Homewood Suites planned for Reiger Road

Plans for a 100-room Homewood Suites by Hilton are scheduled to go before the Planning Commission on Monday. The hotel would be built on Reiger Road, just west of Exchequer Drive. This would be the second Homewood Suites in Baton Rouge, joining a location on Corporate Boulevard. Plans are to build a four-story hotel with a projected opening in the spring. Hotel South Management Co. will own the hotel, with Frank Benoit as the developer. This is the third new hotel planned for Interstate 10 and Siegen Lane, joining a recently opened Hampton Inn and Suites and a Holiday Inn Express that is currently under construction.--Timothy Boone

Planning Commission to get first look at River Park

The Planning Commission is scheduled to vote on rezoning for River Park, the 36.3-acre, mixed-use development next to Hollywood Casino, at its meeting Monday. The details of the Planned Unit Development are fairly similar to when they were first announced last month at a Downtown Development District meeting. Developer Pete Clements is calling for a project with 1,202 condominium units, 650,000 square feet of office space, 274,000 square feet of restaurants and stores, 500,000 square feet of commercial space, 504 hotel rooms and 170,000 square feet of public/semi-public space. The development of River Park is set to take place over the next 10 to 15 years. The plan is to start work on the first phase this fall, a four-lane railroad underpass that will provide access to the property. The underpass is scheduled to open in early 2010. Planning commission members have recommended approving the rezoning for River Park.--Timothy Boone

Acadian-Perkins Shopping Center adding tenants

Two home furnishings businesses are opening in the center, at South Acadian Thruway and Perkins Road. The Foyer is scheduled to have a grand opening Friday. The business, which sells antiques, interior design objects, art and gift items, is locating into the old Montage location. The Foyer will also have a small restaurant, selling po-boys, soups and salads, says Jon Claitor, one of the partners in the Acadian-Perkins Shopping Center.

Meanwhile, Tuesday Morning will open a 7,000-square-foot store in the old Amazon Imports space. Ty Gose of NAI/Latter & Blum, says Tuesday Morning should open by October. This will be the fourth Baton Rouge location for Tuesday Morning, a closeout retailer of upscale home accessories, housewares and gifts. Gose says he's still trying to lease 13,000 square feet between Tuesday Morning and Juban's Restaurant.--Timothy Boone

Graves buys home for $2 million

Raising Cane's founder Todd Graves has purchased a home in College Town for $2 million. Graves and his wife, Gwen, closed on the property at 4273 Harvard last week. The home had been owned by Benny J. Elder and Maria Bhacca and was remodeled in 2005. The Graves sold their home in University Gardens for $530,000. Along with continuing to open more locations for his successful chicken tender franchise, Graves is scheduled to appear on the new Fox reality show Secret Millionaire when it debuts in January.--Timothy Boone

Poll: Most think One Eleven rents too high

Real Estate Weekly readers overwhelmingly say that the rental prices for the One Eleven development are too high. Seventy-four percent of the people who responded to an online survey say the prices, which range from $1,350 to $2,400 a month for the downtown residences, are too much. Twenty percent say the prices are about right, 4% were unsure and 2% say the rents are too low. Nearly 250 people participated in the survey.

This week's question: Do you think local home prices will drop within the next six months, now that sales are slowing down?

Tom Cook: Zachary to get new Cane's restaurant

Barogon Properties has sold a .91-acre tract to Stice Hill Holdings for the construction of a new Raising Cane's. The sale closed last week for $535,140, or $13.50 per square foot. The seller was represented by Grey Mullins at Beau Box Commercial Real Estate. The purchaser was represented by Mark Hebert of Kurz & Hebert Commercial Real Estate. Cane's intends to build a 2,760-square-foot restaurant, which is a new prototype for the Baton Rouge-based chain. Stice Hill Holdings owns several Cane's restaurants throughout the Southeast and has been recognized for its growth potential and the profitability of the company.

(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)

Real estate recap: Downtown site sold for mixed-use development; La. foreclosure filings up 38% in May

Plans for Florida/Third parking lot: Two top executives with Stonehenge Capital have purchased part of a parking lot at Florida and Third streets and plan to build an office-retail-residential project on the site. Third Street Acquisition bought the 7,400-square-foot property from St. James Episcopal Church for $504,805 in a deal that closed Friday. Third Street is made up of Thomas Adamek, Stonehenge's president, and Gordon LeBlanc Jr., a managing director for the firm. The land fronts Third Street and is adjacent to Stonehenge's offices, LeBlanc says. Despite bump, increase below national average: Statewide foreclosure filings increased 38% in May over the year before, as one in every 2,603 Louisiana households received at least one filing. But that's less than the 48% annual increase reported nationwide by RealtyTrac, which says one in every 483 U.S. households received a foreclosure filing. That's the highest rate recorded by RealtyTrac, a 3-year-old company that monitors foreclosure filings nationwide. Louisiana remained low on the list of the number of homes facing bank seizure: The state had the 39th-lowest foreclosure rate in the country. Nevada had the highest, with one out of every 118 houses.