By Associated Press
Orange Beach, AL – Officials in Orange Beach say a long-troubled plan to replace a stretch of damaged beach houses and low-rise condos with Alabama's tallest residential towers has been called off.
The Mandolay Beach project was originally proposed during the area's post-Hurricane Ivan building boom as a pair of 36-story condo towers at the terminus of Ala. 161. It was later recast as a convention center and resort.
Two years ago, developers defaulted on $100 million in loans.
Special zoning was granted, but despite a deadline being extended multiple times, construction never began. The 15 acres of beach-front has reverted to the zoning it held when Hurrricane Ivan struck in 2004.
Greg Leatherbury, a lawyer who worked with Mandolay Beach's six lenders, says the project was too big for the current economy.