Capitol Lofts getting smaller, will keep current zoning

The developer of a controversial proposed apartment building in Spanish Town is scaling down the project, which he says will allow the project to be built within the property’s current A4 zoning. Developer David Slaughter had originally planned Capitol Lofts as a 115-unit complex, which would have required a zoning change to A5. The neighborhood civic association staunchly opposes the change. Slaughter says the project will likely have closer to 75 units—the exact number has not been determined—and will be shorter than the original plan, which called for part of the building to be six stories. Rents will have to be higher to justify the cost of construction. “We want to do what’s best for the neighborhood,” Slaughter says. “If they think that’s the best way, we’re willing to work with them. But it definitely impacts the bottom line.” The development is planned for the end of North Sixth Street overlooking Arsenal Park.—David Jacobs

Environmental legislation biggest factor in Nucor move

Domestic steel production posted an up-tick last week, but that won't be enough to sway Nucor Corp. into building a $4 billion pig iron plant in St. James Parish. Stephen Moret, Louisiana Economic Development secretary, says the bigger issue remains the potential for tougher federal environmental regulations, such as permitting standards and cap-and-trade legislation. Nucor is considering building the plant in either St. James Parish or Brazil. Officials with Charlotte, N.C.-based Nucor have said the plant is on hold because of the worldwide recession, which has quashed steel demand. The company is also waiting on an air quality permit from the U.S. Environmental Protection Agency. Getting the Nucor plant has been a goal of Moret and Gov. Bobby Jindal, who even visited company officials last fall. Domestic steel production was up 2.5% last week, according to the American Iron and Steel Institute, but it still remains nearly half of what it was a year ago.

Census estimates show New Orleans up, Baton Rouge down

Population estimates released today by the U.S. Census indicate New Orleans' population continues to climb, while Baton Rouge is on the decline. As of July 1, 2008, the Crescent City had an estimated 311,853 residents—up from 288,113 a year ago. That's an 8% gain. Baton Rouge, meanwhile, dropped to 223,689 from 226,864 the previous year, a loss of slightly more than 1%. On the Northshore, Mandeville grew 22% to 12,421. Youngsville, Louisiana's fastest-growing city several years in the running, grew by less than 9%. Elsewhere along the corridor, Lake Charles has almost 1,000 new residents, while Lafayette, Hammond and Slidell remained virtually flat. Lafayette, however, is the only city to show steady growth from 2000 to 2008. The latest numbers are not actual population counts, but rather estimates based on government records. Nor are they current; they reflect patterns only through July 1, 2008. For the rest of 10/12 Weekly, click here.—Penny Font

Red Door Interiors opens Shreveport location

Red Door Interiors, a Corporate Boulevard home furnishings store, has opened a second location in Shreveport. Erin DeBosier, who owns Red Door along with her husband, Matt, says the store opened Saturday. "We chose Shreveport because they had the right real estate," DeBosier says. "Plus, they've had a nice boom because of the Haynesville Shale." The DeBosiers looked at locations in Lafayette, Mandeville and Covington, before purchasing a pair of old Regions Bank buildings. The plan is to build a connector between the two spaces, to create one single location with about 16,000 square feet, DeBosier says. "This is a little fun and flexible," she says. "Plus, there's a courtyard where we can put our outdoor furniture." The location on Youree Drive is near where a couple of other Baton Rouge-based businesses are, including Lee Michaels and School Aids. "We're in good Baton Rouge company," DeBosier says. Red Door opened in 2005. The DeBosiers plan to eventually open about a dozen locations across the South. "We're probably going to start looking at Houston shortly," she says.—Timothy Boone

Survey says bad roads cost La. nearly $5 billion

A new report says more than half of all traffic fatalities are caused by substandard roads—making that a more lethal factor than drinking and driving, speeding and not using safety belts. The report by the Pacific Institute for Research and Evaluation found that road deficiencies contributed to more than 22,000 deaths and cost the nation more than $217 billion in 2006. In Louisiana, substandard roads cost the state nearly $5 billion in 2006. The report lists changes that could be made to boost roads, such as installing better, easier-to-read signs, using more guardrails and widening shoulders. Read the report here.

Construction spending falls more than expected

Construction spending fell more than expected in May, a sign the problems facing the nation's builders are far from over. The Commerce Department says construction spending dropped 0.9% in May, nearly double the 0.5% decline that economists expected. Adding to the signs of weakness, activity in the past two months was revised lower. Construction rose 0.6% in April, down from the 0.8% increase originally reported. A March increase of 0.4% was replaced with a decline of the same amount. That left the April gain as the only increase in the past eight months. For May, the only strength came in nonresidential activity. Residential construction dropped sharply, and spending on federal, state and local projects also declined.

News roundup: IberiaBank prices stock offering ... Gonzales grocer opens eighth store

Get your share: IberiaBank Corp. has priced a public offering of 3.85 million of its common shares at $39 per share. Lafayette-based IberiaBank says it expects to raise $150.2 million from the sale. Plans are to use the money to cover the cost of future acquisitions of other financial service businesses, general corporate purposes, working capital needs and investment in subsidiaries. The company expects the sale to close around Tuesday.

Makin' groceries: LeBlanc's Food Stores has opened its eighth location in Hammond. The 43,000-square-foot, full-service store on West Thomas Street opened Tuesday. LeBlanc's, based in Gonzales, has been in business since 1960 and is a member of the Associated Grocers.