A key downtown landmark will soon fit in to plans for expansion of the Thad Cochran Research and Technology Park after a Mississippi State University corporation closed the deal on the Cadence Bank building on Starkville’s Main Street.
The announcement was made via press release on Wednesday as the MSU Research and Technology Corporation closed on a primary property that clears the way for planned expansion.
Cadence has been located at the downtown building for more than four decades.
MSU said in the release that the purchase of the Main Street office in downtown Starkville allows the university to move forward with Phase II of the park, which will provide additional space for expanding companies wanting to remain in this market and also attracting startup businesses.
Cadence Bank Mississippi President Jerry Toney said the financials of the deal could not be disclosed at this time, but said there is a great deal of excitement as MSU preps to move in.
“This sale speaks to the growth and progress of both our organizations, and to a stronger, more vibrant Starkville,” Toney said. “We are excited about what the future holds for our bank, our clients and our community as we begin construction on a new, modern facility on Russell Street.”
MSU Research and Technology Corporation President David Shaw, who also serves at the university’s vice president for research and economic development, said MSU is pleased to see the transaction between Cadence and the university come to fruition.
“This is a win-win for the university, the community and the corporate tenants who will greatly contribute to helping build a more vibrant, innovative business culture as a result of this move,” he said. “I’m grateful to Marc McGee for his leadership in helping get this project to the finish line.”
In the 33,000-square-foot property at 301 West Main Street, Cadence will sublet space while design and construction begins on its new Russell Street location behind Comfort Suites.
MSU cited a need for additional office space in the research park’s Phase I, which is nearing capacity. The university then said the retention of these existing companies and the potential capabilities that startups bring are a high university priority.
Walkability is also a consistent talking point for the project, which will provide access to multiple dining options, the Main Street environment, and a close proximity to the university — all of which are viewed as benefits that many prospective companies consider.
The university also said the square footage of the new downtown site opens many possibilities for university planners who also will be considering the aesthetic possibilities that can enhance the current appeal of the city and its downtown.
While no date has been set for the opening of the renovated university facility, plans are currently underway for design and construction.