$39M Office Building Leading Off CBD Plan

Ground will break in the spring on a two-acre tract in the CBD. The Pinnacle at Jackson Place's completion is slated for fall 2008.

Though dirt work has barely begun at the intersection of Capital and Lamar Streets, 75% of the office space has been spoken for, with Brunni, Granthan, Grower & Hewes PLLC and Watkins Ludlam Winter & Stennis PA agreeing to take down 100,000 sf to 120,000 sf in long-term leases. Additionally, Trustmark Bank plans a full-service branch and EastGroup Properties Inc. also plans to relocate its headquarters to the building. The Pinnacle at Jackson Place will neighbor Parkway's 220,000-sf headquarters building, One Jackson Place.

The Pinnacle's construction financing has been provided by AmSouth Bank, headquartered in Birmingham, AL, and the local Trustmark National Bank. Dale & Associates Architects, also from Jackson, designed it.

Jackson Place is a public-private initiative to transition the in-town tract into high-density residential and retail use. The Jackson Redevelopment Authority owns the land and a parking garage. "We're executing a 90-year lease on the parking facility, which gives us every right, title and interest to own, operate, manage and construct whatever we see fit in this project," says Lee Nations, Parkway Properties' project manager for Jackson Place.

Nations tells GlobeSt.com that the bottom floor of the garage, measuring about 70,000 sf will be earmarked for service-oriented retailers. Parkway Properties will oversee the retail component and outsource the residential development. "We're not a residential developer, we do office and do it well," Nations says. "But we have a lot of local, regional and national contacts to NAREIT so we're setting aside the land until we can find someone who can bring quality residential to the block."