Place & Water—Keys for the Future

This week I talked with my favorite state head of economic development, Leland Speed of Mississippi. He is not a “typical” economic developer. He has started a couple of public REITs and comes to the job of economic development from a real estate angle. He has talked to me in the past about “curb appeal”, first impressions, and other terms common to that industry. He is working as head of Economic Development for Mississippi for $1 per year. He loves what he is doing!

“The sense of place is becoming more important. Look at Oxford, MS where single family housing within 3 blocks of the square sells for $300/sf compared to ½ that price on the outskirts of town,” he told me. “Or, Biloxi where high rise condos are selling for $350/sf, if they have a view of the gulf.”

He told me of how the importance of water and place could be more important for the future as people look at where they want to live. “Take the example of our state. The state is named for the Mississippi River which flows along the entire western edge of the state. Yet, there are only five spots where you can even see the river from shore. The rest of the great spots are blocked by levies. It is something that we’ve got to correct.”

And, knowing Leland, he’ll figure out someway to fully utilize this great resource that is underutilized today.