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Rent subsidized apartment complex planned for Ardenwood Drive in north Baton Rouge
Posted on 6/19/19 at 11:26 am
Posted on 6/19/19 at 11:26 am
quote:
Developers planning $38 million, 216-unit Baton Rouge apartment complex on Ardenwood Drive
Developers for an apartment complex in Baton Rouge are seeking $30 million in multifamily housing revenue bonds that would be issued through the State Bond Commission.
A Bond Commission vote is set for Thursday.
Drakes Landing is a 216-unit development that would be built at 801 N. Ardenwood Drive, according to documents filed with the Louisiana Housing Corp. LDG Multifamily, a Louisville, Kentucky, affordable housing developer, is the management company.
Drakes Landing will be made up of 96 two-bedroom apartments, 96 three-bedroom units and 24 one-bedrooms. The full price for buying the land and building the complex is projected to be $38 million. LDG is seeking $1.4 million in low income tax credits along with the bond issue.
Most of the units will be set aside for people who earn no more than 60% of the area median household income, which will target people working jobs such as construction, medical assistant, maintenance, retail sales, childcare workers and security guards
LINK
quote:
LDG owns three affordable housing complexes in Baton Rouge: the 192-unit Mallard Crossing Apartments at 11320 Greenwell Springs Road; the 48-unit Wood Crest Apartments at 1682 N. Lobdell Ave.; and the 192-unit Port Royal Apartments at 6454 Airline Highway. The Meadows at Nicholson, a 204-unit development at 11777 Nicholson Drive, is under construction and should open in the summer.
The company also owns the two Muses complexes in New Orleans and Village Du Loc in Lafayette. The company is building the 192-unit Brook Pointe development in Lafayette and has a deal to do two affordable housing developments in New Orleans.
This post was edited on 6/19/19 at 11:27 am
26
Posted on 6/19/19 at 11:30 am to member12
Sounds legit
Posted on 6/19/19 at 11:31 am to member12
quote:
801 N. Ardenwood Drive
North of Florida Blvd. No one cares.
Posted on 6/19/19 at 11:31 am to member12
quote:
Most of the units will be set aside for people who earn no more than 60% of the area median household income, which will target people working jobs such as construction, medical assistant, maintenance, retail sales, childcare workers and security guards
I think they believe that how much they pay city maintenance workers is how much construction workers are paid in the private sector
All those other jobs they listed make around $12-$15/hr
This post was edited on 6/19/19 at 11:33 am
Posted on 6/19/19 at 11:33 am to member12
quote:
Rent Subsidized Apartment Complex in North Baton Rouge
Color me shocked
Posted on 6/19/19 at 11:37 am to member12
Well that should get the city back on track.
Posted on 6/19/19 at 11:39 am to member12
quote:
The Meadows at Nicholson, a 204-unit development at 11777 Nicholson Drive, is under construction and should open in the summer.
This one is going to be interesting being within walking distance of the casino.
Posted on 6/19/19 at 11:41 am to member12
What could go wrong? 
Posted on 6/19/19 at 11:42 am to member12
quote:
will target people working
Ten years from now, "Well we thought it sounded good at the time."
Posted on 6/19/19 at 11:46 am to Cump11b
quote:
Color me shocked
Posted on 6/19/19 at 11:48 am to member12
quote:
Drakes Landing
quote:
Mallard Crossing
quote:
Wood Crest
quote:
Port Royal
quote:
The Meadows
quote:
Village Du Loc
quote:
Brook Pointe
Names exude high class, luxury living. Will inquire about vacancies.
Posted on 6/19/19 at 11:49 am to fallguy_1978
quote:
This one is going to be interesting being within walking distance of the casino.
I would be that it won't initially be subsidized.
But the multi family rental market in Baton Rouge is massively over saturated. Vacancy rates are approaching 15% right near LSU. Landlords are going to start turning to subsidized renters soon.
Posted on 6/19/19 at 11:50 am to member12
Those will be destroyed inside 6 months
Posted on 6/19/19 at 11:54 am to jbgleason
quote:
Rent subsidized apartment complex planned for Ardenwood Drive in north Baton Rouge
quote:
North of Florida Blvd no one cares
I love it. I wish they would build 10,000 of them in that area. Hell, I wish they get free rent and a gun. Keep it North if Florida.
Posted on 6/19/19 at 11:55 am to member12
These things are a gold mine for investors, guaranteed money paid on time every month by the state.
I know a guy who has become rich owning section 8 apartment complexes in Louisiana.
Not where the money is supposed to go
I know a guy who has become rich owning section 8 apartment complexes in Louisiana.
Not where the money is supposed to go
Posted on 6/19/19 at 11:55 am to member12
And so it will be government funded, which means the complex will make a ton of money of the government but it will be run down and torn up within a year
Posted on 6/19/19 at 11:59 am to member12
There's already a shite ton of section 8 apartments right there on renior. How is this news?
Posted on 6/19/19 at 11:59 am to member12
Be thankful these aren't being built in a decent area of town.
Posted on 6/19/19 at 12:01 pm to member12
This is north of Florida so I don't care, but the new one on Nicholson is going to just further solidify the criminal element in that area. It backs up to the heart of the Gardere ghetto, meaning the criminals and their buddies won't have to walk too far. Any hope L'Auberge had of further developing that area has been lost.
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