JACKSON — The decision was made to develop Eastpark, an area across from Highland Village on Old Canton road, for three very good reasons: location, location, location.
The development, which is made up of commercially- and residentially-zoned properties, includes 25 residential lots on approximately 10.5 acres and office space available for lease, which will be two stories of about 66,000 square feet on 1.5 acres upon completion. The property, located next to the Mattiace property at 4400 Old Canton, is close by a large white house across from Bravo Italian Restaurant and Bar.
Ed Wettach and his wife Eleanor once owned the entire property, including the house at 4458 Old Canton Road. The white house that the Wettachs lived in was recently purchased and is being refurbished.
Already, the initial construction, including utilities and streets, has been made to the area.
“It’s going to be very exclusive and very quiet,” said Tommy Couch, Sr., manager of the Highland Residential Development Company, LLC and the Highland Land and Development Group, LLC, and owner of Pointe Properties.
“It’s just somewhere a lot of people will like to live.”
Highland Residential Development Company, LLC and Highland Land and Development Group, LLC are the companies putting Eastpark together.
Completion of the project will more than likely be sometime around December 2001 and the cost of the entire project is expected to be $7 million to $8 million.
“As far as developments that we’ve done, we’re probably more excited about this because of the potential that it has and we feel like the location is more than we could ever ask for,” Couch said.
“In the Jackson real estate market there is a big flight to Madison County. Our market is still pretty strong here. We’re seeing that the upper end of the Jackson real estate market is still pretty strong and maybe stronger than it ever has been.”
But it seems Jackson realtors and developers alike will not have to worry about losing business anytime soon, especially in the Eastpark neighborhood. About half of the residential development in Eastpark has already been sold or reserved. And some of those buying residential lots have chosen to buy two lots and put them together.
The street Eastpark will be located is a private one and the community will be gated. The residential development will have covenants one might expect for a high-end residential subdivision.Covenants will restrict the minimum size of the houses, which has yet to be decided.
And as for the Class-A office space, Couch said the Highland Land and Development Group, LLC is discussing the idea of underground parking.
“There is already a lot of interest in Eastpark,” Couch said.
Phillip Carpenter, owner of Carpenter Properties and the leasing agent for the commercial property at 4400 Old Canton Road, agreed that Eastpark was a hot property.
“As far as rents go, the rents are easily 25% above the rest of the market, and that’s purely driven by strong demand and lack of supply,” he said.
Carpenter went on to say that the demographics for the area around Highland Village have been and continue to be “the best in the entire state.”
With such factors as population density, traffic count and population income calculated in, as well as other items which attract tenants to the location, such as central proximity, accessibility to the interstate, convenience to retail amenities, Eastpark is the perfect place for a new development.
“And then again it’s very close to the homes of a lot of decision makers,” Carpenter added. “It’s a prime location.”
Highland Residential Development Company, LLC and the Highland Land and Development Group, LLC, are both affiliated with Pointe Properties. Waterford Place, Northpointe Cove, Sutton Hill, Crane Park and Pear Orchard Park were developed by Pointe Properties.
Contact MBJ staff writer Elizabeth Kirkland at firstname.lastname@example.org or (601) 364-1042.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info