Grace Media Group – NEWS/TALK 101.5 FM, 93.1 FM & WNWS.COM visited with Gary Taylor, president of Gary A. Taylor Investment Company for a Question-and-Answer session about development and expansion in Jackson and Madison County.
Question: When it seems Jackson and Madison County can’t sustain the growth it has enjoyed – it does.
When it comes to housing, retail, and road work, what would you say that continues to contribute to the number of projects we continue to see each year?
Answer:
Road work: The City of Jackson and Madison County have been proactive working with TDOT (Tennessee Department of Transportation) through the West Tennessee regional office making it a priority to enhance and improve our road system in Jackson.
Housing: The residential developers in Jackson have done an excellent job providing enough market supply of developed lots. Without a supply of residential lots, it makes it difficult to meet the market demand. Currently the residential demand is lower than the last three- to four-years due to increased interest rates.
Fortunately, the momentum of BlueOval City is helping maintain new housing starts to a reasonable level.
Retail: The retail industry – as a whole – has been in decline. However, Jackson has held a moderate level of sales with its current tenant base largely due to low unemployment and the stimulus funds deliver from the federal government.
As the stimulus money burns off it is my belief that consumer spending will decline in 2024. I think retailers will face head winds going forward. The retail industry will go through a re-set resulting in smaller building footprints and a re-allocation of space.
Question: Do you believe this momentum would be continuing in Jackson and Madison County if BlueOval City, Georgia Pacific and 6K Energy were not going to be part of the landscape?
Answer: The short answer is no. The creation of new jobs always has a positive impact on any community. Every net new job created impacts all economic factors.
A newly created job in my opinion is a financial windfall for a community.
Question: A number of retailers (national) have closed their stores in Jackson. Do you see this trend continuing, and do you have an idea of what happens next in the retail sector?
Answer: I think you will continue to see retailers closing through 2024. However, when one retailer fails another retailer usually takes its place.
I do think you will see less retail (buildings) constructed over the next two years due to a lack of demand.
Question: A 264-unit apartment complex is under construction in The Columns Phase III. Can you say what comes next for the area off Vann Drive?
Answer: There are two new projects coming to Columns III.
The first will be a new medical office facility for West Tennessee Bone & Joint that’s scheduled to begin construction in September of 2023.
The next project is a new Hilton brand hotel.
Question: We’re not looking for a name, but is there a new supermarket – or supermarkets – in Jackson’s future?
Answer: Yes, at some point Jackson will get another grocery store.
(PHOTO: Gary A. Taylor)
