A large, previously abandoned subdivision in Daphne was purchased in 2012 by Gulf Coast Opportunities Fund for $1.8 million and is almost ready to go on sale. The Reserve subdivision entails a master plan that will cover more than 380 acres and have over 460 lots. The previous developer was already 85% finished with the subdivision when he abandoned it nine years ago, therefore, the lots are expected to go up for sale soon. Since the purchase, the subdivision has been improved by Gulf Coast Opportunities Fund – The Reserve at Daphne LLC. Each phase of the project will have to receive approval from the Daphne planning board. Out of the more than 360 acres, it is expected to have 102 acres of wetlands, 40 acres of uplands and 17 acres of detention.
The Gulf Coast Opportunities Fund was formed in 2012 by Mobile natives and partners Nathan Cox, Cullen Thompson, Billy Stimpson and Ralph Reynolds. Nathan Cox is the owner of Bellator Real Estate & Development LLC and Truland Homes in Spanish Fort. Cullen Thompson, Billy Stimpson and Ralph Reynolds are the founders of Bienville Capital Management. They began the fund to purchase properties on the Gulf Coast of Alabama, Florida and Mississippi at distressed prices and started by raising $150 million to put towards their purchases. Some of the other purchases the GCOF has made include the $2 million purchase of the Fairhope Falls subdivision, a $1.4 million purchase of 395 undeveloped acres in Gulf Shores, the $5.7 million purchase of 1,437 acres in Loxley’s former “Golden Triangle” area, and many more.
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