Home » MHN City Pages  »  Baton Rouge  

WP HTTP Error: A valid URL was not provided.


Investors Buy Condominiums; Housing Authority Embarks on Renovation

24 Mar 2014, 5:26 am

By Eliza Theiss, Associate Editor

Roosevelt Terrace apartments, a 44-year-old low-income housing complex under the ownership of the East Baton Rouge (EBR) Housing Authority, will soon kick off renovations worth $3.67 million, reports the Greater Baton Rouge Business Report.  The project is being handled by Partners for Progress, the not-for-profit subsidiary of the EBR Housing Authority and is set to kick off in April.

The project will update amenities, reconfigure the 50-unit housing complex to feature 40 larger units and raise a wrought iron fence. According to the Greater Baton Rouge Business Report 20 one-bedroom units will be turned into ten three-bedroomers, 20 two-bedroom apartments will be reconfigured into 20 one-bedroom apartments, while ten three-bedroom units will be converted into ten two-bedroom residences. Currently Roosevelt Terrace consist of nine two-story frame and brick veneer townhouse structures and an administration and maintenance building that also houses the laundry facilities. The apartment community is located on a two-acre site at 1225 Roosevelt St.

In other residential news, The Advocate reported that a group of investors purchased 33 condominiums in The Jeffersonian for $1.9 million from IberiaBank. Buyer K B K Real Estate plans to do some light renovation, such as new paint, on the former apartment building. Major work isn’t necessary as the 38-unit property underwent a more comprehensive renovation prior to being converted. Currently all units are being rented at $775 for a one-bedroom residence and $850 for a two-bedroom unit. The new owners plan to keep current rental rates.

Built around 40 years ago, the 38-unit Jeffersonian was converted from apartments to condominiums prior to the Great Recession, following which it ended up under bank ownership.

Image via the East Baton Rouge Housing Authority



Colab Space The Creative Block Kicks Off Construction in Downtown Baton Rouge

7 Mar 2014, 1:18 am

By Eliza Theiss, Associate Editor

The revitalization of downtown Baton Rouge continues with a trendy new spot: The Creative Bloc, an 11,500-square-foot collaborative workspace and multimedia production hub. The project, located at North Eighth and Main Street, recently started construction, helmed by businessman John Jackson and developer Fitch Development.

“The rehabilitation of these three historic buildings along with the recent construction of the Hampton Inn and the on-going construction of the IBM buildings, will revitalize Main Street again as a central corridor in downtown Baton Rouge,” says developer Derek Fitch.

The Creative Bloc consists of three consolidated historic commercial buildings dating from the 1930s and 1950s that sat vacant and blighted for a considerable time. They were purchased in January 2013 by Jackson Group Investments, an affiliate of video production company Launch Media, both owned by John Jackson. Upon completion of The Creative Block, Launch Media will relocate its headquarters and all ten employees from Celtic Media Center, while keeping 3,700 square feet of colab space for leasing, reported The Times-Picayune.

The development will comprise work and office spaces as well as multimedia facilities such as post-production suites, fully equipped sound and video production studio and media server. The project is targeting visual media and creative professionals and companies. According to the Greater Baton Rouge Business Report, two to three companies with less than ten employees would be able to lease space next to Launch Media. A further ten workstations will be available for independent professionals, to be leased on a yearly, monthly or hourly basis.  A membership program with a maximum of 15 spots will be available for professionals who need sporadic access to downtown office space and amenities.

Although the cost and financing structure of the development has yet to be released, Launch Media did announce that the adaptive reuse project will be receiving federal and state historic preservation tax credits. Which presented project architects Tipton Associates with a special task: “Our goal has been to retain the historic character of the buildings while embedding within the required modern technological amenities”, declared Ken Tipton, principal.

Renderings courtesy of Tipton Associates and Launch Media 



$29M Digital Media Center Dedicated at LSU; Charter School Buys New HQ Building for $1.6M

26 Feb 2014, 3:54 pm

By Eliza Theiss, Associate Editor

Gov. Bobby Jindal, EA Executive Bryan Neider and LSU President and Chancellor F. King Alexander officially dedicate the LSU Digital Media Center

The Louisiana digital technology sector celebrated yet another boost with the official dedication of the Louisiana Digital Media Center in Baton Rouge. The $29.3 million project, located on Louisiana State University’s (LSU) Main Campus, now provides 94,000 square feet of high tech space, housing both commercial and education tenants.  The $26.3 million in construction funding was provided by State of Louisiana capital outlay dollars, with an additional $3 million infrastructure grant made available by the U.S Economic Development Authority.

LSU’s Center for Computation and Technology (CCT) and LSU’s Arts, Visualization, Advanced Technologies and Research (AVATAR) program represent the facility’s university tenants.  The CCT will house about 190 faculty, staff and students, providing state-of-the-art audio-visual teaching facilities supporting LSU’s digital media and software development research on 50,000 square feet of space. The AVATAR initiative brings in an additional 200 students per week to the Digital Media Center.

The project’s main commercial tenant is Electronic Arts Inc. (EA). The company set up its North American Test Center (NATC) in the facility, taking up 30,000 square feet of space. EA’s initial plans of creating 220 full- and part-time jobs with an annual payroll of $5.7 million have been exceeded and the company plans to grow into the 400 to 600 job range.

In other education news, online charter school Louisiana Connections Academy (LCA) has purchased the Parkview Office Building on Jamestown Ave., where it plans to relocate its operations, reports The Advocate. Operating under the name Friends of Louisiana Connections Academy, the charter school’s board acquired the 80 percent occupied office building for $1.6 million from Abdul and Maimoona Khan. LCA will take up residence on fourth floor, which will provide about 8,000 square feet.

Image courtesy of Louisiana State University



LSU College of Engineering Exceeds $100M Funding Goal, Gears Up for $350KSF Overhaul

12 Feb 2014, 7:13 pm

By Eliza Theiss, Associate Editor

Gov. Bobby Jindal with LSU College of Engineering students

The Louisiana State University (LSU) College of Engineering has announced the successful completion of the Breaking New Ground capital campaign, wrapping up three months ahead of schedule and 5 percent above its targeted funding goal, with $52.5 million raised from 450 individual and corporate donors. The raised capital will be put towards covering LSU’s share of a $100 million public-private partnership set to renovate the College of Engineering’s Patrick F. Taylor Hall, as well as expand teaching facilities with a brand new chemical engineering building, as previously reported by Commercial Property Executive.

The project is a result of a booming demand for engineering jobs in Louisiana. According to LSU’s data, engineering and construction management jobs in Louisiana are expected to grow by 40 percent between 2010 and 2020, numbers that are reflected in LSU’s College of Engineering enrollment, which grew by 41 percent between 2008 and 2012. Upon completion, 1,150 engineers, construction managers and computer scientists are expected to graduate from the school annually.

Patrick F. Taylor Hall rendering

Construction will kick off in the fall off of 2014 with groundbreaking on the new chemical engineering building, which is expected to complete in June 2016. The adjacent Patrick F. Taylor Hall will start renovation and expansion in July 2015 and complete by October 2017. The project will affect 350,000 square feet of academic space, 90,000 square feet of which is represented by newly constructed teaching and research space. Global architecture and design firm Perkins + Will and Baton Rouge-based Coleman Partners Architects LLC have been selected to overhaul the engineering campus, which will boast an academic support center, dedicated capstone project space and graduate student space and expanded, up-to-date laboratory space, among others.

Twenty-two private companies, such as Dow, Entergy and BASF contributed to the fundraising – 20 of them donating over the $1 million mark. Some of the most notable donations included a $5 million pledge from Turner industries and a $15 million donation from Phyllis Taylor. The state’s $50 million contribution will be provided from state capital outlay funds. As announced by Gov. Bobby Jindal in October 2012, the state will also match all private donations dollar for dollar above the $50 million mark.

Images courtesy of LSU College of Engineering



94-Unit Apartment Asset Sold to California Hedge Fund; 440 on Third Starts Construction

15 Jan 2014, 7:39 pm

By Eliza Theiss, Associate Editor

Black Warrior LLC has sold Newport Villa Apartments, a 94-unit apartment complex located on La Annie Drive, north of Florida Boulevard, cashing in $1.2 million or $12,765 per unit for the asset, according to a report by Greater Baton Rouge Business Report. CJ Johnson of 3Chix Realty represented both the seller and the buyer, a California-based hedge fund operating as Newport Holdings LLC. Originally listed for $1.8 million, the 90 percent occupied property had four interested buyers within a month of going on the market.

Newport Apartments underwent some capital outlay rehab work prior to going up for sale. The seller has only recently picked up the property from a bank. The complex reportedly had management issues and reverted to bank ownership due to non-payment. After acquisition, Black Warrior contracted Reliant Property Management, which specializes in streamlining distressed assets. The company quickly smoothed out previous issues and the asset is now projecting a 14 percent cap rate—double what similar assets boast.

In other multifamily news, preliminary construction work has kicked off at the 440 on Third, one of the most anticipated projects in Baton Rouge, reports The Times-Picayune. The eight-story building will first undergo internal demolition such as knocking out some of its internal walls. Some of the demolition byproducts will be reused, as the project is targeting LEED certification. The former office building is to be transformed into a mixed-use development featuring 65 one- and two-bedroom apartments with amenities such as an outdoor pool and deck, a 15,000-square-foot Matherne’s Supermarket grocery store (downtown Capital City’s first grocery store in 50 years), 50,000 square feet of office space and more than 100 parking spaces. DNA Workshop (Dyke Nelson Architecture LLC) is acting as developer and architecture company, while Buquet & LeBlanc Inc. is general contractor. The asset was purchased in mid-2013 for $4.3 million by a group of local investors headed by David Weinstein, a Baton Rouge financial adviser at Merril Lynch and Dyke Nelson, owner of DNA Workshop. The grocery store will open during fall 2014, while the residential component is expected for January 2015.

Click here for further Baton Rouge market data

Image courtesy of the Downtown Development District