Jackson attorney and developer David Watkins told the Jackson Free Press today that the national recession and subsequent credit crunch is hitting home again. Capital One, the loan agency funding the purchase of the city-owned Standard Life Building, is slowing down the paperwork and forcing delays on Watkins and HRI Inc. of New Orleans, who are attempting to buy the building from the city.
“We’ve got the votes if we need, but our bigger problem is waiting out the company’s problems,” Watkins said.
Capital One has already offered a commitment to finance the Standard Life purchase, but Watkins expects a two-month delay, which would put off the purchase until January or February.
Watkins plans to renovate the Standard Life Building as a sister development of the neighboring King Edward Hotel, which will re-open in 2009. Developers intend to fill the antique structure with condominiums.
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The Mississippi Free Press produced this story through the MFP Solutions Lab, supported by the Solutions Journalism Network. This series digs into Mississippi’s systemic issues and sheds light on responses to them in other communities. Beyond just reporting on problems, these stories interrogate their causes and inspect potential solutions.