Jackson Medical Mall District Named Opportunity Zone
The Jackson Medical Mall District is among 100 areas named an Opportunity Zone by the Mississippi Development Authority. According to the MDA, “Census tracts with a poverty rate of 20 percent or greater and/or family income less than 80 percent of the area’s median income are eligible for consideration.”
The primary neighborhoods surrounding the Jackson Medical Mall are the historic Georgetown, Virden Addition, Shady Oaks and Mid Town neighborhoods. Each is over 90% African American where 40.5% live below the poverty line. However, the community is rich in history and untapped art and cultural assets, making it a perfect backdrop to build a sustainable creative economy to improve health and wealth outcomes.
The Jackson Medical Mall Foundation has made great progress at building a central hub that promotes economic and community development,” says Primus Wheeler, Executive Director of the Foundation. “We feel that we are perfectly positioned at this time to attract more private investors to our community,” says Wheeler.
Opportunity Zones were implemented to encourage long-term investment in rural and low-income areas. In areas declared opportunity zones, private investors may earn tax relief on the capital gains generated through those investments; with increasing tax benefits the longer investments are in place.
According to Senator John Hohrn, Jackson Medical Mall District is a great investment area. “Given its proximity to area hospitals, the census tract containing the Medical Mall is ripe for development, especially workforce housing and healthcare enterprises,” says Hohrn. “The Medical Mall is moving outside its walls to help create wealth in the community. As a designated Opportunity Zone, and with the right marketing, this area is sure to attract investors and developers.”
The announcement of opportunity status comes at a high time, as the Medical Mall Foundation is moving forward in implementing its new strategic plan to improve healthcare and development through creative placemaking and by boosting the creative economy. One of JMMF’s newest art and culture initiatives rests in the walls of the old Beauty Supply Store on Livingston Rd. After renovation, the site will be transformed into a multigenerational art and cultural center with an artist residency program. JMMF is seeking investors and business owners to call the Jackson Medical Mall District home. Leasing opportunities are available.
Invest in opportunity! Find out how you can invest in the Jackson Medical Mall District by emailing us at [email protected], or by calling 601.982.8467.
Click here to learn more about opportunity zones.