A planned “high-end” Government Street multifamily development will be the first of three young adult-centric projects by Onsite Design, marking a pivot for the development firm that will guide it for the next five to 10 years, says founding principal Mike Hogstrom.
Planned for the corner of Government and Edison Street next to Calandro’s Supermarket, Midway will feature a 25- to 30-unit mix of condos and apartments. Hogstrom closed on the half-acre lot last week for $750,000 and, he says, plans to close on two other Mid City properties for future development within the next 60 days.
While the price points and sizes of the units haven’t been decided, Hogstrom says the two additional complexes will be similar to Midway, which he called a flagship project for the developments.
“We are hyper-focused on the millennial right now,” Hogstom says, adding they’re looking to jump into the multifamily market while Baton Rouge’s residential market continues to soften. “We’re pivoting as a company and reacting as the market does.”
He estimated Midway will cost between $5.5 million to $6 million, with construction starting later this year. He hopes the project will be open in the third quarter of 2020.
Asked if he was concerned about Baton Rouge’s rising multifamily vacancy rates, Hogstrom says he’s not worried.
“There’s been a lot of new product built the last seven years,” Hogstom says, adding he believes millennials were overlooked by developers. “I’m going to try to make up where we missed.”