The East Baton Rouge Redevelopment Authority decided today to enter into an exclusive negotiating agreement with Weinstein Nelson Development to redevelop the former Entergy site at 1509 Government St.—a project that is expected to be a catalyst for redevelopment between downtown east and Mid City.
Weinstein Nelson Development, which is headed by developer David Weinstein and architect Dyke Nelson, was chosen from among eight applicants that submitted proposals to the RDA last month.
The RDA board selected the development team, which is working under the name Electric Depot LLC, for several reasons. It is the farthest along in securing tenants to activate the site, has succeeded with similar developments and historic renovations, demonstrated a vision to create a destination for Mid City, and showed a desire to expand to other projects in the locale.
“We’re really excited about the project,” Nelson says. “We’re looking to make a destination development that will be consistent with the quality of the neighborhood. We want it to be consistent.”
Weinstein Nelson Development has proposed a mix of uses for the 6-acre site, including turning three iconic red-brick buildings on the site into a blend of retail, offices and residences. The developers want to add housing around the buildings and provide a link to a possible train station for a commuter line between Baton Rouge and New Orleans.
Nelson says the team plans to finance the project in the same way that it has financed its other historic renovation projects, such as the former Capital One Building downtown, which now houses the multifamily complex 440 on Third and a Matherne’s Supermarket.
“We put cash in, we find a good lender that will work with us to provide conventional financing and we reduce the risk by having state and federal historic building tax credits,” he says.
As currently envisioned, the project will be developed in two phases and will cost an estimated $20 million. Nelson stresses that nothing is carved in stone yet. The RDA’s action today only opens the door for negotiations between the agency and the team.
The development team comprises several diverse partners in addition to Weinstein and Nelson, including: CB&I, DNA Workshop, GAS Ventures, HR&A Advisors, Joseph Furr Design Studio, National Housing Consultant Services, the Shiloh Church Foundation and Stantec.
Nelson says the development team has been in the works for nearly three years—both in anticipation of trying to work on this project and doing other projects in the area.
—Stephanie Riegel
