Baton Rouge developer to purchase Old Goodwood Plantation and redevelop as upscale neighborhood
Designer and developer Mike Hogstrom has announced plans for an upscale, residential development on the site of the famed Goodwood Plantation, a 165-year-old historic home at 7307 Goodwood Blvd.
Hogstrom’s company, Onsite Design, has a purchase agreement to buy the property, which sits on 17 undeveloped acres in the heart of Old Goodwood, and expects to close on the deal by the end of the year.
The new development will be a called Adelia at Old Goodwood and will feature 48 lots of nearly 11,000 square feet each. Telich Custom Homes will head up a group of boutique builders, who will develop the lots following design guidelines established by Onsite Design.
The plantation home will undergo an extensive renovation and serve as the centerpiece of the private development. Hogstrom hasn’t decided yet what to do with the historic home but he envisions several possibilities, including selling it as a single-family home, converting it to a private club for Adelia residents or using it for a type of concierge service.
“The business plan for the home is entirely separate from the development,” he says. “We are going to listen to the people who are investing in the community and react to their needs and their wants but there are several different models we have looked at that are sustainable and successful.”
Lots in Adelia will be priced at $27 per square foot, and will go on sale immediately. As an incentive, Onsite is offering a discount to those who purchase early. Hogstrom declines to divulge what he is paying for the property. However, it was previously listed for $10 million.
Read more about Adelia in real estate-focused edition of Daily Report PM today.