Mississippi has experienced a recent boom in multimillion dollar mixed-use and multi-family developments as urban areas become increasingly popular destinations. Historically, the pendulum has swung between urban and suburban development for decades. In the 1920s, there existed a concentration of urban, mixed-use developments and transit-oriented communities. This gave way to suburban development as the invention of the automobile revolutionized work and life. Today, following the pandemic-induced exodus from major cities, trends are shifting in favor of luxury urban mixed-use and multi-family projects once again.
Development Updates in the Mississippi Area
A $30 million mixed-use development was approved on July 13 by the Hernando Planning Commission. Known as McIngvale Square, the project sits along a stretch of McIngvale Road that intersects with the Hernando Golf and Racquet Club (HGRC). The project will be made up of three buildings and feature 64 lofts ranging from studios to three-bedroom units. The average rental rate is projected to be $2,200 per month. The development also has plans for 27,000 square feet of commercial retail space, with about a third set aside for restaurants. The lease rates are projected to range from $18 to $24 per square foot.
A $200 million North Mississippi mixed-use development, Silo Square, continues to add amenities, including a sports bar, eatery, and lodging property set for next year. Most notable is the development of a 90-plus room Fairfield Inn by Marriott which is currently under construction and slated to open next fall. This development will provide a new place for concertgoers, tourists, and athletes to stay while visiting or competing in Southaven. Brian Hill, the developer of Silo Square, said that having a hotel in Silo will allow visitors to walk to tournaments and then enjoy shopping and dining without having to get back in their car.
A major 170-acre, multi-use development, named the Cascades, broke ground last year and will likely be completed by the end of 2023. When completed, the developers believe the space will serve as a shining welcome to the city of Olive Branch. The $300 million investment property will feature 400 residential units, comprising approx. 125,000 square feet of retail space and 40,000 square feet of office space.
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Mississippi Digest