HRI Properties issued the following press release and drawings:
HRI PROPERTIES ANNOUNCES FINANCIAL CLOSING OF THE CAPITOL ART LOFTS
Closing signals more redevelopment for Jackson’s historic downtown
JACKSON, MS – September 14, 2016 – HRI Properties announced today that they have officially closed on the Capitol Art Lofts project and will immediately begin with construction. The advancement of this project will ensure the adaptive reuse of another set of historic buildings in downtown Jackson – and the continued progression of current revitalization efforts in the area.
Governor Phil Bryant said, “I’m excited to see this very worth-while and important project finally come to fruition. Many partners contributed to this project, but I’d like to specifically thank the efforts and creativity of HRI, the Mississippi Department of Archives and History, and the Mississippi Home Corporation as this development will provide workforce housing to Mississippians.”
“We are thrilled to officially move forward with the Capitol Art Lofts. We are extremely grateful that the State of Mississippi has continued to support the project through thick and thin. The State clearly saw how this project serves the multiple public goals of affordable housing creation, blight elimination, historic preservation, and economic development through stimulating the creative economy,” said Josh Collen, Senior Vice President of Development Services for HRI Properties. “We are looking forward to working with White Construction on a first class renovation of these historic buildings that will add vibrancy to West Capitol Street. We’d also like to thank AEGON USA Realty Advisors, LLC and JP Morgan Chase Bank, N.A. who have been valuable financial partners in this and prior artist housing developments we have created together.”
“Chase is excited to partner with HRI Properties and the State of Mississippi in the redevelopment of historic commercial buildings, along Capitol Street in Jackson, into workforce housing that will further enhance this growing corridor of the city. Chase maintains a longstanding commitment to invest its expertise and resources in communities it serves, and this redevelopment has provided an opportunity for us to work towards that goal,” said William Callihan, Vice President of Chase Community Development Banking.
First proposed in 2012 following HRI’s successful downtown Jackson renovations of the King Edward Hotel in 2009 and the Standard Life Building in 2010, the Capitol Art Lofts project is composed of two groupings of architecturally significant commercial buildings constructed between 1885 and 1929 in the 200 block of West Capitol Street. Much like HRI’s comparable recent developments in New Orleans, the Bywater Art Lofts and the Blue Plate Artist Lofts, the properties will be converted into 31 affordable residential units that will provide leasing preferences for artists and medical industry workers. Amenities include community areas, art gallery/studio spaces, a business center and fitness center.
About HRI Properties
HRI Properties (HRI) is a diversified, national real estate company engaged in the ownership, development and management of upscale branded and independent hotels, luxury apartments and mixed-use properties in the top 40 urban markets.
Founded in New Orleans in 1982 by Edward B. Boettner (1933-2000) and Pres Kabacoff, HRI is dedicated to the pursuit of rebuilding neighborhoods and recreating entire communities. Through its subsidiaries, HRI has completed 77 large-scale projects for a total funding value of over $2.5 billion which include 5,226 apartment units, 4,725 hotel rooms, and more than 1.4 million square feet of office and retail space. HRI is a full-service real estate development company and a national leader in the adaptive reuse of historic structures. HRI’s mission is - Revitalizing Cities by Creating Diverse, Vibrant and Sustainable Communities. For more information, please visit our website at www.hriproperties.com.
Kingfish note: Couldn't resist.