December 2019 will be a historic month in Hattiesburg, Mississippi, in more ways than one. Th e year will end on a note of tremendous new hope for accelerated downtown was born.
In a once-in-a-lifetime occurrence, five historic buildings in downtown Hattiesburg are due to change hands in that single month, the latest in a series of events transforming the city’s Historic Neighborhood District.
The Carter Building
Named in 2011 by the American Planning Association as one of the “Great Places in America” in which to live, downtown Hattiesburg increasingly represents an ideal combination of modern businesses and classic styles.
“These buildings have more than just a rich history of tenancy. Each one was built by craftsmen who used only the finest materials and paid attention to every detail. These classic buildings represent lucrative opportunities for the smart investor,” says Alan Bridevaux, broker of record with FRE, coordinating the sale of these historic properties.
Located in an Opportunity Zone, these properties offer tremendous state and federal tax advantages.
The downtown properties include:
- The America Building: One of two buildings comprising the Hub City Lofts offering, the beautifully designed America Building is a fully-leased 20-unit apartment structure with 4,052 feet of first floor commercial space in revitalized downtown Hattiesburg;
- The Carter Building: The other half of the Hub City Lofts complex, this stunning, classic building bridges the gap between two architectural eras. The Carter Building has 32 fully-leased apartments and 8,658 feet of commercial space on the ground floor;
- The Kress Building: A three-story mid-rise office building in downtown Hattiesburg featuring approximately 32,459 sq. ft. It is located within a Qualified Opportunity Zone and the new owner will have access to historical federal and income tax credits;
- Forrest Tower: This nine-story office building is in an Opportunity Zone Location. It has approximately 61,072 sq. ft. of space, plus a 17,833 sq. ft. basement and 2,871 sq. ft. penthouse. Close to everything downtown and to the University of Southern Mississippi; and,
- Regions Bank Building: At three stories and 27,624 sq. ft., the Regions Bank building is located within a Qualified Opportunity Zone and the new owner will have access to historical federal and income tax credits.
The Future of Real Estate (FRE) has handled transactions for other historic properties including the iconic Clock Tower in Denver, Colorado, and the Historic Armory in Flint, Michigan.
Featured photo shows the Kress Building. All images courtesy of FRE.