Business on the move: Lamar Advertising has started the first phase of renovations for what could be its new headquarters building. Work began on the Corporate Boulevard building, which had been occupied by Chase Bank, in January. Ricky Raven, Lamar’s vice president for real estate, says the initial work involves bringing the building up to code. Lamar is about three weeks away from opening bids for the second phase of the project, which comprises the renovations to prepare the building for occupancy. The renovations are contingent on an insurance settlement Lamar is receiving for the Chase building, which was heavily damaged by Hurricane Gustav. If the bid prices are too far out of line with the insurance settlement, then the work won’t happen, Raven says. If the price estimates for the work come in at the right amount, then it’s Lamar’s hope that renovations to the 110,000-square-foot building will conclude by the end of the year.
Show biz boom: Construction has started on a 31,000-square-foot soundstage at the Celtic Media Centre. Once the stage is completed—by July 1, if all goes well—there will be more than 127,000 square feet of studio space at the media center. “We’re confident we can bring in enough business to keep it filled,” says Patrick Mulhearn, director of studio operations for Raleigh Studios, which runs the Celtic space. The expansion will also include a 23,000-square-foot mill shop for creating sets for filming.
Editor’s note: Brian Andrews is off this week. His column will return in Real Estate Weekly next week.
