Market Information & Listings
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Residential
Market Information
Downtown Jackson is flourishing. As the region’s employment center and cultural heart, Downtown Jackson is becoming a world-class neighborhood. Over 25,000 Downtown employees, over 14,000 Medical District employees and more than 11,000 area college students support the region’s potential. With existing parks and open spaces, as well as an abundance of entertainment destinations, Downtown Jackson is ideally situated for residential development.
Urban pioneers have taken advantage of this by converting historic commercial spaces into loft apartments around the edges of the Business Improvement District for their family homes.
The Dickies and Iron Works buildings are successful projects in which warehouse space was renovated into incredible residential units.
Office buildings have been transformed into mixed-use properties. Electric 308 and the Plaza Building are examples of mixed-use projects with the top floors converted into one and two bedroom luxury apartments.
More recently, new loft apartments have been put on the market. The Tombigbee Lofts are one bedroom units that were developed from commercial and office space. An additional 13 loft project is underway with larger scale projects in the works.
Residential amenities are plentiful in Downtown Jackson. Downtown has an abundance of convenient parking. Smith Park and other public spaces are ideally situated for recreational use. Four museums and seven churches are located in the area.
Based on current market conditions and surveys of comparable ci t ies, Downtown could have a pent-up demand for over 1,400 new residential units. An abundance of development sites exist in and around the downtown area. Anchored by a strong daytime population and surrounded by colleges as well as historic neighborhoods, Downtown Jackson is poised to capitalize on this growth opportunity.
Target Markets
Employees
- Over 25,000-Downtown
- Over 14,000-Medical District
Students
- 7,783-Jackson State University
- 2,027-UMC
- 2,500-Belhaven College
- 1,088-Millsaps College
- 530-MC School of Law
- 34-MSU College of Architecture
Metro Jackson Population by Age
- Total: 440,801
- Less than 14: 22.8%
- 15 – 24: 15.6%
- 25 – 34: 14.5%
- 35 – 44: 15.9%
- 45 – 54: 13.1%
- 55 & over: 18.2%
| Metro-Jackson | Multifamily Market |
|---|---|
| Approximate Market Size | 21,168 units |
| Occupancy Rate | 91% |
| Pre-1980s Construction Rent | $549 |
| 1980s Construction Rent | $667 |
| New Construction Rent | $794 |
| Average Unit Size in Sq. Feet | 940 |
Source: CB Richard Ellis 2007
Downtown Jackson is on the cusp of becoming a true twenty-four hour neighborhood. The area includes over 40 restaurants and bars with numerous cultural amenities to entertain residents and visitors.
Dickies Building
The Dickies Building is a converted warehouse with apartments on the upper levels. Currently, there are three loft apartments in the building with 15 additional lofts to be constructed. The building provides on-site parking and is steps away from the Commerce Street Entertainment District.
Electric 308
Electric 308 underwent a $16 million renovation and restoration. The 1927 Beaux Arts architecture has been fully restored beyond its original grandeur and the top two floors have been renovated to 15 plush residential units. Electric 308 offers a concierge to greet guests, a garage with direct access to the building, and a roof top garden with a breathtaking view of the city. The building possesses an elegant lobby with restaurants on the first floor and office space on the middle floors. City Hall and federal courthouses are within walking distance of Electric 308.
Foundry Lofts
The Foundry Lofts is a converted warehouse with loft style apartments for those who desire the urban lifestyle. The Foundry Lofts features 4 lofts that range from 1,200 to 2,700 square feet. 13 additional units are underway and will include one to three bedroom lofts and two story, two to three bedroom townhouses. The building is located near the Mississippi Arts and Convention Districts.
Plaza Building
This elegant Art Deco building experienced a $6.5 million renovation. The Plaza Building is a mixed-use project with the top three f loor s designed for residential use. The 2nd-9th floors comprise of office space while the 10th, 11th, and 12th floors contain 14 luxury apartments consisting of both one and two bedroom units featuring hardwood floors and granite countertops. The building provides amazing views of the Governor’s Mansion and the State Capitol. Restaurants occupy the first floor so residents will not have to look far for a delicious meal.
Sterling Towers
Sterling Towers is located across the street from Mississippi College School of Law. The building contains 105 apartments and five business units. Sterling Towers provides on-site parking and Skeeter’s Restaurant is located on the first floor of the building. The building is situated near several state offices including the Mississippi Department of Transportation and Governor’s office.
Tombigbee Lofts
Tombigbee Lofts is a new 12 unit apartment building. These one bedroom lofts includes hardwood floors, walk-in closets, and gourmet kitchens. 7 of the 12 units also include an upper loft area. The Tombigbee Lofts is near the Hinds County Courthouse and the Commerce Street Entertainment District.
Residential Listings
| Listing | Address | Phone Number | |
|---|---|---|---|
| 1 | Electric 308 | 308 E. Pearl Street | 601-914-0800 |
| 3 | Foundry Lofts in South Downtown | 300 W. South St. | 601-352-3722 |
| 7 | Nejam Properties in Belhaven Heights | 601-355-0100 | |
| 4 | Plaza Building | 120 N. Congress Street | 601-977-0800 |
| 5 | Sterling Towers in the Farish Street Historic District | 170 E. Griffith St. | 601-353-4210 |
| 2 | The Dickies Building in South Downtown | 736 S. President St. | 601-720-7655 |