Sep '06 - Nov '06
It takes $500 million to start a new city in South Mississippi, according to The Journal of South MS Business. It's not everyday that one hears that someone decided to start a new city. Sort of struck me as bizarre, but I guess anything is possible when you have hundreds of investors involved. It's planned to be developed in an area north of Biloxi. Investors include many of the casino owners in Biloxi and are really trying to help the area recover after Hurricane Katrina.
As far as the rest of the south coast, many of casino hotels that existed before the hurricane are now fully operational and bringing back the economy to South MS. After talking to some realtors about properties near the site of my thesis project, I found out that they're all in the process of being developed into condominium hotels and casinos. Of course, developers are having to invest more because of the new building codes and extremely high insurance rates. Hearing in on some of the city council meetings, it seems that they want the area to be like Las Vegas, but with beaches. We'll see how that turns out. In any case, it's good to hear the area is doing well to recover.