Editor’s note: This story has been revised from a previously published version that misidentified the 525 Lafayette building as 525 Main. Daily Report regrets the error.
After months of delays, Level Construction is ready to move forward with construction of Belvedere Townhomes, a multifamily complex of four luxury units that will be developed adjacent to 525 Lafayette downtown.
Level CEO Todd Waguespack says his firm closed last week on the loan that will finance construction of the $8.5 million project and that construction should begin in early May.
The project, which is located one block from the Mississippi River, was first announced in fall 2014. It has twice been delayed because of high river levels, most recently this spring. The U.S. Army Corps of Engineers does not allow pile driving in close proximity to the river when water levels exceed a certain point.
But groundbreaking on the Belvedere has also been delayed because of modifications to the original plans for the units, which range in size from 4,500 to 5,000 square feet. All four units are pre-sold, and Waguespack says the buyers wanted changes.
“When the buyers came in, we had to go back and redesign some things,” he says. “That slowed us up quite a bit.”
Everyone has since signed off on the plans, and the river is expected to recede to construction-safe levels by the end of the month. Waguespack plans to start construction by the first week of May. The project is expected to take about 12 months to complete.