Rouzan developers John Engquist and Charles Landry announced this morning they have signed a purchase agreement with New Orleans-based Key Real Estate Co. for a 4-acre, mixed-use multifamily site in the heart of the traditional neighborhood development’s commercial district.
The $50 million, mixed-use multifamily complex will feature 280 high-end rental units with one-, two- and three-bedroom floor plans, as well as 15,000-square feet of retail space. The development will be behind the Sprouts grocery store and adjacent to the TND’s restaurant district, which has yet to be developed.
It is not clear when the deal will close or how much Key Real Estate has agreed to pay for the property.
Key Real Estate is no stranger to Baton Rouge. The company, which is led by developer T.J. Iarocci, developed the Commerce Building downtown and continues to manage and lease that property. It also has several other local multifamily developments in its portfolio, including The Heron, Mansions in the Park, Ivy Parks and Lakeside Villas.
The development of Rouzan’s multifamily component is a key milestone in the evolution of the Southdowns-area TND, which was stalled for years under its previous owner, Tommy Spinosa, but has been on a fast-growth trajectory since Engquist Development acquired it in January 2018. Of the initial 217 residential lots developed by Engquist and Landry over the past two years, only 29 remain unsold.
Today’s announcement came less than a day after the Planning Commission approved the two, final phases of single-family lots for the TND. The lots, 163 in all, are expected to be available by the end of the year.
“The progress in Rouzan has been incredible,” says Landry, who notes activity is taking place on several fronts
The steel bridge connecting Rouzan to Perkins Road is now open, construction begins this week on the Kidz Karousel, planning for the community farm is ongoing, and construction is nearly complete on the clubhouse and community pool, which will open this spring.
