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Jackson approves property exchange with Cardinal Capital to enable housing on former Griswold School site
Summary
Council approved a property exchange that gives the city 3.11 acres at the former Griswold School site in exchange for downtown parcels; the agreement obligates Cardinal Capital to pursue mixed housing, senior units and options for single-family lots tied to the city’s 100-homes program.
Jackson City Council on Nov. 26 approved a development-oriented property exchange with Cardinal Capital Management that transfers downtown parcels in return for 3.11 acres at the former Griswold School site.
City staff said the swap — negotiated after outreach to Cardinal Capital — would allow the city to assemble a developable 3.11-acre parcel at Greenwood and Fourth (former Griswold School) to support single-family homes that fit the city’s 100 homes program, while Cardinal Capital would pursue two downtown projects: a market-rate mid-rise (8–11 stories, 100+ units) at 200 MLK and a 50+ unit 55-and-older project. Staff said the agreement includes development timelines (first site to start within 24 months and the second to start within 30 months) and a city right of first refusal to reacquire the traded parcels at the same price.
City staff characterized Cardinal Capital as a reputable developer with national experience and showed council preliminary site layouts; staff said the parcels offered by the city were commercially appraised and the exchange was fair to both parties. Council members pressed staff on site layout and the relationship to the 100-homes program; staff said lots would be deep (minimum ~60 feet) and utilities exist on parcel borders.
Council voted to approve the exchange as presented. Supporters said the trade would advance multiple housing goals (single-family affordable, market-rate and senior housing) and generate development momentum on a long-vacant property.
Next steps include finalizing deed transfers and Cardinal Capital completing its capital stack and design work per the timeline in the development agreement.
