Category Archives: Real Estate

One Door Closes, but Many More Open – For Business!

GOLDEN TRIANGLE – Courtesy of the Dispatch

COLUMBUS

Former employees Debbie Putt and Janis Kertsetter are now the new owners of The Purple Elephant on Wilkins Wise Road in Columbus. The shop had been closed briefly after the prior owner, Marca Glenn, retired.

“We hated to see another store close in Columbus,” Putt said. “We just felt like jumping in and doing it. Everything comes full circle.”

Putt went on to say that the shop will be the same as always, though they are open to carrying new and interesting items for their clientele to buy; also, they have retained the crew that worked under Ms. Glenn. The gift shop is open Monday through Friday from 10 a.m.-5:30 p.m. and Saturdays from 10 a.m.-5 p.m.

Tutti Frutti Frozen Yogurt, next to CJ’s in Columbus, has announced that they are closing their doors after being in business for six years.

STARKVILLE

Construction work has officially begun at Grand Junction condos, 509 University Drive. They are hoping to open Phase I for new homeowners in late August of this year. Tabor Development’s VP of development, Kay Regimbal, says that about one third of the condos have already been purchased.

The units vary in size from 1~3 bedrooms & 750~1,500 square feet, and in price from about $200,000 to $445,000.

MSU’s Colvard Student Union had a couple of changes quite recently:

State Fountain Bakery, which is now across the union, has penlty of goodies on offer just in time for Valentine’s Day. Mediterranean restaurant Olilo is now open in the student union.

Popular downtown yoga studio Firefly on S Lafayette St has shut its doors, and appears to be on the market.

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Interest Expressed in Buying Leigh Mall

Columbus, MS — Courtesy of the Dispatch

Will Kline, project manager for The Retail Coach of Tupelo, reports that a number of developers have expressed buying Leigh Mall. Kline’s firm has a contract with the city to assist with retail development.

The mall will be going up for auction Tuesday evening, along with a number of other properties owned by Security National Properties; the interested developers may have to wait for the results of that auction before they can proceed.

Leigh Mall on Highway 45 in Columbus is up for public auction as collateral on a defaulted loan. The auction is scheduled to take place Tuesday evening – File Photo from the Dispatch

While new ownership may not have an immediate effect on the mall, Kline said, “Ideally … a new owner comes to the table and breathes new life into the mall.” Many of the mall’s tenants have been lost in the past two years alone, including such stores as JCPenney, Sears, Payless, and Kirkland’s.

Joe Max Higgins, CEO for the Golden Triangle Development LINK, has stated in the past that there has been interest in purchasing and revitalization of the mall for some time.

The mall property’s assessed value is $12.1 million, according to the Lowndes County Tax Assessor’s Office.

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More and More Historic MS Businesses Getting Restored and Revitalized

TUPELO/GOLDEN TRIANGLE – Courtesy of the Daily Journal

A growing number of Northeast Mississippi entrepreneurs are investing money into restoring historic properties for commercial use, helping to turn old structures into viable businesses. The amounts spent on projects such as these have kept going up (and up and up!) over the past decade or so. thanks to tax incentives offered to those who wish to put in the work.

Columbus Developer Chris Chain has been a pioneer in this space over the past three decades, renovating 150 structures across the state in that time: “You are always going to have people interested in living downtown, so it kind of gives you a niche in the market for living space,” Chain said. “It’s hard work but it gives you a lot of pride when you can rebuild something and recapture that heritage, when you walk into these apartments they are going to have high ceilings, skylights, hard flooring; beautiful features that you just cannot get anymore . . . You can’t rebuild these back the way they were, it’s just too expensive, so restoration is the way to do it,” he went on to say.

According to data supplied by the Mississippi Department of Archives and History, 94 percent of the state historic tax credit funding from 2006 onwards have been utilized for commercial projects like these, indicating the popularity of the tax and the eagerness of developers to restore these buildings. Roughly half of all such renovation projects are used for commercial purposes, with others focused on residences and the like.

Chain noted that developers interested in historic renovation have access to other incentives as well, such as those offered by energy companies. For instance, he saved 25 percent on the lighting for a project via one such program.

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Waverly Mansion to Enter a New Era

WEST POINT, MS — Courtesy of the Waverly Plantation Mansion

The historical antebellum Plantation & Mansion near West Point has a couple of new owners, who are ready to work hard on continuing the restoration of the property to bring its appearance back to that of its glory days. Built in the 1840s by Georgia Colonel George Hampton Young and completed in 1852, it features a unique design, a gas-fired chandelier, industrial buildings, a swimming pool, and more! The Robert Snow family purchased the property in 1952, and have been steadily working on restoring it ever since. The Stephensons will now continue with that legacy.

Tours will be available when the renovation permits, and will be announced at a later date.

Charlie and Dana Stephenson at the Waverly mansion (courtesy photo)

A message from Waverly’s new owners Charlie and Dana Stephenson: “Dana & I are thrilled & honored that the Snow family has entrusted us with Waverley. We have a plan to get her back into top shape & she will remain open except for periods of time when renovation work will not allow. We’re thrilled that Jimmy will continue to guide tours & share his expertise & knowledge with our guests. We plan to launch a web site soon that will house historical information & keep everyone up to day on the progress. The future is bright for Waverley!”

A message from Waverly’s new owners Charlie and Dana Stephenson: “Dana & I are thrilled & honored that the Snow family…

Posted by Southern Civil Warscapes: The Civil War In The South on Saturday, December 22, 2018
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Godfather’s is Coming to Town

GOLDEN TRIANGLE– Courtesy of the Dispatch

STARKVILLE

Pizza and buffet chain Godfather’s Pizza is opening a local store in Midtown at 301 University Drive, Suite 2. They plan to open their doors sometime this spring. The chain has been in business since 1978, and currently has more than 600 locations in 40 states. More options for tasty food in this burgeoning town are always good to have!

Starkville’s Cadence Bank main branch building, located at 301 E. Main St., is back on the market. The Board of Aldermen considered buying the property in 2014, but the project was eventually voted down. The 30 thousand sq ft building is currently listed at $2.5 million.

Ceco Building Systems, which makes materials needs to construct pre-fab homes, will be moving to a new location a few blocks down Hwy 45 N, according to Human Resources Director Tim Lamm.  

Nails and Spa, located at 1726 Hwy 45, has put up an “opening soon” sign, but no date has yet been announced. The nail salon will be open Monday through Saturday from 9 a.m. to 6:30 p.m.  

COLUMBUS

K-Mart has officially closed its doors here as of late November. Future plans for the retail space, if any, have not yet been announced.

Penny Ridge Grocery, located at 2003 Ridge Road between Caledonia and Columbus, is on the market. Owners Deanna Jordan and John Wooten have said that they are in the process of finding a buyer, but that they would close for business by the end of the week.

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Entrepreneurship is Alive and Well in Columbus & Starkville

GOLDEN TRIANGLE REGION, MS – Courtesy of the Dispatch

STARKVILLE

Hungry for some fresh, piping hot cinnamon buns? Then head on over to Big Buns and More, a cinnamon roll bakery at 332 Hwy 12 W in Starkville. The bakery just held a Grand Opening lately, and is already bringing in rave reviews from locals. Hours: Tue~Thu 7:30am – 5:30pm, Fri 7:30am – 10pm, Sat 8 – 4.

Once you’ve had your fill, work off some of those delicious calories at Orange Theory Fitness. The new gym had its own Grand Opening recently; they’re located at 401 University Dr, and they offer one-hour fitness classes every day from 5 a.m.-6:45 p.m. Better yet, your first class is free to new members!

Head Over Heels clothing shop and boutique’s newest location at 450 Hwy 12, Ste B, has just opened for business. They’re open Mon~Sat from 11 to 6.

The Flower Company plans to open up shop at its new, bigger location at 401 E Lampkin St in the next few days. They plan to be open from 9 to 5 Mon~Fri, and Sat from 9 to 1, starting this Monday.

COLUMBUS

423 Main St now plays host to Faith Salon and Faith Fabulous Boutique! They are in business and ready to go; they currently offer mainly women’s clothes and services, but they will be adding both men’s clothing and new employees soon! Open Tues~Sat from 9 to 6.

Party and Paper has closed its doors, but owner Susan Mackay will hold the Grand Opening of her new shop, Impressions by Susan this evening (Thursday, Nov 1) from 4 to 7 pm. It is located at 424 Main St. The shop will be open for business Tues~Fri from 10 to 5.

The former location of Front Door/Back Door and Old 82 Restaurant at the corner or Catfish Alley and Main St is up for sale.

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Terry Brown Ampitheater Looking Good, Could be Ready to Rock Within Two Years

COLUMBUS – Courtesy of the Dispatch

The Columbus-Lowndes CVB Tourism Partners recently gave a preview of the (still under construction) Terry Brown Ampitheater to a number of its members. Pjase I of the construction was completed in 2007, but Phase II is still pending funding to the tune of $2.5 million needed to complete the project. It is hoped that it will be ready to rock by early to mid 2020.

 

City engineer Kevin Stafford provides details of the plans for the Terry Brown Amphitheater during a tour of the facility Tuesday morning. City officials hope the venue will be ready to for its first event in spring 2020 as they await $2.5 million in funding needed to complete the project. Photo by: Slim Smith/Dispatch Staff

The venue is planned to have a seating capacity of roughly 3,500 including seating for 1,800 on a grassy area, according to city engineer Kevin  Stafford: 1,100 hard-back seats plus a table-and-chairs area for VIP use and an open area nearest the stage that can be altered as needed for any given show.

Rep. Jeff Smith, the House Ways and Means Committee chairman, said that they hope to receive enough state bond money to complete the project in the upcoming year, but it’s uncertain whether enough will be incoming to meet the $2.5 million goal. Mayor Robert Smith suggested that a 2% county-wide restaurant tax could provide $2 million annually for tourism and economic development. Per an existing resolution, $400 thousand of that could be used each year for parks and recreation.

As part of the joint resolution between the county and the city that will be used to craft the legislation, $400,000 annually would be provided to the city for parks and recreation: “We are going to be talking to our local legislative delegation about both the bond money and the 2-percent money,” Smith said. “We know there is going to be some bond money to help complete (the amphitheater). We don’t know if we’ll get the $2.5 million we need, but if not, the plan is to use some of the 2-percent money, which would be more than enough to complete the project.”

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Lowndes County Sportsplex Greenlit by BOS

LOWNDES – Courtesy of the Dispatch

A major quality of life improvement has now jumped one of its most important hurdles.

Lowndes County is executing a purchase of 89 acres of property west of Columbus it hopes to convert to a regional sports complex. The purchase price of $840,000 is $50,000 less than the land’s appraised value.

The Lowndes County supervisors voted to purchase an 89-acre parcel of land in the western section of the county to build a sports complex; the vote was unanimous, following a clearance authorization from the FAA in order to make sure that the new construction will not interfere with an existing nearby FAA facility. A buffer zone will need to be established at one end of the property, leaving 69 acres usable by the County.

“That’s more than enough land for what we want to do,” Board president Harry Sanders said, “so I think we can go forward with this.” While some discussion asked about simply not purchasing the “buffer zone” part of the property, it was soon explained that it was all a package deal, and that leaving that part out would actually cause the price to go up from the agreed-upon $840 thousand price tag. The cost will be paid out over eight years, with no interest charged, and reflects a discount of $50 thousand below the assessed value of the property.

District 2 Supervisor Bill Brigham commended that “As far as that part of the property, there still may be something we could use it for that the FAA would approve, maybe a walking path.” He went on to speculate that “The system out there is going to be obsolete one of these days and that part of the property will be usable. . . Let’s go ahead as we planned.”

The board agreed, voting to make its first $100,000 payment on Nov. 15 of this year.

In other board business, supervisors dealt with the question of how to fill the county prosecutor position that will become open in January. Current office-holder Allison Kizer will leave that position after being sworn in as county judge, for which she is running unopposed next month.

“It could be that for some of us, whether or not the person wants to run again is OK, and for others it might not be,” District 5 Supervisor Leroy Brooks said. “I think we should just let that play out and see how the votes go. There’s no need to do anything else.”

Supervisors set the deadline to apply for the county prosecutor position for Dec. 3.

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Columbus and Starkville Have Some New and Returning Businesses to Support

Courtesy of the Dispatch

COLUMBUS

Columbus Inn & Suites across from the Magnolia Bowl is up for sale to the right entrepreneur. The building, located at 506 Hwy 45 N, has 90 rooms, a fully-equipped restaurant, kitchen, pool and meeting areas. The asking price is $1.45 million.

Window World recently opened its doors at 134 Lincoln Road, next to Walmart, earlier this month. It is part of a 200-store chain that services both interior and exterior window needs of all kinds. They are open Monday through Friday 8 a.m.-5p.m and Saturdays from 9 a.m.-1 p.m.

Waldrop and Co. Real Estate has now moved in to the old Cross Golf Cart building at 5736 Hwy. 45 N.

Grassroots Natural Candle Company has come back, having moved across the street to 127 Fifth St. N. Offering a wide variety of fragrance products (not just great candles!), they are open Monday through Saturday from 10 a.m.-6 p.m. and Sunday from noon-5 p.m.

STARKVILLE

Twigs Nursery and Landscaping at 7653 Oktoc Road opened for business last week. MSU graduates Kody and Kandiace Brown offer a variety of plants, flowers, arrangements, seeds, pots, garden tools, Mississippi-made items, pottery and of course landscaping. It’s open Monday, Tuesday, Thursday and Friday from 9 a.m.-6 p.m., Wednesdays from 9 a.m.-4 p.m. and Saturdays 9 a.m.-5 p.m.

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Breaking News on Leigh Mall

COLUMBUS, MS – Article attached below, Courtesy of the Dispatch

Colin:

 

Leigh Mall on Highway 45 in Columbus is up for public auction as collateral on a defaulted loan, according to a public sale notice in today’s edition of The Dispatch – File Photo from the Dispatch

Best thing that could happen. The out of town owners misjudged the market and passed on several solid opportunities recently(IMO.)

 

After the ownership group balked at several multi-million dollar offers over the last few years, the mall is up for auction. The LINK, recently defunded by the city council, had secured at least two offers aimed at rehabbing the mall over the last 5 years that were ignored by the current owners.

The big challenge is really that this is not a single property call for sale, but a full asset “foreclosure.” Some companies allow this to happen as part of a buyout or restructuring- but it is often a sure sign of distress.

Luckily for Columbus, Leigh Mall is one of the most valuable assets the company owns and would be one of the first “sold off” in either case.

I’d hope an outlet mall or redevelopment group would make a fast charge to the property(as they have done in the past.)

Big time news in any scenario, and heads up news gathering by Zack and the Dispatch.

Worth mentioning I wouldn’t expect the mall to actually close at any point.

http://cdispatch.com/news/article.asp?aid=68840

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