Onsite Design, represented by Michael Hogstrom, has purchased a 1.84-acre parcel on the south side of Old Hammond Highway, just west of Tara Boulevard, for $420,000—or about $5.20 per square foot—from the James/Dewey Estate. The sale closed Oct. 31.
The site is zoned A-1 single family residential. However, the new owner intends to do an infield residential development similar to another project he is constructing on Government Street and Croydon Avenue known as E’Tage Gardens, says Doug Garland of Gully Phelps and McKey, one of two brokers representing the seller. Charisse Hanchey with Coldwell Banker One was the other broker.
The project will likely have to be re-zoned to ISPUD, which will allow for an infield small planned unit development and would fit with the FuturEBR master plan and Smart Growth initiatives the city-parish has undertaken recently.
Smart Growth is a comprehensive approach to urban planning that creates attractive, affordable neighborhoods with easy access to transportation, schools, workplaces and shops. There are two single family residences on the property that will have to be removed before infill development can take place. Hogstrom could not be reached for further comment on his plans before this afternoon’s deadline.
“We could have sold this property 40 times,” Garland says. “There was huge interest—it was incredible.”
The $5.20-per-square-foot sales price for a residentially zoned property reflects increasing demand and the desirability of this area. Katherine Coghlan with Burns and Company was the broker representing the buyer.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.
Editor’s note: Columnist Brian Andrews is off this week.
