Hope became a reality in Jackson Thursday as developer Gabriel Prado, Mayor John Horhn, and local bigwigs broke ground on the $50 million Prado Lofts project on Meadowbrook Road.
Prado Lofts will be built on the site of the old McRaes store that was demolished several years ago.
Prado Lofts will have 215 living units, a swimming pool with cabanas, dog wash facilities, a walking trail, and study lounges. It will target the professional, medical, and college communities.
Hall Structured Finance, LLC in Dallas is financing the project. Prado said it will take approximately fourteen months to finish the project. Construction equipment is already attacking the site.
The freezing weather did nothing to dampen the enthusiasm as speaker after speaker buzzed with excitement. A tent packed with Jackson's finest stood where shoppers once roamed as speaker after speaker lauded Prado for his vision.
"Jackson is rising," exclaimed Mayor John Horhn as he lauded Prado's progress (7:20 in video). Hizzoner joked about Prado's endorsement of his candidacy for Mayor last year, "I got so excited I said, Gabriel, you don't have to worry about the endorsement. I want the endorsement but bring the development. That's what we want."
"Jackson, Mississippi can compete with anybody. It is a great day to be in Mississippi. Prado Lofts is the start of the Renaissance of the city of Jackson" announced Prado (20:50). "Prado Lofts represents an inspiration, of never giving up," said the developer.
Prado's team will transform the site from this.....
into this:
13 comments:
Prado is going to learn the hard way
so how much is this Prado worth? His name keeps showing up on buildings.
I preface this comment by saying I want to see Jackson do well, but I don’t see how in the world a finance company that did their homework signed up for this.
I'm told this guy's real smart. No way he's using his own $$ to do this.
A future target rich environment for Jackistan's finest thugs.
He was going to name it The Lofts at SoDoSoPa, but that name was already taken.
Playing with somebody else's money….
How many palms were greased to get this approved?
So what are they going to do about all of the drag racing and the gunshots I hear in that area?
He’s not worth much at all.
The mayor and council need to fix that creek right behind this development or he will be filming “a river runs through it…part dos”
This site will require 24/7 armed security during construction due to thefts, etc. After construction it will need the same, plus quality security cameras.
Good news for Jackson and love the enthusiasm. New Mayor is working hard to overcome a stacked deck against him and his administration. He is 'partly correct' in his statement that "Jackson can compete with anybody"; NE Jackson can, but until the city does something with the blight and gang violence in the South and Western parts of the city, the competition does not exist.
Prado's hope that this is the Start of a Renaissance of the CIty is facing the same problem; yes, this is the start of the renaissance for this section, helping bridge the southern part of Fondren and the parts of NE east of I55 into other salvageable areas, there is a large expanse to cover before the Renaissance can be accomplished.
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