Project DescriptionThe Commerce Building, built in 1955, reopened their doors this summer after a two year renovation process. Louisiana Developers, Key Real Estate unveiled the project that hosts 93 apartment units with stunning riverside views and many residential amenities. The $20 million project will be funded by multiple sources. Lang is pursuing historic tax credits on the 58-year-old building to offset the renovation costs. He said the building merits historic status as one of the few representatives of the low rise, early International Style in Louisiana.
Transforming the historic building into a mixed use development was challenging, but preserving the history in downtown Baton Rouge is the ultimate goal.
In addition to a U.S. Department of Housing and Urban Development 221(d) (4) loan arranged by Highland Commercial Mortgage in Birmingham, AL , developers secured state and federal historic tax credits through PNC and Iberia banks to proceed.
Developers completed construction during the first quarter of 2016. The 8-story project at the corner of Third and Laurel Streets has 93 apartment units with 6,500 square feet of ground-floor retail. 1st Floor tenants include, Magpie Cafe and Gaudet Brothers Salon. The apartment units, a combination of one-, two- and three-bedroom loft-style units, range in size from 603 to up to 1,500 square feet. Residents and visitors will have access to a 5,000 square foot rooftop restaurant. Additional amenities included: rooftop workout center, rooftop pool, a private business center and on-site covered parking.