Performa Entertainment Real Estate News

Funding Complete for Phase One of the Farish Street Entertainment District; Focus Turns to Phase II -- BB King's Blues Club and Stimley Performing Arts Park

JACKSON, Miss., Feb. 12 PRNewswire — The permanent loan for Phase One of the Farish Street Entertainment District development has closed. This sets the stage for the district to welcome its first customer in Fall, 2008. When complete, Farish Street will be a 70,000 square foot entertainment, retail and restaurant district.

The loan, provided by the Mississippi Development Authority / Central Mississippi Planning and Development District (MDA/CMPDD), retires $1 million in construction financing provided by Trustmark Bank.

"Credit goes to Gray Swoope, the current MDA/CMPDD executive director, as well as former director Leland Speed," said John Elkington, president of Performa Mississippi, LLC, the project developer in conjunction with the Jackson Redevelopment Authority. "State Sen. Merle Flowers also played an important role in moving this project forward."

"Because of previous failed attempts to redevelop Farish Street, many lenders were reluctant to participate in this project," Elkington explained. "But, thanks to the work of Gray, Leland, Sen. Flowers and others, we not only have Phase One funding in place, we have an established process that will allow for expedited funding approval for the remaining phases of the redevelopment."

"With permanent financing in place, we can move forward with the tenant improvements that will allow the district to open this Fall," Elkington explained. "Our focus now turns to Phase Two," Elkington said. This phase will include BB King's Blues Club, an entertainment hall and restaurant featuring the music and cuisine of Mississippi.

"Phase Two also will include Stimley Performing Arts Park, honoring one of Jackson's most prominent African American families and longtime leaders in the Farish Street community."

According to Speed, "Despite the challenges, many of them unexpected, the Farish Street Redevelopment Project soon will be open. This is a tribute to local supporters and to John Elkington and his team, all of whom never lost faith in this project and always continued the push ahead."

Performa Mississippi's parent company, Performa Entertainment Real Estate, Inc., is a privately owned real estate development and advisory firm located in Memphis, TN. Performa, responsible for the redevelopment of Beale Street, Tennessee's number one tourist attraction, has become the nation's leading developer and consultant in this field of developing mixed-use urban retail/entertainment districts.

SOURCE Performa Entertainment Real Estate

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