JACKSON, MS (September 1, 2010)—The Standard Life Apartments in downtown Jackson's 1929 Art Deco masterpiece tower welcomed the first residents to the building after a $33.5 million restoration led by HRI Properties of New Orleans, announced Josh Collen, vice president of development and manager of the project.
"The Standard Life Building's conversion from office to apartments is a natural fit with the large number of windows providing great natural light. The 76 new households that will occupy these upscale apartments, combined with the 64 households in the King Edward Apartments, represent a tipping point in giving 24-hour life to Jackson's historic downtown," said Collen.
Residents of Standard Life will be able to use the roof top amenities in the King Edward building located on the same block. The Standard Life Apartments building contains additional amenities, including a business center, on-site parking, stainless steel appliances, granite counters, ceiling fans, full size washers and dryers in every unit and high-end design with a particular focus on energy efficiency.
"Our leasing program is already exceeding projections, with 27 units pre-leased and 9 residents scheduled to move in on the first day," said Collen. "Based on the volume of traffic we are seeing, we anticipate a very quick lease-up," he added.
Standard Life is owned, financed and operated with the King Edward as a single integrated unit. Partners with HRI Properties in Standard Life include Watkins Partners of Jackson, MS and former New Orleans Saints running back Deuce McAllister, both of whom also participated in the King Edward restoration.
The renovated Standard Life Building includes 2,671 square feet of retail space on the ground floor, which is now available for lease. Of the 76 apartment units, 57 are one-bedroom units with an average size of 772 square feet and 19 are two-bedroom units with an average size of 1,050 square feet.
The Standard Life total development cost of $33.5 million increases the total investment in downtown Jackson to $123 million in the combined King Edward/Standard Life development. The Hilton Garden Inn Jackson Downtown opened in the King Edward building in December, 2009, and the King Edward Apartments opened at the beginning of this year and are fully occupied.
The team of White Construction and HCI Architecture operated as the design-builder for the Standard Life renovation. Established in 1971, White Construction Company, with dual corporate offices in Jackson, Mississippi and Austin, Texas, specializes in general contracting, construction management and design/build services. HCI Architecture is an affiliate of HRI Properties with extensive experience in the adaptive re-use of historic structures.
The project was made possible by the Jackson Redevelopment Authority, the City of Jackson, the Mississippi Development Authority, the Mississippi Business Finance Corporation, Hinds County and the Mississippi Department of Archives and History. Financing was provided by Chevron Tax Credit Investments, Inc., Tax Credit Capital, Inc., Capital One Bank, Trustmark Bank, Whitney Bank, First Bank and Trust, First NBC Bank, National New Markets Fund, and the National Cities Fund.
About HRI Properties
Based in New Orleans with offices in St. Louis, Missouri, HRI Properties (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, sustainable communities. HRI has completed 50 large-scale projects, including 4,496 apartment units, 3,487 hotel rooms and more than 500,000 square feet of office and retail space, with a total funding value of $1.4 billion. For more information, go to www.hriproperties.com.