NATCHEZ, Miss. – The Tennessee-based developer’s plans for revitalizing Natchez’ dilapidated Trace Town shopping center took what its chief executive said is a “necessary and critical first step” to help fund it.
The Natchez Board of Aldermen on Tuesday approved measures for designating Trace Town an urban renewal area enabling the city to help further redevelop it. This entails borrowing money through bonds. They would be repaid with sales and property taxes generated by the new development that would otherwise go to the city’s coffers.
Noon Real Estate of Chattanooga, Tenn., has a $25 million plan to rebuild Trace Town, the once-premier shopping center on Seargent Prentiss Drive that’s now in disrepair.
Meeting Tuesday with Natchez Mayor Dan Gibson and the six city aldermen, Noon Real Estate President Kevin Jennings said there are more hurdles to leap before his company’s Trace Town plans become a reality. Noon has been involved in developing more than 25 shopping centers with retailers including TJ Maxx, Marshalls, HomeGoods, and Dick’s Sporting Goods.
In what’s being described as the Trace Town redevelopment’s Phase 2, Noon’s plans complement what’s already being done for building a Hobby Lobby store. It’ll be where Sears’ once stood at Trace Town near Regions bank and Walgreens. Natchez businessman Jimmy Smith bought the Trace Town property in 2023 and unveiled plans in April for Hobby Lobby and other retailers to occupy it. Existing structures are being demolished – except for the U.S. Post Office – to make space for the 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 through the use of a state program authorizing the city to help rejuvenate blighted areas. Up to $6.5 million in urban renewal bonds could be issued by the city but with Noon repaying bondholders. Sales and property taxes Noon owe the city would be used to pay off the bond loan.
The Trace Town revitalization plan will be presented at a public hearing Sept. 22 before it can officially be approved as an urban renewal project eligible for the public financing.
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 and other pollutants that must be removed or abated.
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