The River House mixed-use development recently received site plan approval from the East Baton Rouge Parish planning commission.
Ty Gose with Latter & Blum Realtors is marketing the project, which is being developed on an 8.3-acre site on the former Prince Murat Inn site at Nicholson Drive and Oklahoma Street. The hotel was demolished in late 2006.
Gose says River House will feature 224 apartment units along with 30,000 square feet of office space and 16,000 square feet of retail space. The proposed plan has undergone several iterations before receiving approval, and construction is expected to start in the fall.
The apartments will be constructed in a four-story building with a mix of efficiencies, one-bedroom and two-bedroom units that will cater to students and downtown employees. The apartments will center around four courtyards that will be landscaped by Reich & Associates and include a clubhouse and fitness facility.
The office space will be constructed in a three-story building that will front Nicholson Drive. Proposed parking for the project exceeds zoning requirements.
Gose says the developers—who conducted several market studies—are confident they have the right project at the right time. “A lot of activity is taking place along this corridor of Nicholson Drive … and we believe this is the project to kick off redevelopment of the area,” he says.
Continental Realty Group is the developer, and Humphreys and Partners is the architect. Humphreys and Partners specializes in mixed-use properties, including Calypso Bay in Jefferson Parish and The Crescent Club and The Preserve in New Orleans.
Ascension Plaza sells
When Donnie Jarreau, Collier Thornton and Chris Dozier developed Ascension Plaza Shopping Center in Gonzales, it was constructed in two buildings. The property is addressed 114 Airline Hwy., and is just south of the Wal-Mart Supercenter. The front building, occupied by Papa Murphy’s Pizza and GameStop, has sold.
Ascension Plaza, represented by Thornton, sold the property to Shriver Investment Properties for $829,500 in a deal that closed May 1. The shopping center contains a total of 3,400 square feet, for a sale price of almost $244 per square foot—a cost supported by the rents generated by current tenants.
“This is a well-located, well-constructed center with excellent tenants that reflects demand for this type real estate,” Thornton says.
Keystone closes on 10 lots
A 10-lot block in Keystone of Galvez, a 265-lot residential subdivision off La. Highway 933 in Ascension Parish, has been sold.
The project developer, Kevin Nguyen, sold the lots to Vicknair Builders for $400,000 in a deal that closed April 30. That’s pretty easy math, but because Brian Andrews might read this column, I’ll do it for you. The price calculates to $40,000 per lot.
Nguyen had pre-sold 165 lots prior to construction. But after market conditions slowed, so did sales. Most of the pre-sold lots evaporated. Nguyen changed his marketing strategy and began selling lots in bulk to Vicknair Builders, which continues to construct homes in the subdivision.
Apartment projects sell
Provident Resources Group, a local nonprofit, has purchased two apartment complexes for $9.9 million from Sheltering Palms. Provident bought the 184-unit Goodwood Place Apartments on Apartment Court Drive and the 96-unit Towne Oaks development on North Sherwood Forest Drive in a deal that closed on April 30. The sale price is about $35,000 per unit.
Steve Hicks, Provident president and CEO, says the company plans to maintain the apartments as affordable housing, while making improvements to the property.
