Several years ago, a group that included Mike Hollingsworth purchased a tract near Airline Highway and La. 42 in Ascension Parish. The corner was sold to CVS Pharmacy, which plans to build on the site. Another investor acquired two additional sites so that more retail development could take place. According to Collier Thornton with Thornton, Harvison and Rhodes Real Estate, two tracts totaling 2.46 acres were purchased for a combined price of $1.347 million, or about $12.60 per square foot. Two additional sites will be purchased within the next 30 days, and the entire project will encompass 3.88 acres after the assemblage is complete. After the assemblage is complete, the new tract will have 540 feet on Airline Highway and 250 feet on Old Jefferson Highway.
The site is prime for retail commercial development. It is not a corner site, although it will enjoy dual frontage on both Airline Highway and Old Jefferson Highway. The new development will also enjoy cross parking agreements with the CVS Pharmacy next door, providing access to the corner of La. 42 and Airline Highway. According to Thornton, the new development will begin construction before the end of the year. He would not reveal the potential occupants of the proposed center, other than to say they were talking to banks, coffee shops and national restaurants.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
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