Park 7 Apartments, a 280-unit apartment complex planned outside the South Gates of LSU, is a step closer to reality following a New York development firm’s $9,325,000 purchase of roughly 2.6 acres for the project.
The land was purchased in four separate transactions by CD/PARK7 Baton Rouge Owner LLC, represented by Paul Levine. He is executive vice president of development for Park 7 Group, the New York-based firm that has filed applications to develop the complex.
The bulk of the acquired land, about 1.5 acres plus some servitude rights, was sold by Dantin Bruce Development for $4,950,000.
“It was a good deal,” says Brian Dantin. “This is land that we owned across the street from the 333 Flats development (on East Boyd Drive), and it wasn’t for sale. We really didn’t want to sell it, because it’s just such a great location. We were going to do another apartment project there and they approached us through a broker last year and started negotiating … As you can see, people are paying a lot for land in the area.”
Development plans for Park 7 Apartments initially were filed last November. They call for the project to be on a 2.62-acre tract bordered by West Parker Boulevard, East Boyd Drive, Swire Avenue and Dodson Avenue. In June, the Planning Commission will take up a request by the project developers to reduce the number of required parking spots for the development from 777 to 754, according to the commission agenda and supporting documents.
Park 7 Group has developed and managed a 16,000-bed student housing portfolio, according to its website. Duplantis Design Group is doing the design and engineering work on the project, while Dallas-based Humphreys and Partners is the architect.
The three other deals completed Wednesday as part of the roughly $9.3 million land purchase include the following sellers and prices:
- Ivy at Southgate LLC, represented by Ann Mullins, sold land for $2,550,000.
- Campus Edge Apartments LLC, represented by Jonean Johnson, sold land for $1,175,000.
- TK Properties of Baton Rouge LLC, represented by Thomas Karam, sold land for $650,000.
—Steve Sanoski
