Wampold to add 150 luxury apartments to Chase South Tower
When developer Mike Wampold acquired the Chase South Tower in early February, he said he planned to redevelop the iconic, downtown high rise into a mixed-use development of luxury apartments, offices and ground floor retail.
Eight months later, Wampold is ready to move forward with those plans. The developer says he will begin construction early next year on the first of what will ultimately be 150 new multifamily units on the top 10 or 12 floors of the building. Wampold says he will develop the units in phases, starting with about 75 on five upper floors.
“If that does well, we’ll do the rest,” he says.
Plans also call for renovating existing office space in the 330,000-square-foot building, and adding new ground-floor retail space on the plaza and a bricked-in walkway that flanks the building sides fronting Fourth and Fifth streets. Wampold says he is in discussions with potential tenants for both.
Though downtown has seen the addition of several new multifamily complexes—most recently, the 146-unit Heron Downtown at Florida and Sixth streets—Wampold believes the market is ripe for still more apartments, particularly high-end units.
“You don’t necessarily need more apartments,” he says. “But you need the right kind of apartment building—something that is going to entice people out of the suburbs.”
Besides the Chase South Tower, which was built in 1969 and therefore would be eligible in 2019 for historic building tax credits, Wampold owns four other major downtown structures that he has either bought and renovated or built from the ground up. They include Riverside North, which is adjacent and physically connected to the Chase South Tower; Plaza Towers I and II; and the Watermark Hotel, which he redeveloped from the former LNB Building.
The developer says it is a testament to his faith in downtown and in Baton Rouge in general.
See the full renderings here: Wampold Tower