Friday, March 22, 2013
Commercial Properties Realty Trust Announces
New Merchants at Acadian Village
Several Businesses to Become the First for the Baton Rouge Market
Baton Rouge, LA. - Commercial Properties Realty Trust is happy to announce that 9 new merchants have signed leases to join the Acadian Village Shopping Center scheduled to open this fall. Kean's Fine Dry Cleaning, and The Keeping Room are some of the local favorites, while nationally known Trader Joe's, Nadeau - Furniture with a Soul, and Petco also plan to open stores. Newcomers to the market, Smarter Eyewear, and Pei Wei (P.F. Chang's Fast Food Restaurant), and New Orleans originals Baby Bump Maternity, Air Blow Dry Bar, and La Divina Italian Cafe will also join the center.
Galatoire's Bistro opened at Acadian Village in January this year and Acme Oyster House has been open and operating since 2008. "The mix of businesses in Acadian Village will serve the well-established surrounding neighborhoods and draw more shoppers to the thriving Perkins Road Overpass Area," said Carolyn Martin, president and CEO of Commercial Properties Realty Trust.
The main shopping center construction is underway at the corner of Acadian Thruway and Perkins Road and scheduled to open in September. Acadian Village is over 85% leased with additional leases pending on most of the remaining spaces. Commercial Properties Realty Trust is investing over $18 million in the 70,000 square foot shopping center.
CPRT to Build Office & Residential Towers Downtown
Partnership will bring high-tech jobs, residences to Baton Rouge
Baton Rouge, LA. - Commercial Properties Realty Trust will build the first high-rise riverfront residential and office buildings in Downtown Baton Rouge in over half a century. The complex will include an eleven-story residential tower boasting 95 river view apartments, nine luxury town homes, and an office tower that will be the home of a new IBM Domestic Delivery Center.
The software center will rise eight stories and encompass more than 220,000 sq. feet of mixed-use office space. The two towers will be connected by a 24,000 square foot private terrace overlooking the Mississippi River.
The complex is being built on the old Advocate newspaper site bordered by Main, North, Lafayette Street and River Road. Total investment for the combined development is estimated to be $55 million. The office tower is scheduled for completion by spring 2015 with the residential complex following in the summer.
The State of Louisiana, City of Baton Rouge/East Baton Rouge Parish are partnering to build the $30.5 million, eight-story office building. IBM will take up the entire office building with software engineers and related staff. The Wilbur Marvin Foundation will own the building and collect no rent for at least 15 years, only a fee from the state and IBM to cover operating costs. "This partnership is a major piece of the puzzle that is bringing a quality company like IBM to Louisiana" said Stephen Moret, Secretary of Louisiana Economic Development.
CPRT will secure private financing for the residential tower, which will also be an asset of the WMF.
"We have partnered successfully with the state to build The Shaw Center for the Arts in downtown," said John G. Davies, Baton Rouge Area Foundation president and CEO. "This latest collaboration will provide space for more than 800 professional technology jobs, and apartments for hundreds to live in the city center, an important piece of continuing the revival of downtown."
The project, in the planning stages since fall of 2012, began with a generous gift of a parcel of land to the Baton Rouge Area Foundation from the Manship Family. Antunovich Associates, which has a history with IBM and has collaborated with CPRT on other projects, designed the buildings and will be the project's architect.
All apartments will have balconies overlooking the Mississippi River and will range in size from approximately 500-1000 square feet. Rents have not been set. There will be a private fitness center for IBM employees and the residents. For More information visit 525Lafayette.com
About Commercial Properties Realty Trust: CPRT is a real estate investment trust that manages and develops property holdings of the Baton Rouge Area Foundation. Because of this relationship with a community foundation, a portion of the profits are shared for improving the quality of life in areas where CPRT operates. CPRT manages shopping centers and mixed-use properties in North Carolina, Louisiana and Texas. For more, visit CPRT.com For more about the Baton Rouge Area Foundation, visit BRAF.org
Baton Rouge, LA. - Groundbreaking ceremonies were held today in downtown Baton Rouge for the much anticipated IBM Services Center and 525 Lafayette Residential tower. Surrounded by dozens of new IBM employees, Governor Bobby Jindal, LED Secretary Stephen Moret, Colleen Arnold, IBM Senior Vice President, BRAF President John Davies and CPRT CEO, Carolyn Martin broke ground with several other leaders in a ceremonial dig of blue mulch today in the ballroom of the Hilton Capitol Center.
Site preparation and anticipating large crowds caused an indoor ceremony, however it did not dampen the spirit or enthusiasm for such a game changing project to the city of Baton Rouge. "This groundbreaking event is a reminder of the great things happening in our city and we thank IBM for being part of the push to make our city even better" said Mayor President Kip Holden.
CPRT selected Antunovich Associates as the project architect and The Lemoine Company as general contractor in a competitive bid process. The center and residential tower is expected to be completed by the summer of 2015. Click here for more information on 525 Lafayette.
New Residential Coming to Downtown
Onyx Building to Become 28 apartments with First Floor Commercial Space
Commercial Properties Realty Trust will begin redeveloping the Onyx Building in downtown Baton Rouge this fall, replacing a shuttered building with a combination of commercial space and apartments on Third Street that will be known as The Onyx Residences.
The new five-story building will have 28 one and two-bedroom apartments built above 5,600 square feet of commercial space. It will be located at the corner of Third and Convention streets. Apartments will range from 600 to 1,100 square feet and rents have not been determined. Each unit will have a balcony or terrace overlooking Third Street, Convention Street or the Shaw Center for the Arts. Reserved parking will be available across the street in the state parking garage at prevailing rates.
Commercial Properties expects to invest $6.2 million in the redevelopment with the building ready for occupancy in fall of 2014. The exterior of the building has more than 100 marble panels that will be reused on the new building.
Commercial Properties manages and develops real estate assets of the Baton Rouge Area Foundation. Thirteen years ago, the Foundation underwrote Plan Baton Rouge, a revival strategy for downtown that has drawn more than $2.5 billion in investments from the public and private sector.
"We thank all the people who have come together to create a common gathering place for everyone in the parish," said John G. Davies, CEO and president of the Baton Rouge Area Foundation. "Downtown has more than a dozen new restaurants, more class-A office space, a new Town Square, hotels, the Shaw Center for the Arts and its Manship Theatre. With this development, more people will be able to live downtown, which is vital to continuing the area's transformation."
Before this project, Commercial Properties and the Foundation rehabbed the abandoned Capitol House into a Hilton, built restaurant spaces on the Art Block and put up One Eleven Lofts, which are 12 fully-rented apartments on Third Street at the Shaw Center.
The Onyx Building originally opened in the 1950's and was the home of Rider's Jewelry store until the late 1970's. It sat empty for more than three decades until City Year, a nonprofit, occupied it for a brief time in the last decade.
The Arts Block was formed as a unique partnership between the City of Baton Rouge, the State of Louisiana, Louisiana State University, the Arts Council of Greater Baton Rouge and the Baton Rouge Area Foundation. Bounded by North Boulevard and Lafayette, Convention and Third streets, the Arts Block includes the Shaw Center for the Arts, the LSU Museum of Art, The Manship Theatre complex, several restaurants, a coffee shop, and One Eleven Lofts.
Iconic Building will be home to the Water Institute of the Gulf Headquarters, Research & Interpretive Center
Baton Rouge, LA. – Louisiana-based Coleman Partners and global architect firm Perkins+Will have been chosen to design the first building on the new innovative Water Campus near downtown Baton Rouge. Coleman & Partners and Perkins+Will were among four final teams that recently presented to a selection committee chosen by The Water Campus, LLC. The panel consisted of architects, contractors, scientists, engineers, planners, and CEO’s of the Baton Rouge Area Foundation and Commercial Properties Realty Trust.
The building will be headquarters for the Water Institute of the Gulf, and a research and interpretive center. It will be located on the historical Baton Rouge City Dock that was completed in 1926. The approximate 45,000-square-foot, $20-million building will consist of an interpretive gallery, exhibit areas, offices, research labs and meeting and conference facilities. The building will be situated on the dock in a way that continues the long history of Baton Rouge business and culture existing along the banks of the Mississippi River.
“It’s an honor for Coleman Partners Architects LLC/Perkins+Will to have been chose for this project. Not only will this project be transformative for the skyline of Baton Rouge, but this building will enhance the efforts of the Water Institute of the Gulf to meet its mission to research, restore and enhance our coastal environments” said Buddy Ragland, principal at Coleman Partners Architects LLC. The panel’s design considerations included the ability to express the overall mission of the Water Institute of The Gulf and embrace the Mississippi River as its leading design component, project budget, operational efficiencies, sustainable design that reflects the ecologically sensitive nature of the project and its unique site.
Other local projects by the Coleman Partners/Perkins+Will team include renovation and additions to Patrick Taylor Hall for LSU’s highly-ranked College of Engineering. Coleman Partners has an extensive history of working in Baton Rouge and specifically with the U.S. Army Corps of Engineers, and is very familiar with the challenges of working in and on the Mississippi River. Perkins+Will is part of a national planning, architecture and interior design firm founded in 1935, with particular experience in the design and construction of headquarters, interpretive spaces, and science and technology parks.
“The building on the dock will return Baton Rouge to the riverfront, extend the revival of downtown to the Nicholson corridor and be an emblem for the future of our region,” said John Davies, president & CEO of the Baton Rouge Area Foundation. The construction will begin later this year along with a 50,000-square-foot, approximate $20-million building for the Coastal Protection and Restoration Authority to house its 165 strong team of administrators, scientists, technicians, and office support staff. CPRA is the agency charged with implementing the state’s $50 billion coastal plan.
Also under construction this year will be the River Modeling Center by LSU and CPRA. This 50,000-square-foot, small-scale model of the Mississippi River will allow for the study of all facets of ground and water behavior. It will be the one of the largest, most dynamic models in the world.
The Baton Rouge Area Foundation has taken the leadership role in master planning the campus. Commercial Properties Realty Trust, the real estate arm of the Foundation, will develop and manage the campus. When fully built out, the urban, riverside campus will have more than 1.5 million square feet of commercial space on approximately 33 acres, and house 2,000 occupants who will inspire international collaboration with other global water campuses and universities.
For more information please visit: www.cparch.com
About The Water Institute of the Gulf: The Water Institute of the Gulf is a not-for-profit, independent research institute dedicated to advancing the understanding of coastal, deltaic, river and water resource systems, both within the Gulf Coast and around the world. This mission supports the practical application of innovative science and engineering, providing solutions that benefit society.
For more information, visit www.thewaterinstitute.org.