Old Capitol Green developer likely will be chosen this week, Entergy says
By Jack Mazurak
jmazurak@clarionledger.com
A New York developer promising a hotel, cinema and up to 500 units of housing likely will be chosen this week for the Old Capitol Green project in downtown Jackson, Entergy Mississippi officials said.
Entergy, which owns two of the initial four blocks planned for the project, is backing Full Spectrum of NY LLC, a New York City-based housing developer.
The multimillion-dollar project calls for a mixed-use neighborhood in the bounds of State, Pearl, Jefferson and South streets. A representative for Full Spectrum on Monday told Jackson's Intergovernmental Affairs Committee the company would bring a 160-room Embassy Suites hotel, 300 to 500 residential units, a recording studio, performance space for New Stage Theatre and a three- or four-screen specialty cinema.
"We're talking with Greg McDade about a whole-food grocery store and working with a company on a CVS or Walgreens," Malcolm Shepherd, development project executive for Full Spectrum, said.
The Old Capitol Green Committee, representing state, county and city governments, Downtown Jackson Partners and economic development officials, will meet today with Full Spectrum about the project.
"We're doing a due diligence and clarification with the preferred master developer, Full Spectrum out of New York, who has really been here for a while, doing their homework," said John Turner, Entergy economic development director.
"(Today) we hope to get all of the details worked out where we have an understanding from both sides of what has to take place," he said.
The committee looked at more than a dozen proposals from developers in late August.
"We had a lot of interested people but many wanted to just do a hotel or just residences. So the most consideration went to developers who could do the whole neighborhood," John Lawrence, Downtown Jackson Partners president, said.
Once a master developer is chosen, infrastructure work could begin by year's end. Lawrence said he'd like to see construction begin in March so buildings could be completed before January 2009 in time to take advantage of tax breaks through the Gulf Opportunity Zone legislation.
Lawrence said the four-block section likely will take years to complete, but he expects it will spark development from landowners in the adjacent for blocks along South State Street. A local lawyer is building a 10-unit apartment complex at South State and Tombigbee streets.
The committee might meet with other firms this week, Lawrence said, and plans to examine the each company's background, past performance and the financiers.
The proposals were necessary because the state owns the two other blocks. The project had to follow certain guidelines if the state were going to be able to sell its property to a developer.
Lawrence would not say how many other companies are under consideration but said he hopes the committee will have a recommendation made this week. The recommended proposal will then go to the state and to Entergy so each can negotiate their land sales.
Lawrence said the project won't compete with the ongoing Farish Street Entertainment District.
"They're different animals. Farish Street is designed to attract people to it as a destination. Old Capitol Green is a neighborhood with stores, restaurants and public space. If you're going to have a lively downtown, you've got to have people living there. This will provide housing for those people," he said.
David Watkins, a backer of the King Edward Hotel restoration project, said he sees Old Capitol Green as another piece of the downtown puzzle. King Edward also will be a mixed-use development.
"It will be great for downtown because all the projects will feed into each other," he said.
Shepherd, speaking on behalf of Full Spectrum, said it will provide details to the committee about assistance the company will require from the city, county and state.
He would not say how much the entire project could cost but said it must go forward quickly and smoothly to meet the company's and GO Zone's timetable.
"We feel city of Jackson will allow us to go forward with this project without any delays in permitting and infrastructure," he said. "If chosen, then we can begin to release the details."
