Summit Fremaux is moving along

There are signs that Summit Fremaux is making progress. One is an actual new sign on the property — a reminder that Bayer Properties remains committed to the 400-acre, $900 million master-planned, mixed-use Northshore development that was delayed a year by national economic conditions. The other is the hum of Caterpillars on the property, making way for roads. Bayer Properties Principal Jeffrey Bayer tells 10/12 that retail agreements are beginning to materialize, and that portion of the project is now on target for Spring of 2012. “If we were having this conversation six months ago, I would have told you, ‘Everybody is still on the sidelines,'” says Mike Siegel, executive vice president and director of leasing for Corporate Realty in New Orleans, which is marketing The Summit for Bayer Properties. “But that’s not the case anymore. All of the sudden, everybody comes out of hibernation. They’re saying, ‘Wait, we can’t do it this year or next year, but the world is not coming to an end, and we do need to start now getting stores ready for 2012.’ They’re not beating down the doors, but there is real activity, and real proposals going out to people who are interested. LOIs [letters of intent] are being negotiated, and we do have tenants who are interested. It’s not at a standstill at all. There’s a huge difference between now and three or four months ago.” In the meantime, Siegel says once the infrastructure is complete, they’ll focus on marketing the business park aspect of The Summit, selling corridor business owners on the concept of a high-quality, master-planned, live-work-play environment for corporate offices. And that part of the development is right on target. Says Bayer: “Everything is moving along just as we envisioned, except the retail is going a little bit slower because of the market.” — Penny Font