New apartment complex planned for Airline Highway at Evangeline
A Louisville, Kentucky firm that specializes in developing affordable housing has acquired a 10.5-acre tract on Airline Highway near Evangeline Street and plans to develop a 192-unit multifamily complex on the site.
In a deal that closed Friday, LDG Development acquired the property from several members of the Kurzweg family for $625,000. The site is behind a Family Dollar store and across Airline Highway from Town and Country Furniture. Construction on the complex is scheduled to begin immediately and is expected to take about 16 months.
The complex, which will be called Port Royal Apartments, is LDG’s third project in the market. The firm has also developed Mallard Lakes on Greenwell Springs Road and Woodcrest Apartments on Lobdell Boulevard. LDG Development Manager Evan Holladay says the firm’s experience with its first two complexes has demonstrated the need for additional workforce housing in Baton Rouge.
“There is a huge need for rental housing all over Baton Rouge, and there is a need for new construction in north Baton Rouge,” Holladay says. “The population is growing, there is a lot of economic development nearby in downtown and we think north Baton Rouge is ripe for redevelopment.”
LDG is developing the project with U.S. Department of Housing and Urban Development funds it received through the Louisiana Housing Corp. Two- and three-bedroom units in the complex will range from 800 to 1,200 square feet, and lease rates will be between $651 and $925 per month.
In addition to its local projects, LDG has developed The Muses in New Orleans, a mixed-income development in Central City, and Village de Lac in Lafayette.