Old Capitol Green moves one step closer to reality

The Hinds County Board of Supervisors agreed this week to negotiate with Full Spectrum South, a subsidiary of Full Spectrum New York, to appropriate $13 million from a $20 million loan from the Mississippi Development Authority. With two supervisors absent from the meeting (Robert Graham and Doug Anderson), the three present joined forces to give Full Spectrum the green light to move forward.

Working under tight deadlines, representatives with Full Spectrum urged the board to act swiftly. “We wanted to ensure that all systems were a go so that we could take advantage of some of the tax credits that are in place,” said Malcolm Shepherd, development director for Full Spectrum South. “This project has been in the works for a number of years, and I’m excited about the step forward that we made today.”

One of the hurdles that Full Spectrum had to overcome was who would be responsible for ensuring that the loans were paid back, should the project go ‘belly-up.’ “This is a joint partnership between Full Spectrum, the city of Jackson and Hinds County, I want to ensure you that the county would not be left hanging with this loan,” Shepherd said at a recent board meeting.

In a previous comment to local reporters and other officials, Walter Edwards, Full Spectrum of New York’s CEO said, “Full Spectrum is 100 percent dedicated to Old Capitol Green (OCG) as is evident by our consistent and persistent effort over the past five years to bring the project to fruition, and certainly our $2-million pledge to Jackson State University.”

OCG’s originally design has been scaled back to ensure financing and collaborations according to company officials. Carlton Brown, chief operating officer of Full Spectrum South said 200,000 square feet of office space planned for the roughly $1 billion project is being reduced to 110,000 square feet, while the number of residential units at the mixed-use development will shrink from 180 to 154 units. “You’re in a much better position to close on financing if you’re 75 to 80 percent pre-leased for office space,” Brown said.

OCG recently announced several commitments for office/retail space including Ojah Media Group, owned and operated by acclaimed Jazz great Cassandra Wilson, a Jackson native. Wilson, who recently won a Grammy award, said her production company will offer a sound stage and an upscale dinner club; E & L Barbeque, presently owned by Gladys Wilson is a family-owned resturant started by her parents. This second location will join the one currently in the Georgetown community; and Petropolis, Jackson’s first downtown daycare, boarding, bathing, grooming, training and accessory destination for pets.

Phase One of the project, which includes the office building and parking garage, takes up nine of the 14-block span borded by Pearl Street to the north, Jefferson Street to the east, Silas Brown Street to the south and State Street to the west.

The parking garage could also shrink in size based on readjustments. It could be scaled back from the 800-projected number to 450.

JRA Executive Director Jason Brookins told the board of supervisors that the city of Jackson was finalizing its role and participation in this project and was expected to support it fully.

“We are prepared to move this project forward and enter into final negoiations with these developers,” Brookins said.

That was encouraging news to Full Spectrum as Edwards had previously indicated that “All we need is for the City of Jackson to finalize approval of the public funding for our 800-car automated garage and chilled water plant, and the development work will move forward so all of Jackson can accrue the benefits of the development of Old Capitol Green.”

Editor’s note: Next week, a full profile on Full Spectrum

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