The Jackson City Council approved ordinances accepting the plat of a shopping center and the plat of the final phase of a subdivision at its May 10 meeting.
The plat of Waterstone, part four, a gated community off Roxbury Road in Jackson, was accepted and so was the plat of The Junction shopping center in Jackson, which is where Target and The Home Depot are located along with numerous additional retailers
The city council had delayed accepting the plat of The Junction because it wanted to know more about plans for the center.
Justin Eller, senior portfolio manager at Sand Capital, joined the meeting via a video conferencing platform and provided information about The Junction. Sand Capital is a privately held real estate investment company controlled by the principals of Sandor Development Co., one of the largest privately held retail developers in the United States.
He said Sand Capital is interested in the ability to sell portions of the center rather than just the entire center as whole. That strategy can sometimes provide an owner with better overall net proceeds and provide a bigger pool of interested buyers.
Virgi Lindsay, who represents Ward 7 and serves as council president, reminded council members that Waterstone’s final plat was approved unanimously during a zoning meeting. Lindsay’s comments were the only one about Waterstone.
Twenty years after it started, the final phase of the Waterstone development began in the fall of 2020 and resulted in eight townhomes in four units.
“We feel this is a missing product in the market now,” developer David Turner said when the final phase was announced. “Where they exist, they sell extremely well.”
Turner worked on the project, alongside developer H.C. Bailey and architect John Weaver.
Bailey began the gated community two decades ago after he bought the land where Waterstone is located. His plan was to transform the property into a small subdivision with bigger homes on smaller lots.
The initial 12 homes range in size from 3,000 square feet to 6,000 square feet and ranged in price from $800,000 to $1 million. The townhouses were to be 2,500 square feet and sell for less than $500,000, depending upon finishes.