In Mississippi and across the nation, there is an ongoing real estate boom. People are taking advantage of the so-called “hot” market in both a residential and commercial context. For those who are in business with commercial real estate, there are many properties in the state that have investment opportunity and can be used to attract people from multiple areas for business and leisure. Still, when moving forward with an ambitious project, even people who have business experience and longstanding ties to their community should understand the legal details of commercial development.
Hotel that once hosted stars is being transformed
People in Meridian should pay attention to the goings on across the state with commercial real estate. One example is a hotel in Gulfport that once hosted Elvis Presley, Marilyn Monroe, Judy Garland and famed organized crime figure Al Capone. That property is in the process of being updated by a husband and wife team who have also built other businesses in the area. The hotel is nearly a century old and is still open as the maintenance and improvements are taking place.
Among the upgrades are the basics such as new furniture and amenities like WiFi. The bigger project centers updating the décor and making it appear as if it is comparable to resorts from the post-World War II era. There is also a nine-hole golf course near the hotel, a restaurant and a bar that harkens back to its unique lineage from the past. The couple that owns the property and is overseeing its renovation is prominent in the area, owning multiple businesses. Plans include a shopping area, fitness studios, a brewery and business offices.
Commercial projects can be complicated and adhering to the law is vital
This project and others that are in the planning stages are examples of how quickly changes can come to various areas. In these situations, it is not only wise to have comprehensive plans and funding, but to be aware of the details of commercial real estate law. When moving forward with an investment and construction project, having legal guidance is crucial for all its aspects. Those who are thinking about purchasing or investing in these endeavors should also have legal assistance. It is advisable to consult with skilled advocates can make the process easier and assist with achieving successful results.