TUPELO, Miss. (WTVA) - Construction will soon begin on 50 new residential lots in downtown Tupelo

The City of Tupelo and the Tupelo Redevelopment Agency (TRA) are developing the lots in the Fairpark District.

The city and TRA will build out the remaining roads, water, and wastewater to create 50 new single-family residential lots.

The city issued a statement Thursday, saying TRA and Wesley Webb, of Mossy Oak Properties of Tupelo, have reached an agreement to purchase seven lots in the new development.

“Downtown housing is in great demand and is critical for maintaining a vibrant downtown,” Mayor Jason Shelton said. “The private investment in Fairpark has proven to be a great return on the City’s investment. I commend the City Council on recognizing both the need and the financial impact of adding 50 new families to our downtown.”

Webb said his company has already received a lot of interest in the lots. He hopes to have new construction underway in August.

“We anticipate having over $25 million of private development under construction in Fairpark over the next year," TRA Chairman Reed Hillen said.