Gulf Coast Complex Approved

GAUTIER, MS - A 168-unit apartment complex proposed for Gautier-Vancleave Road was approved by city planners Thursday. A special exception was requested from the Gautier Planning Commission for the development located on the east side of the Gautier-Vancleave Road, north of Indian Point Parkway. In 2006, the site was approved for a 92-unit condominium development.

Jeff Speed, who said he was representing PHG Holdings/Platinum Investments, said it would be a $20 million project consisting of one-, two- and three-bedroom apartments. Monthly rental rates would be $704 for a one-bedroom unit, $843 for a two-bedroom unit and $966 for a three-bedroom unit, he said.

Pinnacle at Mariner's Village is being developed by Tri Renaissance Development of Ocean Springs, according an application filed with the Community Services Department. The major investor, according to the application, is John McKee, M.D., and his wife, Shaun.

Speed said the development has been approved for Community Development Block Grant funding from the Mississippi Development Authority, to provide housing under the Long Term Work Force Housing program. Speed didn't say how much has been granted for the project.

"As you are aware, the credit crisis affects not only market rate developments; it even affects CDGB developments," Speed said. "We still have to have long-term financing. This is a $20 million complex. We didn't get that kind of money. We still ultimately have to borrow $13 million to $14 million."

Speed said that based on Jackson County's high occupancy rate for multifamily housing about 94 percent the developers are willing to borrow the money. "This is a strong market," he said.

The site is owned by Platinum Investments, and is under a contract to be bought by PHG Holdings. The exception was granted by the commission with the stipulation the developers conduct a traffic flow study.

In other action, the Planning Commission: Approved a commercial building at 6300 Martin Bluff Road for residential use for two years. Denied a special exception to allow a mobile home at 2024 Laurel Glen to be reoccupied.
Approved a day care facility at 2417 Guillotteville Road requested by The Power of Deliverance Church.

Approved subdividing 14.95 acres into six parcels for a multifamily residential development on Firestone Street. The project, Crossroads Villa, is next to the Crossroads Church of the Nazarene.

Approved variances for a sign at 3880 Gautier-Vancleave Road. The variances are for the setback, size and elevation of the sign.