TUPELO – The first two tenants have committed to a new Fairpark District development announced last week by city leaders.

Ross & Yerger is relocating its downtown Tupelo office on South Broadway to what will be called Fairpark Towers.

Joining the Jackson-based insurance company’s office will be Century Construction and Realty Inc.

Officials announced last week a public-private partnership between the city and Maloney Development Properties to spur additional commercial activity and entice new jobs into the downtown Fairpark District.

A key piece of that development would be a new office and retail space. Initial plans call for two buildings.

Ross & Yerger will occupy the second floor of the four-story office building, while Century Construction will occupy a portion of the third floor. Maloney Development Properties is the parent company of Century Construction.

“We are thrilled to be involved with the most positive and exciting area of development in the city of Tupelo,” said Dudley Wooley, CEO and COO of Ross & Yerger.

“Ross & Yerger has been a staple of downtown Tupelo for over 40 years, and we look forward to our continued growth in Fairpark Towers. We are proud to be a part of not only the betterment of the Fairpark District, but Tupelo as a city.”

Century Construction and Realty Inc., which was founded 20 years ago by Colin Maloney, also has locations in Ridgeland and West Point. Century plans to remain in the current office space off Robert E Lee Drive and add additional office space for its employees in Fairpark Towers.

Century employs about 200 people.

“I am proud to be working alongside the city of Tupelo to help bring to life the vision of a new and better Downtown for the citizens of Tupelo,” Maloney said.

Fairpark Towers – one of two planned multi-story office and retail buildings – will be built at the corner of East Troy Street and Fairpark Drive and will have four stories totaling about 40,000 square feet. The building is being designed with energy efficient systems, and access-controlled entry.

The city of Tupelo agreed to sell certain property within the Fairpark District to Maloney Properties and will construct at public expense infrastructure improvements to the area. These improvements, estimated to cost about $1.3 million, will include water and sewer lines as well as an extended road network within the development area.

The company has agreed to invest a total of $12 million into the project in exchange for the city’s public infrastructure improvements. At least half of that private investment must be completed by next June.

Maloney estimates that its private development could yield as many as 100 new jobs as well as new annual retail sales of approximately $5 million.

dennis.seid@journalinc.com Twitter: @dennisseid

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