Jarreau proposing $20M project in Lake Charles

Baton Rouge developer Donnie Jarreau has offered $957,500 to buy 3.7 acres of land in Lake Charles on which he’s proposing to develop a housing and business project called Ryan Street Lofts. The (Lake Charles) American Press reports Jarreau is among three developers vying for the property, which was formerly the longtime home of Sears. The city, which purchased the property in the 600 block of Ryan Street in 2006 for $766,000, is expected to choose a developer for the project this week. Jarreau is proposing a $20 million project consisting of commercial space, 188 multifamily units, and on-site parking. His plan includes a 30- to 60-day period to close the land deal, followed by a 180-day Federal Housing Administration financing process. Jarreau is the high bidder on the land among the three proposals being considered. Lake Charles developer Roger Landry has offered $628,000, with plans to build a residential and retail facility that would be home to 166 luxury apartments and 22,000 square feet of business space. Geddings Development Corp., led by Lake Charles businessman Gray Stream, has offered $425,000 for the land. Stream has not released any preliminary plans about the potential development but says it could be 120-160 two- and three-bedroom units. More details are available in the full story here.