By DENNIS SEID / Daily Journal
A proposed four-story building in Fairpark – part of the overall Fairpark Towers project launched three years ago – will contain commercial and residential space.
An earlier version of this story said the building would be named “The Presley,” but that is no longer the case. Elvis Presley Enterprises in Memphis said the name would be a trademark infringement, and Century Construction, the builder of the project, decided not to pursue the case.
Permit information filed with the city’s Planning Department showed the building will cover 63,773 square feet. Construction is valued at more than $10 million.
In March, the Tupelo Redevelopment Agency approved the sale of two plots of land in the Fairpark District to different developers to eventually build housing units and a multi-story residential unit.
The public agency approved a request to sell approximately 4 acres of land located between Kansas City Railroad and the pond to Wilson Coleman, Don Coleman and Blake Whitehead for $90,000. The developers would then take on the cost of building infrastructure such as water, sewage and streets in the area. This is the second residential phase of the Fairpark District.
The agency also sold another parcel of land located between Troy Street and the last residential lot ending before the condominium units on Fairpark Drive to Maloney Development Properties. The sale is contingent upon the factor that certain legal measurements are worked out in the future. The public agency agreed to sell the land for a minimum of $345,000.
The Maloney property is where the new tower will be built.
Last month, the Tupelo City Council unanimously voted to award two contracts to engineering companies and allow construction officials to go to market to seek bids for developing the area.
One contract was awarded to Cook Coggin Engineers, Inc. to design plans for overall scope of all the infrastructure, and one contract was awarded to Alan and Hoshall to design the underground utilities that would go in the area.
The Fairpark Towers project is a public-private agreement in which Maloney Development Properties pledged to invest $12 million in exchange for infrastructure improvements to the area.
The first of three proposed Fairpark Towers buildings opened in late 2018. The 40,000-square-foot building is home to BankPlus, Ross & Yerger, Southern Craft Tap & Stove and Century Construction, which is owned by Maloney.
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