There is still steady development activity in the major, yet small, markets in Northeast Mississippi.
Tupelo is getting a West Tupelo grocery store, we’re told, finally. The Community Development Foundation is pioneering The Hive, which is purported to be a “next generation” business park to which they are recruiting advanced tech firms, among others. The sleeping giant, WestPark Project, is located across West Main Street from Ballard Park, which already has commitments from restaurants and professional office users. A juggernaut, Landmark Lifestyles, features assisted living, hotels, retail centers and parcels for sale along North Gloster Street.
What follows is a description of a couple of lesser known projects that will continue to change the landscape of the Tupelo/ Lee County market in the coming years. Although, based on the inherent secrecy common in the development business, what follows is my knowledge of the “Deal Pipeline:”
Midtown Pointe II
In place of a soon-to-be-demolished former McAlister’s Deli location at the corner of South Gloster Street and Varsity Drive will be a new two-story office building consisting of about 20,000 square feet.
Chris Mills, managing partner of Midtown Pointe, plans to provide additional professional office space to the Midtown Pointe complex which currently includes the retrofitted mall, and two of the adjacent frontage properties along South Gloster.
The planned building is split into 4,549-square-foot spaces which can be combined or divided to accommodate most users. Plans are being assembled by Chris Root at Tek1Studio, and the developer will begin construction immediately after permitting. There is one commitment from a medical user, and pre-leasing is ongoing. The leasing team is TRI Inc., and the construction team is led by M&N Construction.
The Gateway Project
The Gateway Project, named after a visitor to the area’s exclamation that the intersection of I-22 and McCullough Blvd is “the gateway to Tupelo,” is a mixed-use project located at the referenced intersection is in the pipeline.
Anchored by a planned, upscale, 240-unit multifamily complex, the 29-acre site offers land purchase opportunities of various sizes. The parcels are designed per the plan in configurations as small as 1.18 acres up to 1.68 acres. However, the land is contiguous and could accommodate any size up to 10 acres. The developer is Bruce Patel and partners, who intend on having plans completed and submitted for permitting by the end of this year. Obvious user of the property are quick serve restaurants (formerly “fast food”), office uses, medical clinics, C-store/fueling centers or flex space. The sales team is TRI Inc, and pre-sales of lots are available now.
Clay Short is the President of TRI Inc Realtors, a Northeast Mississippi Commercial Real Estate Brokerage and Property Management firm.
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