The Elias, a four-story apartment development in Beauregard Town, is expected to open in the first quarter of next year, developers announced at this morning’s Downtown Development District meeting.
Initially called Beauregard Quarters, the $3.5 million project at the corner of Napoleon and America streets was renamed the Elias after Elias Beauregard, for whom the neighborhood is named.
Work began on the project last year and was expected to take around a year. Chad Rigby, one of the partners developing the project, says it has been delayed by weather and the August flood, which created a labor shortage.
The apartment building will include one-bedroom units with monthly rents starting at $1,500 and three-bedroom units priced at $2,800 per month.
“We’re going to try to do some interesting things with the property,” Rigby said following the DDD meeting, adding he hopes to offer free bicycles to residents and possibly partner with the burgeoning Baton Rouge Bike Share program.
When completed, the project will join a growing list of multifamily developments downtown, where a mix of young professionals, empty-nesters and others are looking to live. The Lofts @ 6C, a 142-unit development that will be the largest yet in the area, is also expected to be completed next year. Currently, more than 9,000 residents live downtown, according to the DDD, and a wave of new apartments, including 525 Lafayette, 440 on Third and the Commerce Building, have been completed in recent years.
Rigby says the most interest he’s received for The Elias has been from retirees and empty-nesters looking to downsize. Developers bought the 36,864-square-foot property for $550,000 in 2014.