New loft apartments planned for Downtown Tupelo

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The Mill Village Historic District will likely soon be home to at least 62 new loft-style apartments. The Tupelo Planning Department has issued its OK for the project, which must now be approved by the City Council. Check out this story from the Daily Journal.

This is good news for Tupelo. More apartments are needed as the rental market has been tight for almost two years. This will also provide more affordable housing in town, which is needed. But taking this project another step, the development company, The Landmark Group, is planning to sink close to $10 million into redeveloping this old building, and they're going to want to get their money back, so this will not only be more affordable housing for the area, but it will also be well-managed and, I expect, well maintained. Both are positives in the rental market.