‘Real Estate Weekly’: Mid City artists community ‘about a 98% go’

Danny McGlynn, who owns the Circa 1857 property at Government and South 19th streets along with Dennis Hargroder, says an artists community proposed on land next to the Mid City complex is “about a 98% go” now that an East Baton Rouge Redevelopment Authority subcommittee is recommending approval of $8.1 million in New Markets Tax Credits to benefit the project. The authority’s full board is expected to grant final approval to the tax credits at its meeting next month. “We just have one more bit of tax credits we need to secure, because [the RDA credit] falls a little short of what the project needs to be totally feasible,” says McGlynn, adding that about $4 million worth of additional NMTC are being sought through a pair of banks. “We’re told we’ll know in about two weeks. … So I would like to think within a month we should be off and running; full steam ahead with the plans and final numbers.” The plan calls for a mixed-use development comprising about 30 apartments—at least half of which would be rent-restricted for designated artists—studio space and about 7,000 square feet of retail space. McGlynn and Hargroder are pursuing the project in conjunction with a planned renovation of the two-story Darensbourg building, located just down Government Street across from the Westmoreland Shopping Center, and surrounding streetscape upgrades—a project that’s also seeking tax credits. —Steve Sanoski
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