Pinnacle at Jackson Place

The Project

The Pinnacle at Jackson Place is a 9-story, 192,000 sq ft office building to be constructed in the central business district of Jackson, MS. Pinnacle is the foundation of the renovation of the entire block. The block within the borders of Lamar, Capitol, Farish and Amite Streets will be transformed into a major urban center known as Jackson Place. Other new developments that will join Pinnacle and the existing fourteen-story, 220,000 square foot One Jackson Place building as part of Jackson Place include:

• Customer Parking at Jackson Place
• 1,732 space, seven-level facility will be renovated
• The Shops at Jackson Place will encompass new and existing retail customers on the ground level of the parking facility
• The Residences at Jackson Place will provide downtown residential spaces
• The Gardens at Jackson Place will be a specially-landscaped courtyard between The Pinnacle and Customer Parking

Climate-controlled corridors and walking spaces will connect The Pinnacle to the adjacent One Jackson Place building, customer parking, shops and residential properties. The Pinnacle will feature a prominent sculpture depicting a theme of local significance. A water feature will be located in the area connecting the new building and One Jackson Place. Landscape architects will design The Gardens at Jackson Place, a special garden area that will be located at the center of Jackson Place. The garden will feature an assortment of foliage and flowers along with walkways and seating areas. Nationally acclaimed security and lighting consultants will assist master planners in maximizing safety and aesthetics.

Pinnacle will be considered a Class A building in the local market. Tenants who have already signed leases include two prominent local law firms, a regional bank and a REIT with its headquarters in Jackson, MS.

Project Financing

The estimated total cost of the building is $48,472,000. The project received two interest-only loans totaling $29.5 million from Urban Development Fund IV. The loans feature numerous advantageous terms for the project, including a lower-than-standard interest rate and higher-than-standard loan-to-value.

Community Impact

The property is located in census tract 28049002700. This tract has a poverty rate of 53.5%, and the median family income in this tract is only 36.1% of the area-wide median family income. The unemployment rate in the area is 3.64 times the national average. It is located in the Gulf Opportunity Zone, an SBA HubZone, and a federally designated Medically Underserved Area, as well as being designated an Economic Development Hotzone and a Housing Hotzone by the CDFI Fund.

A large number of temporary construction jobs will be created during the construction period. The project expects that between 50-75 full time jobs will be created by the specific requirements of operating the building such as landscaping, janitorial, maintenance, security, and catering. A large number of jobs will be attracted to the central business district by the tenants of the office space. The retention of jobs in the CBD will help to maintain profitability at other support businesses in the area and alleviate the flight of companies from the CBD area. Additionally, the requirements surrounding the buildings construction will directly employee minority owned businesses as dictated by an agreement with the Jackson Redevelopment Authority, from whom the land for the project was purchased.

The project is currently working with the Winter Institute for Racial Reconciliation, based in Oxford, MS, to provide an office space in the buildingwhich will provide for meeting facilities open for use by the public. Founded in 1999, the William Winter Institute for Racial Reconciliation builds more inclusive communities by promoting diversity and citizenship, and by supporting projects that help communities solve local challenges.