Last October, Mississippi State University President Mark Keenum received approval from the IHL College Board to enter into a contract with the Cotton Mills Development Group permitting the construction of a $176 million development project.
Located on the western entrance of campus, the Cooley Building operated as a cotton mill until the early ’60s and later housed MSU’s Physical Plant Department. As part of the agreement, MSU plans to retain ownership of the main building and to lease to developers for 41 years.
Other proposed phases will be constructed on the 8.4 acres of property located behind the building, which MSU will sell to developers.
Mark Nicholas, a developer for the project and an alumnus of MSU, said the original idea for the development was proposed about four years ago when MSU expressed a definite need for a conference center.
“If possible, the university wanted to utilize the Cooley Building, which was placed on the National Historic Register in 1975, while preserving its historic structure. We started designing to see if we could make it happen, and we did,” Nicholas said.
With help from Conventional Wisdom, a professional company that designs conference centers worldwide, Nicholas will oversee the $64 million renovation and conversion of the former cotton mill into a state-of-the-art conference center.
Once completed, the center will be one of only two in the state of Mississippi built to the standards of the International Association of Conference Centers.
Other components in the first phase include a ballroom, large restaurant, 150-room hotel, parking garage, small shop retail and 37,000 square feet of office space. In addition, Russell Street will be transformed into a boulevard and a major crosswalk and bike paths will be added for easy access to the development from MSU.
The overall project will have the potential to generate over 400 permanent jobs.
Nicholas said he looks forward to getting the development underway as soon as possible and creating something special.
“It is my intention that in its new form, the building will serve as an economic generator for the whole region like it did back in the 1900s. It is truly going to be a world-class facility,” Nicholas said.
Keenum, who serves as MSU’s final authority in accepting the proposal, recognizes the opportunity this resource will present.
“To have access to such a facility allows us to host and accommodate national and even international organizations that come here for meetings,” he said. “It’s a win-win situation for MSU and the state of Mississippi. I think it has tremendous potential to pave the way for future developments.”
Jon Maynard, president and CEO of the Greater Starkville Development Partnership, said he is responsible for determining the economic feasibility of the project. He said he believes the organization will benefit as well.
“This development, especially the conference center, will allow us to showcase what Starkville has to offer potential businesses,” he said.
Developers had until the end of this past March to close with MSU on the proposed Cotton Mills development in anticipation of having the marketplace open to the public in summer of 2012, just in time for the fall semester. However, David Shaw, MSU vice president for Research and Economic Development, said the developers now have until September to complete the financial negotiations that caused the project to run roughly nine months behind schedule. In addition to their own funds, developers still intend on using historic tax credits to renovate the 108-year-old Cooley Building and are also seeking GO Zone bonds to help finance the project.
For the second phase, developers are currently undergoing discussion with numerous businesses that may be interested in becoming part of a proposed upscale retail development. A future phase may include a student housing development as well.
Also, developers have already paid MSU to refurbish the roof on the Gast Building, where physical plant staff and equipment will be relocated.
Though finances must be in order before any construction can commence, Shaw remains optimistic about the development’s potential value, which will best be seen when months of planning become a much-anticipated reality.
“This is an incredibly important project for the university, Starkville and the state of Mississippi,” Shaw said. “The university had an independent feasibility study done that clearly demonstrated that this was a very well-justified and greatly needed facility and asset for the university.”
Starkville loses opportunities every month to bring conferences to highlight the strengths that MSU has. The Cotton Mills project will highlight the tremendous academic, research and outreach programs MSU has as well as provide new job opportunities. This is a tremendous partnership with MSU, Starkville, Oktibbeha County and many regional and state development partners, he said.
Because the plans are in the final pre-construction stages, developers are not quite ready to update the public with any specific details on the project. However, as the development progresses, more information will be provided as it becomes available.