HRI, McAllister team to renovate historic Mississippi hotel
New Orleans developer HRI Properties, Saints running back Deuce McAllister and Jackson, Miss., attorney David Watkins are teaming on an $82-million renovation of the historic King Edward Hotel in downtown Jackson.
The project calls for the 145-year-old building to be redeveloped into an upscale hotel and apartment development. The 12-story, 300,000-square-foot building has sat vacant since 1967.
“For 15 to 20 years, Jackson has been trying to encourage a team to revitalize the iconic King Edward hotel,” said HRI Chairman Pres Kabacoff. “We were finally able to cobble together financing with a lot of help by getting state tax credits to fill the gap.”
The project will consist of a 186-room Hilton Garden Inn hotel, 64 upscale apartments, shops and 187 parking spaces.
Capital One and Chevron are the primary investors in the project, which is also being financed through federal and state tax credits and Gulf Opportunity Zone bonds.
HRI is the project’s primary developer, and McAlister, a Mississippi native, is an investor.
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