The developers of the Meridian at Fondren plan to convert the bottom floor originally planned to house retailers into apartments.
Because the apartments are located on property owned by the University of Mississippi Medical Center, the developers had to receive permission from the state of Mississippi to amend the lease.
House Bill 8, written by Speaker of the House Philip Gunn, was passed during the 2021 legislative session. It allows for revision of the original long-term ground lease that called for mixed-use retailers on the street level of the apartments.
Stewart Speed of Leaf River Group LLC, one of the developers, said the ownership group sought the change because securing a mix of retailers for the bottom floor of the property has been a challenge.
“We worked on that for quite a while and didn’t find the right fit,” he said. “I think there was a perception that there wasn’t sufficient parking for retail. It’s there but you can’t see it from Lakeland Drive.”
The change will increase the number of apartments at the Meridian at Fondren from 241 to 245, Speed said.
The apartment complex, which is located on Lakeland Drive and is just a short walk to UMMC, is just over four years old. “It stays well occupied,” said Speed, naming students at UMMC as a large number of the residents.
Under terms of the lease, faculty, staff and students at UMMC have the right of first offer for the apartments, said Rep. Shanda Yates of District 64, who is among legislators whose names are on the bill in addition to Gunn’s name.
Amendments to the lease are subject to the approval of the Board of Trustees of the State Institutions of Higher Learning.
