A group of investors is interested in acquiring the entire block of West Chimes Street between Lake Street and Highland Road, and redeveloping it into some sort of mixed-use development outside the North Gates of the LSU campus.
Four individual property owners on the block confirm to Daily Report they have been contacted by real estate agents Walt Ketchings and John Buzzell from NAI/Latter & Blum and asked if they are interested in selling.
“They approached us about selling,” says Snappy Jacobs, whose firm manages the property at 166 W. Chimes St., which formerly housed Chinese Combo King. “But the building’s owners are not interested in selling at this time.”
Inga Kim, who owns the building at 284 W. Chimes St. that houses her sandwich shop, Inga’s Subs, also was approached about selling. Kim says she was told by the agents that a group of investors is involved in trying to make the project happen but she could not provide additional details.
Ketchings declines to comment. Buzzell did not return a call seeking comment.
At least two other property owners, who spoke on the condition of anonymity, confirm they, too, have been approached about selling. One says he was offered a price for his building and is ready to sell. He says he was told the project will be a mixed-use development with a combination of student housing, parking and retail.
“They made me a fair offer, I’m excited about it and I’m in favor of it,” this property owner says.
A fourth property owner says he spoke only in general terms with the agents and that no one made him a firm offer, though he says he likely wouldn’t sell anyway.
“The neighborhood has problems,” he says. “But I would like to see our problems solved more organically than just to clear the slate and tear down the buildings.”
West Chimes Street, which is part of the historic North Gates neighborhood, is Baton Rouge’s second-oldest commercial neighborhood, dating back to the 1920s, when the university was developed. It’s also one of the most iconic, known to generations of those who bleed purple and gold and love the area—formerly known as Tiger Town—for the establishments they frequented back in their day.
But for retailers and restaurateurs the neighborhood is something of a double-edge sword. The student population is seasonal. Parking is extremely limited. And a smattering of more than a dozen individual property owners, some of whom are absentee landlords, has thwarted any sort of cohesive cleanup or redevelopment effort over the years.
Real estate appraiser Wesley Moore, who is not familiar with this particular project, says a mixed-use development may ultimately be the best use for the area. But he says the developers have a long and difficult road ahead of them.
“They’re going to have a lot of legal and PR headaches,” says Moore, of Cook, Moore & Associates. “But some of the most expensive real estate in Baton Rouge is near the LSU campus, and this is as close to campus as you can get. So if they can make it work at the right price it could be a really good deal.”
—Stephanie Riegel
