GULFPORT—May 31, 2012 -Officials of the City of Gulfport and Glastonbury Gulfport LLC, a subsidiary of Glastonbury Capital LLC, announced today the company will publicly and formally execute a lease with the Gulfport Redevelopment Commission (GRC) for the long-term development of Centennial Plaza in Gulfport, Mississippi.
This historic lease will be executed this morning at 10 a.m. during a press conference at Centennial Plaza on U.S. 90 in Gulfport.
Centennial Plaza is a 60-acre beachfront property consisting of 11 historic buildings representing a classic example of Spanish Colonial architecture that previously served as a Veterans Administration hospital.
Under the terms of the lease, Glastonbury Gulfport LLC will begin a 6-month process creating a Development Plan. Development of the property will commence following GRC approval of the plan. At this time, Glastonbury Gulfport LLC anticipates a vibrant mixed-use development project that could include residential, office, hotel, and restaurant uses. The development team has received numerous expressions of interest from potential users.
Executing the long-term lease is the first step in this Public Private Partnership where the public need is met through the expertise brought by each partner, the GRC and Glastonbury.
“Our announcement today is the result of a continuing cooperative effort designed to protect and develop the property to be enjoyed for generations to come,” said Jonathan Zich, Managing Director of Glastonbury Gulfport LLC. “The City of Gulfport and the Gulfport Redevelopment Commission provided solid leadership designing a path forward and we appreciate their efforts to partner with us to reposition Centennial Plaza as a new destination.”
“Centennial Plaza is a magnificent, awe-inspiring property likely to become a premier destination and a celebration of beautiful architecture and the best of the Gulf Coast,” said Robert Richardson, Managing Director of Glastonbury. “It represents the opportunity to redevelop a national historic treasure of deep beauty, striking ocean-front views, ancient oak trees, and monumental buildings. We are honored to be a part of the property’s renaissance.”
The GRC maintains certain performance provisions requiring a phased timetable for new development. GRC Chairwoman Carole Lynn Meadows said, “We are thrilled to take the next steps in the redevelopment of Centennial Plaza. After conducting a nation-wide search for a qualified developer, we are pleased to welcome Glastonbury to the Coast and look forward to working with this visionary firm for years to come.”