Commercial Flourishing on Coast

RedOrbit (09/29/08); Jeter, Lynne
While residential construction on Mississippi's Gulf Coast continues to decline, the flow of new commercial building contracts remains strong. May was an especially strong month, with $112 million in contracts completed for Gulfport, Biloxi and Pascagoula. Sam Ford, commercial specialist with Coldwell Banker Alfonso Realty Inc. and a 31-year veteran of the local market, comments, "GO Zone funding has been extended to Mississippi's five coastal counties until the end of 2010. With a huge cut in the local bank loan rate, investors can get money for 5.7 percent to 5.8 percent interest--it's a good deal." Ford notes that there has been an especially big run on apartments, retail stores and fast-food restaurants along the Mississippi Gulf Coast.