‘Real Estate Weekly’: BRAC and LED helping prep sites for project pipeline

The Capital Region missed out on at least three project deals over the past year because there wasn’t an appropriate site ready to be developed quickly enough, says Iain Vasey, executive director of the Baton Rouge Area Chamber’s Business Development Group. To prevent that from happening again, BRAC and other regional economic development groups are partnering with Louisiana Economic Development to compile a roster of “certified” sites: those that are shovel-ready and with a clear path to ownership. Vasey says a prospect often wants to identify a site and get it under control in less than a month, with an eye toward beginning construction in 60 to 90 days. Of the 20 sites currently listed as certified by LED, two are in the Capital Region (both are in Ascension Parish). BRAC’s goal is to add 10 more Capital Region sites this year and 40 more over the next four years. Vasey says 16 regional sites are in various stages of the process. Sites with deepwater Mississippi River access are in particularly high demand. Certification can be a useful marketing tool for a willing seller. Vasey says certification might cost from $5,000 to nearly $30,000 per site, depending on how much work already has been done, although BRAC and the parish where the site is located may be willing to share the cost. For a recent Business Report story about the program, click here. —David Jacobs Read the rest of the new Real Estate Weekly e-newsletter here.