establishment of Rivercane Announced

Today, Mayor Howard Shell of the City of Atmore announced the establishment of Rivercane. Rivercane is a 650 acre development owned by the City of Atmore and is located at Exit 57 on Interstate 65. Rivercane is approximately 4.5 miles north of the City of Atmore and encompasses three of the four corners of the intersection of State Highway 21 and Interstate 65. Rivercane will include areas for retail/commercial, industrial, and recreational activities.

"For many years to come, the initial impression of the City of Atmore will be generated once people exit I-65 here at Rivercane. We want that impression to be one of a progressive and first class city," stated Mayor Shell at today's announcement. Rivercane will have distinctive characteristics such as all underground utilities; curbed and guttered streets; lakes with pedestrian pathways and a gazebo; as well as extensive landscaping. There will be no direct access onto Highway 21 from any retail establishment.

The Industrial Development Board of the City of Atmore has been empowered with the responsibility to develop and market Rivercane on behalf of the City of Atmore. Mayor Howard Shell and Richard Maxwell, Chairman of the Industrial Development Board, announced the first three sales of property within Rivercane. The first sale will be to Diamond Oil of Atmore for the construction of a state of the art service station. The second and third sales of property will be to John Tampa of Vision Hospitality in Dalton, Georgia, for the purpose of constructing two motels. The first motel will be a three-story, 72 room Comfort Suites. Construction is expected to begin in September, 2006. The second motel will be a Hampton Inn and Suites with construction to begin in 2007.

Rivercane will be developed in phases. Phase 1 construction will begin the first week in June with an estimated completion date by the end of August. Phase 1 is comprised of 46.7 acres of sellable property along with a six-acre lake and a public park. Almost all of Phase 1 will be designated for retail use. "The initial response by retailers to Rivercane has been overwhelming. The fact that we are announcing three sales of property today, even though our formal marketing program has not yet begun, is a clear indication of Rivercane as an attractive retail destination.

Phase 2 will include an expansion of retail property and Rivercane's first industrial sites. Phase 2 is tentatively set to begin in September, 2007, with completion before year end. Marshall Rogers with the Escambia County Industrial Development Authority and Wiley Blankenship, with Coastal Gateway will be the primary industry recruiters. Saad and Vallas Realty Group of Mobile, Alabama, and John Stanley & Associates of Montgomery, Alabama, will be the listing brokers responsible for the sale of all non-industrial property within Rivercane, and Jim Corman, Rivercane Project Manager, will coordinate all activities.

For more information about Rivercane, please contact Jim Corman via e-mail at jcorman@trinsic.com or via telephone at 251-446-1610.

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