The restaurant building formerly occupied by the Louisiana Institute of Culinary Arts has sold. Those of us that have been in Baton Rouge a long time will remember this building was occupied by Drakes Restaurant, and before that T.G.I. Fridays. If you are as old as Brian Andrews, you will remember the site was originally developed by former Gov. Edwin Edwards as Luther's Bar-B-Que. Luther's burned down and the T.G.I. Fridays building replaced it. The building is located near the corner of Essen Lane and Perkins Road. Clay Johnson and Bob Smith of NAI / Latter & Blum Realtors represented the seller, Keith Rush; and Diane Courville of ReMax First represented the purchaser, Lin Enterprises. The sale took place Friday for $1,025,000 and included most of the furniture, fixtures and equipment. The building contains 7,183 square feet, so the sale price works out to $142.70 per square foot. The new owner intends to convert the building into a Chinese restaurant.
Maxco Development, represented by Richard Preis, purchased a lot fronting the north side of Convention Street, just east of Fourth Street, for $487,424. According to Preis, the lot adjoins a property his family has owned since 1902. "I have been trying to purchase this lot for several years from the Reitzell family, and the stars just aligned for me last week," says Preis. The lot measures 64 feet across the front on Convention Street by 128 feet in depth. The sale price per square foot thus works out to $59.50. The property is located one lot west of the corner of North Fourth Street and Convention Street. It is currently an open, paved parking lot. Preis didn't reveal his future plans for the property. He owns the parking lot next door, and it made sense to him to assemble the site.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
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