BusinessReport.com

One of the most innovative projects in the Baton Rouge market in several years has been the Crescent at University Lake Condominiums.

Chris Dantin at Wampold Companies spearheaded the deal, which began in summer 2005. Before that, several potential multifamily or high-density properties were proposed for the site on Stanford Avenue across University Lake from LSU.

Wampold Companies has owned the property for more than 15 years and has been trying to have a project come to fruition. It wasn’t until 2005 that zoning approvals were obtained, and the result is a new, upscale condo development that rivals what you would see in other metropolitan areas.

Dantin says 112 units are scheduled to close over the next 45 days. He has been working seven days a week for the past month in preparation for the closings.

The average price per unit has been in the $550,000 range, and the average price per square foot is about $300. The project offers significant amenities, including a fitness center, lounge with a large caterer’s kitchen, media room, library, heated pool and spa, 15-acre nature reserve area with a walking trail that goes around a stocked lake.

Each unit has a high-quality finish, and each balcony has a stainless-steel gas grill. The building also has a parking garage with reserved spaces and an elevator that accesses the units. Wampold Companies also improved the Stanford Avenue entrance to the project by constructing a median and improving the sidewalks on the lake side of Stanford Avenue.

Subdivision approved

The West Feliciana Parish Police Jury approved a new planned unit development for U.S. 61. The new project, to be called Sugar Mill at St. Francisville, will consist of 205 acres located less than a mile south of the John James Audubon Bridge, which will connect West Feliciana with Pointe Coupee Parish when it opens by summer 2010.

Sugar Mill will include multifamily, single-family, office and retail use on what is known as the Busby Property. The development was planned by Greg Ferris of Ferris Engineers. The developer is Kenrich Properties, represented by Nathan Watson of New Orleans. The sale will close in April, and development is scheduled to begin shortly thereafter. Ferris says the new homes will be available for sale about the same time the four-lane improvement to U.S. 61 is complete and the bridge opens.

Demand for residential-use properties in the St. Francisville area has been strong, but obtaining Police Jury approval has been difficult. The parish’s new planning and zoning laws are stringent to maintain the integrity of the area. Ferris says developers went to great lengths to provide Sugar Mill with significant green space and recreation areas that would appeal to residents of St. Francisville.

“The Police Jury is not going to let any fly-by-night development take place in West Feliciana Parish,” Ferris says. “Our development is the quality they are looking for.”

Credit union building sells

The Dow Louisiana Federal Credit Union located on Airline Highway in Gonzales is under contract to be purchased.

Jonathan Starns with Donnie Jarreau Real Estate Company brokered the building to a local investor, Vince Diez, who will purchase the site in the name of Diez Properties for $569,000. The building contains 2,000 square feet, for a price of about $284.50 per square foot.

Starns says the credit union has a long-term lease and will continue to occupy the building. Diez purchased the property strictly for investment. “Diez has several commercial use properties in the Ascension Parish area, and realized that the growth of the parish should bring increasing returns over time,” Starns says.