Northshore mixed-use development humming along

There are signs that Summit Fremaux is making progress. One is an actual new sign on the property—a reminder that Bayer Properties remains committed to the 400-acre, $900 million master-planned, mixed-use Northshore development that was delayed a year by national economic conditions. The other is the hum of Caterpillars on the property, making way for roads. Bayer Properties principal Jeffrey Bayer says retail agreements are beginning to materialize and that portion of the project is now on target for spring 2012. “If we were having this conversation six months ago, I would have told you, ‘Everybody is still on the sidelines,'” says Mike Siegel, executive vice president and director of leasing for Corporate Realty in New Orleans, which is marketing The Summit for Bayer Properties. “But that’s not the case anymore. All of a sudden, everybody comes out of hibernation.” In the meantime, Siegel says once the infrastructure is complete, they’ll focus on marketing the business park aspect of The Summit, selling corridor business owners on the concept of a high-quality, master-planned, live-work-play environment for corporate offices. And that part of the development is right on target. Says Bayer: “Everything is moving along just as we envisioned, except the retail is going a little bit slower because of the market.” To see the rest of 10/12 Corridor Weekly, click here.—Penny Font