Upscale Petal apartments back on trackBy HASKEL BURNS,
After being put on hold for a little more than a year, the development of a new multi-million-dollar upscale apartment complex is on its way to Petal.
The project, which was approved Monday by the Forrest County Board of Supervisors, is being developed by York Development of Hattiesburg and will bring 132 to units to Byrd Boulevard near WalMart.
“As you know, Petal has seen an economic boom, and I believe that this upscale apartment complex by Dr. (Bennett) York will add to the economic successes that Petal has seen in recent years through retail sales and overall county valuation,” said David Hogan, president of the board of supervisors. “It’ll help the small business in that area.
“Judging by York Development’s previous projects, it’ll be a top-notch addition to Petal.”
In addition to five buildings and 132 units, the complex’s amenities would include a large pool, fitness center, cyber café, billiards room, children’s playground, car wash area and more.
As of yet, a concrete timeline has not been set for completion of the apartments, but construction is expected to create approximately 300 jobs.
“I don’t know that they’ve made that decision,” Hogan said. “They’re just getting everything in place to get started. They didn’t really give us a timeframe, as far as that goes.”
The apartments were originally announced in August 2017 before being halted the following February because of budget and financial issues.
“They’ve got to get their finances in order, because I think the city of Petal has a lift station to put in, and figure out all the infrastructure stuff,” Hogan said. “There will be Tax Increment Financing on the infrastructure part of the project, which is projected to be approximately $2 million.
“The city will put some of that in, but the developer will be putting most of it in, when it comes to utilities, drainages, curbs, gutters and so forth. They’ll be able to recoup that money through the Tax Increment Financing. So what the property taxes are today, versus what the taxes will be with the improvements, the difference will be able to go towards paying the developer back for putting in the infrastructure over a period of time.”