By now, the long expanse of land straddling oak-lined Nicholson Drive was supposed to be a vibrant, mixed-use development, not only linking LSU to downtown Baton Rouge but also breathing much-needed urban renaissance life into a blighted Nicholson Corridor.
At least that’s what we were told when The River District project was announced with great fanfare.
The stark-contrast reality, as Business Report details in a new feature, is this 42 acres of unfulfilled in-fill promise sits as empty as the day it was purchased almost 15 years ago by Lafayette oilman Michel Moreno, who saw the property seized in 2015 by Goldman Sachs when his $52.4 million loan went into default.
The days of the property becoming an “urban village”—as pitched by renown Lafayette architect Steve Oubre not long before Moreno’s financial fortunes reversed—are long over. For the past year, the land has been sitting on the market without any takers.
Despite its prime location, local real estate experts say the property comes with several challenges. For starters, they contend the seller’s high asking price—a negotiable $25-per-square-foot—serves as a major deterrent to developers.
What’s more, the original River District plans—which included office space and apartments—will likely have to change, considering currently oversaturated markets in the local Class A office and multifamily spheres. Read the full story from Business Report. Send comments to editor@businessreport.com
