- Business columnist Lynne Jeter profiles Mark Castleberry.
Mark Castleberry’s dabble in Mississippi business began with two small single concrete plants in 1992.
Today, he’s one of Mississippi’s megadevelopers, racking up $350 million in investments in Mississippi from Olive Branch to Biloxi.
“It’s good business, you know,” said Castleberry, of his small ready-mix concrete company. “It used to be that you could be a little guy (in the industry), and I was definitely a little guy. Now, huge companies run that industry.”
Making Concrete Investments in Mississippi
A native of Long Beach, California, Castleberry studied industrial technology. His first post-college job: working in the office furniture engineering department of piano maker and office furniture manufacturer Kimball Co. in Indiana. He then became manager of the design and engineering departments of an office and school furniture manufacturer in Seattle. Soon, his wife, Lisa, wanted to return home to Mississippi.
“We picked a place that wasn’t too far from Batesville, where her family lives, and that was West Point,” he said.
At the time, the concrete industry was in demand, with a major highway project and several sizable manufacturing projects underway. After five years, he sold his small business to APAC.
“When the trucks are rolling, you’re making money,” he told Progress magazine in 2019. “When they’re not, there’s a large sucking sound.”
Projects Continued to Grow Around the State
Castleberry took those proceeds and expanded the development business as Castle Properties in 1998, with the Tower Center in West Point. He worked on smaller retail projects and office buildings until 2006, when he acquired 14 acres on Highway 82 and 18th Avenue in Columbus. He built three hotels and sold sites for a restaurant and a bank.
Those proceeds helped develop The Mill at MSU (Mississippi State University), an incredibly complicated project on 10.89 acres that began in 2012 and ultimately cost $57 million. Completed in 2015, it involved redeveloping a 1902 cotton mill that had been turned into MSU’s old physical plant. It’s now home to the MSU Foundation, and a 1,000-seat ballroom. The property also houses Courtyard by Marriott and a tri-level, 450-space parking garage.
On the corner of Mill and Russell streets, Castleberry built 550 Russell, a mixed-use development that includes Mugshots restaurant and eight condominiums.
In 2018, Castleberry partnered with Dr. Michael Manning of Ridgeland and Lee Stafford of West Point to acquire 25 acres located in the heart of Madison, near Madison United Methodist Church and adjacent to the Madison Police Department. Together, they are building The Village at Madison, a $90 million project that mimics the look of the historic New Orleans Garden District. The development started with the Half Shell Oyster House restaurant.
Like most projects nationwide, it hit a snag in 2020, when the COVID-19 pandemic struck.
“It just sat, because everybody was scared to do anything, especially restaurants,” he said.
There are 90 residential lots averaging $130,000 per lot. Phase 1 is almost sold out and Phase II will come on the market in 2025. Builders have constructed custom homes, from simple to ornate, ranging from $700,000 to $1.6 million.
The Market Grows in Mississippi
The trio of developers recently completed a 12,000-square-foot building with retail and office space at The Village, in addition to selling a site for the development of a 25,000-square-foot building that will house two personal care businesses. Additional property is yet to be developed.
“Since Amazon announced in Madison County, we’ve definitely seen an acceleration in the market,” said Castleberry.
Back in Starkville, Castleberry completed other projects, such as the $1.4 million renovation of the 1931 Rex Theatre on Main Street in 2021. He recently wrapped up the fully occupied 96,000 sf Triangle Crossing Development on Highway 12 anchored by Marshall, Aldi, and Starbucks.
Across town on Highway 182, Castleberry transformed the former Cadence Bank headquarters into a new 36,000-square-foot Professional Park, occupied by law offices and financial companies. Also available for lease: a 4,800-square-foot warehouse.
Of several properties he owns downtown, Castleberry recently finished an historic renovation project at 115 Lafayette, where he plans to relocate his office, in addition to leasing to a residential design studio. This property was the former Starkville Korean Church, originally a car dealership. Castleberry plans to return it to its original purpose.
“Financially, it wasn’t one of the best deals I’ve ever done, but I wanted to do it,” he said. “It’s a special property.”
What’s Next for Castle Properties
Last January, he sold his interest in The Mill at MSU, Courtyard Marriott and Hampton Inn Starkville to the MSU Foundation. With that money, he invested in 110 Mill, a $20 million mixed-use development on Mill Street, across from The Mill at MSU. Construction is slated to start in early 2025 on approximately 45 high-end apartments for long-term rentals, and 10,000 square feet of retail and office space, with significant green space in front of The Mill.
“The MSU Visitor Center is being built across the street, along with a small amphitheater,” he said. “This project will be facing all these things that will greatly enhance our development. We believe it’ll be a very good investment.”
In 2019, Castleberry’s son, Luke, joined him in business.
“Luke contributes to Castle Properties,” he said, “in addition, he has his own commercial property management business. Luke is doing a great job and has taken a lot off me. I get to watch him build his own business, which is very rewarding.”
Castleberry doesn’t know yet about his next project.
“We have a lot of opportunities to present themselves to us,” he said. “We often review multiple projects, and the best ones become obvious. It’s unusual that we develop such a broad range of projects, but it keeps life interesting, and I always learn something new.”
Lynne Jeter
