TUPELO – Completion of the first of two planned buildings for Fairpark Towers in downtown Tupelo is still several months away, but the four-story, 40,000-square-foot structure is quickly getting filled.
“We’ve got it 68 percent leased,” said Colin Maloney, the owner of Maloney Development Properties. “We’ve got some space on the first floor and some space on the third floor. Other than that, the rest of the space is leased.”
Last week, a big step was taken to fill the building when BankPlus announced it was putting its headquarters in the first tower.
BankPlus, which opened its first Tupelo office on North Broadway Street in downtown three years ago, will have its management team occupy the top floor of the building, while a retail banking office will be located on the first floor.
Insurance company Ross & Yerger will occupy the second floor, while Century Construction will occupy a portion of the third floor. Maloney Development Properties is the parent company of Century Construction.
“That leaves about 5,000 square feet available for lease on the third floor and about 7,500 square feet on the first floor,” said Duke Loden, director/broker for Century Commercial Real Estate.
Both Maloney and Loden hope to get retailers and restaurants into the towers project.
“We’ve got a lot of office prospects,” Loden said.
Maloney said some restaurants he’s talked to have been reluctant to commit to the site, not seeing it as a viable location.
However, Maloney pointed out that three restaurants are within a stone’s throw of Fairpark Towers – Mugshots Grill & Bar, Fairpark Grill and Park Heights. Papa V’s, a convenience store, also serves plate lunches.
And within easy walking distance in downtown Tupelo are several more restaurants, including Bar-B-Que by Jim, KOK, Nautical Whimsey, Vanelli’s, Cafe 212 and Stables. Rosie’s Cookies, Cake and Cream bakery and Crave dessert cafe are also located downtown.
Maloney said restaurant prospects should talk to some of the Tupelo eateries to get a better idea of what business is like.
“They need to see what’s going on,” he said.
As for the second tower, Maloney and Loden said they’re not quite ready to commit to building it yet.
“We do have a lot looking for office space, which is very encouraging,” Loden said.
Fairpark Towers is designed to have a pedestrian plaza and two four-story buildings when completed.
The project is a public-private agreement in which Maloney Properties receives land in the Fairpark District and invests $12 million in exchange for infrastructure improvements to the area.
The improvements, estimated to cost about $1.3 million, include water and sewer lines as well as an extended road network within the development area.
— Dennis Seid / Daily Journal
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