Two Vicksburg condominium development projects have been canceled

Two Vicksburg condominium development projects have been canceled

Facebook
Twitter
LinkedIn

Developments for Washington Street Park and on Mulberry Street will not be moving forward, according to an announcement by Jimmy Gouras, acting spokesperson for Steve Bryan, manager of Mid-South Companies LLC, on Wednesday.

Recently, the company was granted a one-year extension to acquire the properties. The extension was granted until the end of December, 2022. Plans are now to let the extension expire. Gouras states an unworkable provision which states the company would begin work within 30 days of acquiring the title to the property.

MidSouth considered upwards of a $10 million investment to build condominiums on the properties which would have brought in an estimated $157,000 in property taxes and $5 million in payroll and material purchases.

Bryan wrote a letter in in October, 2021, to the city stating he did not want to discontinue the projects, but did not want to move forward in a climate which “makes it impossible to complete them in a manner that makes sense for the city, its citizens and me at the level of quality that you rightfully expect and that I demand of myself.”

An extension was then agreed to, to give an opportunity for the project to become feasible.

Bryan’s attorney reviewed the agreement a few days later. The agreement required MidSouth to start construction within 30 days of the properties being deeded to them. Bryan’s attorney stated the provision did not allow Bryan time to perform any pre-selling or put his financing together.

Bryan decided to not move ahead with the project.