Alabama Developer Wants BP to Pay Loss Claim

Developers of an Orange Beach, Ala., condo project say BP should pay out a claim they filed for losses they say resulted from the 2010 oil spill in the Gulf of Mexico.

The Press-Register newspaper reports that developer Larry Wireman filed a claim for his $375 million Turquoise Place condominium project. Wireman says BP gave money to a competing tower, Phoenix West II, which served to skew the market.

Stephen King, a vice president for Turquoise, said sales had been picking up in the new tower before the April 2010 spill, but the company was forced to cut prices drastically following the spill.

Turquoise developers filed a claim last year that was approved by the Gulf Coast Claims Facility. But BP disagreed and appealed the decision. King says a final decision on the appeal should be made in mid-May.