The Sky’s the Limit

The revitalization of Jackson, Mississippi’s capital city, is vital to the economic future of the entire state. Unfortunately, over the last couple of decades, businesses have migrated to the suburbs and vacancies for commercial office space have steadily risen. In 2019, more than 1 out of 5 commercial office spaces in downtown Jackson were vacant.

The economic hardship facing the central business district of Jackson was precisely the type of challenge HOPE takes on when it considers leveraging the New Markets Tax Credit (NMTC) program. The program was created nearly 20 years ago to increase and direct capital into economically distressed communities. Historically, HOPE has used NMTC to fund projects that otherwise would not receive funding from any other entity.
 
HOPE partnered with developer Andrew Mattiace to secure $10 million in NMTCs to completely renovate and repurpose Jackson’s historic Lamar Life building. The city’s first “skyscraper” and a landmark downtown property, the graceful building and its stately clock tower had stood watch over Capitol Street since 1924. The property was still in use as an office building, but Mattiace and HOPE saw the potential for a modern development that also expanded affordable housing.

Work began on the penthouse-to-basement renovation in 2017. The building’s entire infrastructure, including all electrical and plumbing, was replaced with modern, state-of-the-art equipment; every floor of the grand, 11-story building received a cosmetic facelift; and the building was converted from 100 percent office space to a modern mix of luxury apartments, office, and retail space. Importantly, 15% of the housing units created were also set aside for affordable housing.

Work was completed in January of 2019; by March 1, the entire building, now known as the Lamar Life Lofts, was leased. The renovation of this signature property, which is listed on the National Register of Historic Places, has served as a catalyst for additional development and investment in downtown Jackson.

“I needed an office in a convenient, central location,” says Taylor Sledge, who runs a financial services business from his office in the Lamar Life Lofts. “This building has that location and also offers a conversation and a community feeling. It’s a great atmosphere. I think the success of this project will encourage the entrepreneurial spirit in Mississippi. In how many other cities could you take this kind of dream and make this happen?”