Exciting New Luxury Condos Coming to Oxford, Mississippi!
Oxford, Mississippi, is about to witness a transformative addition to its landscape with the announcement of The Magnolia Collection, a dazzling new development that promises to bring luxury living to the vibrant community. A St. Louis-based development company, Savoy Properties, is rolling out plans for a bold $50 million project featuring 40 high-end condominiums at the south-west corner of South 14th Street and Tyler Avenue.
Strategic Location
Lucky for us, the choice of location couldn’t be better! Right next to popular locales like Oxford Newk’s and Sonic Drive-in, The Magnolia Collection is strategically positioned to take advantage of Oxford’s rich mix of amenities. Director of acquisitions and development at Savoy, Matt Gambrell, who has his roots in Memphis and is an Ole Miss graduate himself, believes that this charming town will be a hit for luxury buyers looking for something special and unique.
A Shift in Focus
Now, here’s the scoop—Savoy Properties usually focuses their development efforts in the St. Louis area. With soaring construction costs and rising interest rates, however, they are surveying new opportunities to maintain a viable business model. Gambrell pointed out that the costs of building luxury residential spaces in St. Louis have become incredibly high, making it a challenge to turn a profit while still delivering a desirable product.
As Gambrell mentioned, “Our construction costs have gone through the roof. Obviously, interest rates play a factor as well. To build a luxury product and sell it at a high number just doesn’t work anymore. We started looking for other markets…where can we potentially build these things for slightly cheaper or the same price?”
Rapid Development Timeline
With a vision in mind, Savoy plans to act quickly. The timelines are ambitious; the company hopes to wrap up the planning and acquisition process soon, with the goal to close on the land and start construction right away—hopefully in the first quarter of 2024. Gambrell estimates the construction phase will last between 16 to 18 months, eyeing a grand opening in Q4 2025.
Luxury Meets Compatibility
As for the condos themselves, they’ll range in price from $1.1 million to $1.6 million. But these aren’t your average condos; they are designed with the spirit of Oxford’s vibrant community in mind. Gambrell stressed that their focus is not on including extensive amenities like gyms, which he calls “peanuts” compared to the real charm of having restaurants, bars, and entertainment just a stroll away.
“We want what we call golden dirt, this irreplaceable spot,” said Gambrell, highlighting their intention to integrate the condos into the existing fabric of the city. The goal is for residents to be able to walk out their front doors and immerse themselves in the beautiful experiences that Oxford has to offer.
Local Partnerships
In a delightful touch of local flavor, The Magnolia Collection’s architectural designs will be handled by CORE10 Architecture, while construction will be managed by Century Construction out of Tupelo. Even the real estate angles are local, with husband-and-wife team Heather and Andrew Richardson from RE/MAX Legacy taking charge of sales.
A Bright Future Ahead
The Magnolia Collection is an exciting project that promises to make a lasting impact in Oxford. It’s not just about luxury living; it’s about fostering community and creating a vibrant living space that enhances the lifestyle in this beloved university town.
With all these plans in motion, the people of Oxford have much to look forward to in the coming years. Keep an eye out for more updates as The Magnolia Collection continues to blossom!
