River Walk Plaza Amendment Would Give Developer One Water Another Year to Decide

MOBILE, Ala. — The developer behind downtown Mobile’s planned River Walk Plaza would get another full year to study the waterfront site before committing to buy it under a proposed second amendment to its agreement with the city. The River Walk Plaza amendment would push the end of developer One Water’s inspection period from Oct. 26, 2026, to Oct. 26, 2027.

During that inspection period, the buyer could walk away from the purchase agreement by giving written notice to the city and the escrow agent, subject to special contingencies. Extending the period would keep that option open for one more year.

What the amendment would change

The proposed change is narrow but significant. It does not alter the price or the planned uses of the property. Instead, it gives the project team more time to finish its due diligence, the investigation buyers typically do before closing on a major property deal, and to work through infrastructure questions that remain unresolved.

• Current end of inspection period: Oct. 26, 2026
• Proposed new end date: Oct. 26, 2027
• Buyer’s right during the period: Terminate the agreement with written notice to the city and the escrow agent, subject to special contingencies

Because the current deadline falls later this month, the amendment would need to be acted on soon to keep the existing schedule from running out.

The deal so far

Mobile approved an agreement in 2024 to sell about 1.8 acres next to the Mobile Convention Center to One Water for about $3.3 million. The city and the developer signed the original purchase and sale agreement in October 2024.

A first amendment in July 2025 already extended the inspection period to October 2026, according to the proposed second amendment. If approved, this would be the second time the window has been lengthened.

Plans announced for River Walk Plaza called for a mixed-use development with:

• A hotel
• Residences
• Office space
• Restaurants
• Retail
• Entertainment

Groundbreaking target already passed

The project’s original goal of breaking ground in 2025 has come and gone, and construction had not started as of September. At that time, the Mobile Chamber said the city and project team were working through infrastructure needs, including how people would get into and out of the development.

Access is a common sticking point for riverfront projects in downtown Mobile, where riverfront sites sit between busy Water Street, rail lines and the approaches to the Interstate 10 tunnels. Questions about traffic flow, parking, utilities and pedestrian connections often have to be settled before a developer can finalize designs and financing.

River Walk Plaza timeline

The project has moved slowly since the city first agreed to the sale. Key dates so far:

• 2024: Mobile approves an agreement to sell about 1.8 acres next to the Mobile Convention Center to One Water for about $3.3 million.
• October 2024: The city and One Water sign the original purchase and sale agreement.
• July 2025: A first amendment extends the inspection period to October 2026.
• 2025: The original groundbreaking target passes without construction starting.
• September 2026: Construction still has not begun; the Mobile Chamber says the city and project team are working through infrastructure needs, including access to the site.
• Oct. 26, 2026: Current end of the inspection period.
• Oct. 26, 2027: Proposed new end of the inspection period under the second amendment.

The role of the escrow agent

The amendment refers to written notice going to both the city and an escrow agent. In a property sale, an escrow agent is a neutral third party that holds funds and documents, such as a buyer’s deposit, until the conditions of the contract are met or the deal is terminated. Requiring notice to the escrow agent makes clear who must be told, and how, if the buyer decides to walk away, and helps determine what happens to any money being held.

Why inspection periods matter

In a commercial real estate deal, the inspection or due diligence period is the window in which a buyer examines a property, including its title, environmental condition, soils, utilities, zoning and access, before its deposit and commitment become firm. If the buyer finds problems or cannot make the numbers work, it can typically cancel during that period without penalty, depending on the contract terms.

For the city, extending the period keeps a potential buyer engaged on a high-profile downtown site. The trade-off is that the property remains tied up for another year without a firm commitment, since the buyer’s termination right would remain in place until October 2027.

Part of a busy downtown

River Walk Plaza is one of several projects reshaping downtown Mobile’s waterfront and nearby districts. A new Regions Arena is set to open downtown next spring, and Mobile International Airport’s new commercial terminal at Brookley is scheduled to open next year. Construction is also underway on the Mobile River Bridge, which will carry I-10 across the river just south of downtown.

City leaders have long viewed the riverfront next to the convention center as a key opportunity to draw more visitors, residents and businesses downtown, and a hotel and residential project there would add to that activity.

What happens next

The proposed second amendment would need to be approved before it takes effect. If it is, One Water would have until Oct. 26, 2027, to complete its review and decide whether to proceed with the purchase. If it is not extended, the current inspection period is set to end Oct. 26, 2026.

No new construction timeline for River Walk Plaza has been announced.