BP PLC agreed today to pay $37.2 million to Brett Robinson, developers of Phoenix West II in Orange Beach, so the company can finish construction of the high-rise, 358-unit condominium tower, according to Gov. Bob Riley and the developers.
“This project will bring significant economic benefits to the region and our state,” Riley said in a joint statement with U.S. Rep. Jo Bonner, R-Mobile, and Orange Beach Mayor Tony Kennon.
Brett Robinson’s agreement with BP requires releases from all the condo buyers and their lenders, the developers said. “We are working on obtaining the releases and expect to obtain them in coming weeks,” said a statement from Tommy Robinson, Gene Brett and Tillis Brett, owners of Brett Robinson. “Our target date for consummating the agreement is Dec. 31.”