The excitement about Juban Crossing is now filtering through to the residential market.
A 43.37-acre tract, located near the proposed mixed-use development at Interstate 12 and Juban Road, was purchased by FosterPierce, a Mississippi Development Company, for $750,000. The acreage has no road frontage.
Meanwhile, a 2-acre site with frontage on Castle Drive was purchased simultaneously in order to provide a boulevard entrance to the larger parcel.
The seller was John Hubbell. James Riley at Latter & Blum Realtors brokered the sale. Riley says FosterPierce will develop 120 lots on the site, with construction to begin early this year.
Riley also has an adjoining 38-acre site on Juban Road available for sale.
Perkins site re-sells
In June 2006, Adams Collision purchased a 1.49-acre site with 25 feet of frontage on Perkins Road between Baum’s Bakery and Sonic Drive-in for $625,000. The seller was Lonnie Bickford, who had intended to build a climate-controlled mini-storage facility.
Adams Collision intended to build a body shop on the property. The planning and zoning map listed the site as C2, but after the purchase was made, it was determined the property was not zoned C2 and a body shop was not permissible on the site.
Adams Collision now has sold the property to Perugini Group, represented by Bickford, for $775,000. The original sale price was $9.62 per square foot; the resale price was $11.16 per square foot.
The price difference is not solely attributable to escalating land prices. Adams Collision had spent money clearing and grading the site.
Hospice purchases property
The Hospice Foundation of Greater Baton Rouge purchased a site last month with a total useable area of about 5.48 acres at the end of Quarters Lake Road, the frontage road that runs along the south side of Interstate 12 off Essen Lane, for $1.1 million.
The property was owned by James Cromwell, who bought it in March 1994 from the estate of Clifford O. Bingham. The land originally served as the Bingham homesite, and is still improved with a single-family residence that is somewhat dilapidated.
Hospice intends to develop the site with a hospice residential facility. The site is perfect for this use, with beautiful, mature oak trees, crepe myrtles and other vegetation.
Hospice has been attempting to acquire a site for several years. When it struck a deal with Cromwell, the site had to be rezoned before the purchase could take place.
The price of $4.60 per square foot is well supported by surrounding properties.
Apartment complex sells
The 204-unit Spanish Arms Apartments (below), located at Denham Street off Plank Road near Airline Highway, sold last month to Summit America Properties for $3.2 million, or about $15,686 per unit.
The complex consists of 18 two- and three-story buildings. According to sources close to the transaction, the property requires extensive renovations, which should take place early this year.
The property has available tax credits, and leased 81 units on the Section 8 program.
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