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Sunday, November 8, 2009
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BUSINESS TODAY
Business Today for May 13, 2008
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$600 million Riverpark development unveiled
Developer Pete Clements has unveiled details of River Park, his planned $600 million mixed-use development near Hollywood Casino on the north side of downtown Baton Rouge. Clements said River Park, first discussed about a year ago, is a 10- to 15-year project that will ultimately include a 280-room, major flag hotel, an extended-stay hotel, 800 to 1,200 residential units, 250,000 square feet of retail space, 650,000 square feet of office space, 6,000 parking spaces and a 600-seat amphitheater along the riverfront. Mayor-President Kip Holden, who introduced the project at the Downtown Development District meeting this morning, said the project will add the equivalent of 10-12 new city blocks to downtown and is a “new vision for the northern Mississippi riverfront.” Holden said the development will create 200 to 300 construction jobs for the life of the project, 600-800 full-time jobs and 150-200 part-time jobs. Clements said that, when he started talking to people more than two years ago, it was difficult to get anyone interested in retail and residential development downtown. Now, however, the development is attracting enough interest from retailers that he had to change the plans to accommodate them. No tenants have been signed yet, he said. “We’ve had a lot of interest,” he said. The main attraction, he said, has been the uniqueness of the development and the 1,500 feet of riverfront. Read more in Wednesday’s Advocate.
Second phase of Plan Baton Rouge proposed
The Metro Council will consider funding a second phase of the Plan Baton Rouge process credited with playing a major role in kick-starting the rejuvenation of downtown 10 years ago. Davis Rhorer, executive director of the Downtown Development District, said the process will be a little different this time, focusing on economic analysis to guide further development and identify markets, programming of public space and better connecting existing assets, infrastructure improvements; examining regulations governing use and design, recommending economic incentives, and conducting a retail market analysis and tenant mix plan for the Arts & Entertainment District. The effort also could look at expanding the capacity of DDD to make such changes. Deputy Director Jeff Fluhr said the process would cost $350,000, though the city would not be the only source of funding. The original Plan Baton Rouge, which has since been converted to the Baton Rouge Area Foundation's Center for Planning Excellence, had many partners.
BR-area’s median home price dips near 4%
The median home price in Baton Rouge fell 3.6 percent in the first quarter from a year ago to $169,200, the National Association of Realtors reported Tuesday. The trade group said that median prices fell in two-thirds of the U.S. cities surveyed during the first three months of the year. The other two Louisiana cities listed in the survey were New Orleans, where the median price rose a slight 0.8 percent to $157,100, and Shreveport, which recorded a 1.9 percent gain to $131,500. Nationally, the median home price — the point where half the homes sold for more and half for less — fell to $196,300 in the first quarter, down by 7.7 percent from the same period a year ago, when the median sales price was $212,600. The steep price decline was the latest indication of the problems facing the housing market, which is in a prolonged slump that has dragged down sales and home prices.
Gulf Coast Bank buys Coursey Blvd. site
Donnie Jarreau Companies says it sold a 30,000-square-foot out-parcel on Coursey Boulevard last week to Gulf Coast Bank for $480,000. The property is part of a development next to the Chimes East on Coursey. Jonathan Starns of Donnie Jarreau Real Estate Inc., represented the seller, ACE Holdings LLC, one of Jarreau’s subsidiaries. Donnie Jarreau said Gulf Coast plans to eventually build a branch on the property. Donnie Jarreau also said the remaining 1.7 acres at the site will be developed into commercial retail.
LSU researcher uses ‘microwave’ to clean ships
Today’s New York Times features a story about assistant LSU professor Dorin Boldor’s microwave system, which can be used to heat the ballast water in cargo ships to kill off algae and other organisms. Rather than making popcorn or reheating coffee, Boldor uses the microwave to fight invasive species, the story says. The ships pick up those organisms, along with tons of water, when unloading cargo. The water, or ballast, helps the ships maintain stability. Boldor’s system uses a 5,000-watt microwave unit — most home ovens are 800 watts or less — and a “resonance cavity” that focuses the energy on a water pipe. By varying the power and water flow, the researchers raised the water temperature quickly to about 140 degrees, enough to kill brine shrimp, oyster larvae and other organisms.
Kress/Welsh/Knox apartments near ready
The Kress/Welsh Levy/Knox building now under redevelopment at Third and Main streets downtown could have apartment units ready to sell or lease by Sept. 1, one of the partners in the firm renovating the building said this morning. John Schneider said Cyntreniks, the firm he runs with his business partner, Brace Godfrey, expects three condominium units of the long-empty building will be for sale, starting at $450,000. There will also be 16 apartment units, consisting of one loft, seven one-bedroom units and eight two-bedroom units. The final plan calls for some retail and office space, as well as a component honoring the building's early role in the 1960s Civil Rights movement.
Port of South La. building bulk storage
The Port of South Louisiana, which encompasses a 54-mile Mississippi River stretch of marine facilities, will break ground today on a $6 million bulk transit storage facility. Designed by URS Corp. for the port and its stevedoring partner, Associated Terminals, the 40,000-square-foot storage facility will be built at the port’s Globalplex Intermodal Terminal in Reserve. Joel Chaisson, the port’s executive director, said in a news release that the Globalplex addition would make short-term storage of dock goods easy, with external docks included for trucks to load and unload bulk shipments. Harris Builders LLC will begin construction once the Mississippi’s water recedes, and completion is scheduled for June 2009. Most of the funding — $4.8 million — comes from the state’s port construction priority program, with the port pitching in $1 million and Associated Terminals providing $460,000 in equipment.
FEMA: $30,000 per home for elevation
Federal officials will announce a commitment Wednesday to provide $30,000 per house to elevate the residences of eligible Louisiana homeowners who are threatened by potential flooding. Jim Stark, FEMA’s interim associate director for Gulf Coast recovery, will make the announcement at an already-elevated house in Metairie, where he will be joined by Paul Rainwater, executive director of the Louisiana Recovery Authority. FEMA officials describe the grants as the largest hazard mitigation program ever funded for Louisiana.
NATIONAL/INTERNATIONAL NEWS
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