The former Cloverleaf Suites on Corporate Boulevard is being converted into an apartment complex.
There are 10 two-story buildings and a clubhouse on the property across from Stonetrust Commercial Insurance Company. Some $75,000 worth of work, which includes replacing windows and doors, will be completed to each building, according to permit documents.
Lacy Howe, developer and agent of Clay Companies, is managing the property, though he was unable to give more information before this afternoon’s deadline.
Earlier this year, it was reported that Baton Rouge’s multifamily sector had become overbuilt following years of new construction in the sector, especially near LSU’s campus. While parishwide vacancy rates had ballooned to 9.3%, an additional 2,400 or so units have been proposed or announced for construction in 2020 and 2021.
Appraiser Wesley Moore of Cook, Moore, Davenport & Associates, says while the market seems to be leveling a bit with vacancy rates not rising at the pace they were previously, it will take years for the market to turn over.
“There’s not a need for additional apartments at all,” Moore says.
