A 500-home, mixed-use development is coming to Flowood — a $400 million investment over the next 10 years.
Robert Daigle, managing partner of Louisiana-based Southern Lifestyle Development, said the project will be nestled on 240 acres in “the heart of Flowood.”
Named “Waterton,” it’s located off East Metro Parkway and Lakeland Drive, south of Dogwood Festival Market.
“The property will be truly mixed use in the commercial town center area, similar to small towns around the country,” Daigle said.
Southern Lifestyle Development purchased the property from Community Bank. The $400 million project cost does not include that purchase price, which Daigle did not disclose,
The project is scheduled to break ground May 1. Daigle said initial construction, mainly dealing with infrastructure, will take approximately one year to complete.
The project is a 10-year buildout broken into multiple phases. The first phase, scheduled to begin in spring 2019, includes all of the commercial development and 150 of the 500 homes. All of phase one will be built on 70 acres.
The homes will range in style and size from cottage to estate, Dailgle said. Home prices have not been released.
Community Bank will be the “anchor” of the mixed-use development, Daigle said, and will be surrounded by retail stores and two yet-to-be-named waterfront restaurants.
“We are proud to be a part of Rankin County, having been a member of this community for over 20 years,” president and CEO of Community Bank Charles Nicholson Jr.said in a statement. “Community Bank is delighted to further our commitment to the area by bringing this new state-of-the-art headquarters that will serve as the cornerstone for our four-state, 47-office company.
“In addition to the full-service banking services our customers are accustomed to, our headquarters facility will also provide tenant spaces within the larger mixed-use ‘live, work and play community’ being developed at Waterton.”
The Community Bank building will also take about a year to complete.
Daigle said his company chose Flowood because of the economic growth in Madison and Rankin counties.
“Someone told us about the site, and it’s just a perfect site, the size and where it’s located,” he said. “We like the overall demographic and it seemed like a perfect fit for us to expand out footprint outside of Louisiana.”
Flowood Mayor Gary Rhoads said the development signifies “positive energy and growth” in the city.
“We are so excited to have Waterton being developed with over 230 acres of commercial and residential construction in the middle of the city of Flowood,” Rhoads said. “A development of this magnitude will bring a tremendous amount of positive energy and growth to our city, county and state.”
Rhoads said he was especially thankful to Community Bank and Southern Lifestyle Development.
“The city of Flowood has been blessed with numerous ventures, both commercial and residential, but this one will have the ‘town-center’ styled atmosphere, which is needed,” he said.
Tom Troxler, executive director of Rankin First, said Waterton is an example of “smart growth that’s been going on in the country for a while and this just adds another to the Jackson area.”
He compared the development to the District at Eastover or the Township in Ridgeland.
“This is a needed development that has not been offered in Rankin County to this date,” Troxler said. “It allows a true, upscale mixed use community to be developed that, hopefully, will attract everyone from millennials to seniors to an area that will have nightlife, retail, commercial and residential and tie it all in together to a close-knit community.
“It’s obviously a big play for Flowood and Rankin County but I hope it will be something that the whole metro area will look to.”