X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL and the multifamily market, click here.)

BATON ROUGE, LA-A pair of developers is undertaking a Downtown redevelopment of hotel site with a storied past. The replacement product for the 262-room Prince Murat Hotel will be a $50-million, LEED-certified mid-rise with 400 apartments and 20,000 sf of retail.

Marc Blumberg of Atlanta-based Palmetto Partners Inc. and Manny Organek of Continental Realty Corp. in Boca Raton, FL are ready to advance their plan for a nine-acre site at the corner of Nicholson Drive and Oklahoma Street. It’s long been rumored that the hotel at 1480 Nicholson Dr. would be razed, but the four-year owners vow it will come down soon so construction can start on an as-yet unnamed, mixed-use project that will have Mississippi River views and direct access to the newly opened 2.5-mile hike and bike trail.

Blumberg tells GlobeSt.com that the development door has been opened by Go-Zone financing and New Market Tax Credits along with other federal housing incentives. That also means the JV is putting a plan into play that requires a long-term hold or an economic hit on a resale due to funding provisions. “We expect a long-term hold here,” Blumberg stresses.

The market-rate development will break ground by year’s end. Go-Zone funding requires commercial space to be completed in 2007 and residential by the end of 2008. Blumberg says the plan is to be completely done by yearend 2007.

According to Blumberg, the live-work-play project is the most expensive residential one in the CBD. It also could be the city’s first LEED project to deliver. “We hope to be the first,” Blumberg says.

The nine-building project will be one- and two-bedroom units, ranging from 700 sf to 1,100 sf. The projected average rent is $1.50 per sf. As for the 20,000 sf of retail, Blumberg’s still weighing whether it will be street retail or pad sites.

Like the JV’s 925 Common in New Orleans, the Prince Murat replacement product is being designed by Rozas-Ward Architects. Latter & Blum of New Orleans will lease and manage the residential component; Blumberg is the go-to man for retail deals.

Baton Rouge’s population has jumped since Hurricane Katrina leveled coast, with projections of 50,000 residents expected to stay put in the capital city. “We’re taking advantage of the displacement of people,” Blumberg explains about the decision to quickly advance the redevelopment. The Prince Murat river-fronting site is equidistant from the state capitol complex and Louisiana State University. “It’s perfect positioning,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.