NATCHEZ, Miss. – The city board approved plans Tuesday to help Trace Town developers finance the revitalization of Natchez’ once-premier shopping center.
Through a state urban renewal program, bonds can be issued to generate funds for developers to rebuild the dilapidated Seargent Prentiss Drive property.
This can bring the shopping center “back to its former glory,” said attorney Brad Davis, who’s been hired by the Natchez Board of Aldermen to manage the city’s use of the state program authorizing it to help rejuvenate blighted areas.
Developer Jimmy Smith bought Trace Town in 2023 and unveiled plans in April to rebuild it for Hobby Lobby and other retailers to occupy. Existing structures are being demolished – except for the U.S. Post Office – to make space for new construction. Plans have the Hobby Lobby store being built by next spring with more stores to follow.
In the meantime, city officials are taking steps designating Trace Town an urban renewal area enabling developers to finance the project. They can borrow money through bonds that are repaid with sales and property taxes that would otherwise go to the city coffers.
Natchez aldermen voted Tuesday to send the Trace Town redevelopment plan to the Natchez Planning Commission for review. A public hearing will be held before city officials officially approve it as an urban renewal project eligible for public financing.
The total investment for Trace Town’s renewal has been estimated to be more than $30 million and projected to create 150 job opportunities – what Natchez Mayor Dan Gibson calls “the largest retail development in our corner of the state in four decades.”
In addition to being designated an urban renewal area, Trace Town is being aided by a state program that helps developers defray the costs of cleaning up contaminated properties so they can be commercially viable. Trace Town’s buildings have asbestos-containing materials that must be removed, according to the Mississippi Department of Environmental Quality.
Comments