Downtown residential market hits $89M valuation

    A critical component of the Plan Baton Rouge reinvigoration of downtown was the need to more housing. That seems to be happening as nearly 1,000 residential units since 2010—with a market value of $89 million—have come online or are under development in the downtown area, Gabriel Vicknair, DDD assistant executive director, said at this morning’s commissioners meeting.

    “Market values have gone up quite a bit,” Vicknair says. “We have some of these new developments on the rolls to thank for that.”

    The stats are part of the 2019 Downtown Development Toolkit, which will be released online this afternoon. The toolkit not only provides businesses with demographic and economic data for the downtown area but also data profiles for workers and residents along with information on available incentives.

    Investment in downtown is around $2.3 billion since the DDD was established, according to the toolkit, and there are currently 35 active projects. There has been $107 million in hotel investment, with seven hotels operating a total of 1,175 rooms. 

    Construction is also picking up downtown. There were 118 more permits in 2018 versus 2017, and the district gained more than 3,000 jobs over the past few years. There are currently 644 businesses downtown. See last year’s toolkit here, and check with Daily Report PM later today for the this year’s version.  

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