Farish Street Group getting $10.2M loan from JRA
Published: March 6,2012
Tags: arts, commercial development, commercial property, Commercial Real Estate, community development, construction, cultural tourism, economic development, entertainment, financing, funding, Heritage, historic, histoy, loan, music, nightclubs, real estate, restaurants, tourism, tourists, visitors
JACKSON — Developers of the Farish Street Entertainment District have taken the first step toward securing money needed to finish construction on the first block of the $100 million project in downtown Jackson.
Yesterday, the Jackson Redevelopment Authority approved a non-binding agreement with Farish Street Group for a $10.2 million loan.
As collateral, developers would put up $11 million in historic tax credits that will be used to redevelop Farish Street, once the center of African-American life in Jackson. As those credits come in, the loan would be paid down.
David Watkins, Farish Street Group’s lead developer, tells The Clarion-Ledger the loan would be repaid over two years from the date a final agreement is closed with JRA. That closing could come as early as May.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- Bids on reworking Interstate 55 stretch are rejected
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- The leadership styles of President Obama
- Two new casinos like the odds on Mississippi Gulf Coast
- JACK WEATHERLY: Finding a house, defending a neighborhood, finding a voice
- Report ranks state schools' performance 51st in the nation
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur