After 10 years of trying to develop a piece of property at River Road and Laurel Street into a high-rise condominium tower and then an upscale hotel, Richard Preis is looking at selling the site. Preis says “all options are open,” including building a 4 1/2-star hotel, building apartments, selling the land or just doing nothing with the RiverPlace property. “Lord knows I worked long enough on RiverPlace, but between Hurricane Katrina and the credit markets, the timing is just not right,” he says. Preis says his wish is to build a hotel on the site, and he’s had three visits with a major hotel group, including one Tuesday. This group represents a hotel flag that doesn’t have a property in Baton Rouge, he says. Another option is building a 167-unit apartment complex, which Preis says would have monthly rents of $1,500 to $1,700. The plan would be to renovate and convert the units to condominiums once the credit markets improve. Preis is working with Windsor/Aughtry Co. of Greenville, S.C., to develop a 137-room Hampton Inn & Suites at Lafayette and Main streets, across from the RiverPlace site. Preis says he did that deal to enhance the value of his other property. “This whole area needs to be developed,” he says, noting that the RiverPlace and the former location of the Advocate offices, at Lafayette and North streets, are prime vacant riverfront sites. Preis says he hopes to narrow down his options for the land to one choice by Labor Day. —Timothy Boone
Today’s poll question: What would you like to see done with the RiverPlace site downtown?
