Located on the western entrance of campus, the Cooley Building operated as a cotton mill until the early 1960s, and currently houses MSU’s Physical Plant Department. As part of the agreement, MSU plans to retain ownership of the main building and lease it to developers for 41 years. Other proposed phases will be constructed on the 8.4 acres of property located right behind the Cooley Building, which MSU will sell to developers.
In addition to their own funds, developers plan to use historic tax credits to renovate the 108-year-old Cooley Building and are also seeking GO Zone bonds to help finance the project.
Mark Nicholas, a developer for the project and an alumni of MSU, said the original idea for the development was proposed about four years ago when the university 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.
When completed, the center will be only one of 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 the university.
For the second phase, developers are working on an upscale retail development, and a future phase may include a student housing development.
Developers will also pay to refurbish the roof on the Gast Building where physical plant staff and equipment will be relocated.
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.”
MSU President Keenum, who serves as the university’s final authority in accepting the proposal, recognizes the opportunity that 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 have until March 31, 2011, to close with MSU on the proposed Cotton Mills development and anticipate having the marketplace open to the public in summer of 2012, just in time for the fall semester.