Just a spot-check of real estate developments going on in our area:
LSU area. Two apartment complexes sold recently in the LSU vicinity. The 129-unit Fountainhead Apartments sold for $4.8 million and will remain as primarily student apartments. But 24-unit Cambridge Apartments--which sold for $2.1 million--will be converted to condos.
Mid-City. Right on Government Street just west of S. Foster Dr. is Vieux Carre a 74-unit condo conversion. Model units are set to open. 1-Bedroom units will sell for $75,000 while 2-bedroom units will go for $95,000. The development was formerly an apartment complex.
Watson. The potential development of a Wal-Mart at Hwy 16 and Cane Market Road is already causing land prices in that area to increase. D&D Investments just purchased a 4.9 acre tract to construct a self-storage facitily and paid $1.5 million, or just over $7 per square foot.
Bluebonnet. Mike Wampold announced yesterday that the unfinished Jimmy Swaggart dorm will become a Marriott Renaisssance hotel. The 348-room resort will include a 20,000 square-foot conference center, a restaurant operated by Dickie Brennan, and a state-of-the-art fitness center at a pricetag of $64 million.
Meanwhile, a public hearing was called by Metro Councilman, Pat Culbertson to discuss a proposed Wal-Mart Supercenter at Bluebonnet and Burbank and Pinnacle's plans for a casino resort further down at the river. The feedback from the meeting will be presented to the full Council and a propsal will be made to confine Pinnacle's plans to the downtown area.
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