Two deals are in the works for the last first-floor commercial spaces at the LSU Nicholson Gateway development that opened in August.
One lease is expected to be finalized by May for a 1,700-square-foot unit, while two letters of intent have been filed for a remaining 4,000-square-foot end cap space, says Dottie Tarleton, with Stirling Properties, who has been working to lease the some 50,000 square feet of retail space.
The two spaces are the only unoccupied first-floor retail units in the retail building that houses Frutta Bowls, Starbucks, Baton Rouge General’s ExpressCare, and Private Stock Sneakers and Apparel Boutique—as well as The Simple Greek, expected to open in April.
Tarleton declined to name the type of businesses looking to move into the development.
As for the 12,000-square-foot rooftop terrace space, Tarleton doesn’t know when it could be leased, saying they’re looking for a restaurant operator that does catering to lease the space.
Tarleton says leasing has gone as expected, adding that not every business can afford rent in the development. Rent for retail space in Nicholson Gateway starts at $40 per square foot.
The LSU Property Foundation, an affiliate of the LSU Foundation, spearheaded the 28-acre Nicholson Gateway project, with Stirling Properties serving as its retail developer, retail property manager and leasing broker. The developer, Georgia-based RISE Real Estate, is handling student housing for 763 units of apartment-style housing for more than 1,500 students.