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Trahan unveils plans for high-rise luxury condos on downtown Baton Rouge riverfront

Posted on 10/25/18 at 3:41 pm
Posted by TigerRob20
Baton Rouge
Member since Nov 2008
3731 posts
Posted on 10/25/18 at 3:41 pm
I searched, didnt see anything....

quote:

Architect Trey Trahan is planning one of the most ambitious developments yet for downtown Baton Rouge—a 24-story, high rise of luxury condominiums overlooking the Mississippi River at the intersection of North Boulevard and River Road. As envisioned, the development would be a sleek, glass pencil skyscraper with a ground-floor lobby and, above it, 23 one- and two-bedroom units of about 2,000 square feet each. Only one unit would comprise each floor.

The building’s pencil design is necessitated by the dimensions of the property on which Trahan would build. It’s a lot of just 2,185 square feet he has owned for more than a decade. It’s situated behind Lafayette Park and across North Boulevard from the Old State Capitol grounds.

The building’s design would be unlike any other in Baton Rouge with 10-foot, floor-to-ceiling, exterior glass walls on three of the building’s four sides. The huge glass sheets would not be held in place by the metal frames or mullions that are typical in skyscrapers, which would enable residents to have an unparalleled view of the city.

“This changes the face of Baton Rouge and it changes the perception of Baton Rouge,” Trahan says. “It’s New York living, with the finest of stuff and the finest materials and finishes.”

The high rise would also be priced unlike anything else around. Trahan says units would sell for between $2 million and $2.5 million. He estimates the total price tag of the project would be more than $50 million. But then, high-rise construction is pricey. The cost of a tower crane alone, which is used in the building process, is more than $1 million.

Lenders have, so far, been interested in helping finance the project. But Trahan says financing will be contingent on his ability to secure commitments from buyers for 75% of the units—which would be at least 17. What’s more, those buyers must be willing to make a nonrefundable, down payment of 25%, or some $500,000 to $625,000.

Is Baton Rouge a market for such high-end living? Trahan is optimistic. He believes there are enough empty nesters looking to downsize and investors who want to live downtown or, at least, own a place downtown that he can sell his units, which will be trimmed with white marble in the kitchens and bathrooms, and walnut floors throughout.“I know I’m putting myself out there but this is ultimately up to Baton Rouge,” he says. “Is this something they are interested in? I hope so because it will add to the quality of life and the quality of downtown and it would signify to the country that Baton Rouge is far more progressive than people see it.”

Trahan has been working on the project for several months and says he has talked to several potential buyers, who says they’re interested—including one buyer, who has suggested he might take two units.

Downtown Development District Executive Director Davis Rhorer has seen the plans and says, if built, Trahan’s high rise would truly be the game changer for Baton Rouge

“It’s a level of sophistication this city has not seen before,” he says.






LINK

2-2.5 million.....wow
This post was edited on 10/25/18 at 3:43 pm
Posted by fallguy_1978
Best States #50
Member since Feb 2018
48254 posts
Posted on 10/25/18 at 3:41 pm to
This will probably be River Place 2.0
Posted by crap4brain
Louisiana
Member since Sep 2004
2494 posts
Posted on 10/25/18 at 3:42 pm to
Will be section 8 within 10 years
Posted by CoastTrashTiger
Baton Rouge
Member since May 2015
1966 posts
Posted on 10/25/18 at 3:44 pm to
quote:

if built, Trahan’s high rise would truly be the game changer for Baton Rouge



Posted by Lakeboy7
New Orleans
Member since Jul 2011
23965 posts
Posted on 10/25/18 at 3:45 pm to
quote:

those buyers must be willing to make a nonrefundable, down payment of 25%, or some $500,000 to $625,000.



Hells yeah man sign me up! I should be able to recover 2 or 3 cents on the dollar after the bankruptcy.
Posted by Mingo Was His NameO
Brooklyn
Member since Mar 2016
25455 posts
Posted on 10/25/18 at 3:46 pm to
No way this happens. There isnt a demographic in Baton Rouge that wants a $2 million 2 bed room condo. The people that can afford that are going to want a large home in South Baton Rouge.
Posted by wildtigercat93
Member since Jul 2011
112173 posts
Posted on 10/25/18 at 3:46 pm to
Imagine paying that kind of coin to live in downtown BR
Posted by NIH
Member since Aug 2008
112513 posts
Posted on 10/25/18 at 3:47 pm to
All of that to shop at Mathernes downtown and go to Happys and Bengal Tap Room. Worth it.
Posted by fallguy_1978
Best States #50
Member since Feb 2018
48254 posts
Posted on 10/25/18 at 3:48 pm to
quote:

No way this happens. There isnt a demographic in Baton Rouge that wants a $2 million 2 bed room condo. The people that can afford that are going to want a large home in South Baton Rouge.

I think it might work if he had maybe a couple of penthouse condos that were $2 mil and a bunch of 350-450k'ish smaller units. I don't see a market for 20+ 2 mil units downtown.
Posted by wickowick
Head of Island
Member since Dec 2006
45786 posts
Posted on 10/25/18 at 3:48 pm to
I will take shite that won’t happen for $100
Posted by Cosmo
glassman's guest house
Member since Oct 2003
120090 posts
Posted on 10/25/18 at 3:48 pm to
Da frick? You could buy a really nice house uptown NOLA for 2 million
Posted by Brosef Stalin
Member since Dec 2011
39123 posts
Posted on 10/25/18 at 3:49 pm to
Maybe he's trying to bring in New York and California hipsters that think New Orleans is old news.
Posted by Jester
Baton Rouge
Member since Feb 2006
34217 posts
Posted on 10/25/18 at 3:51 pm to
quote:


This will probably be River Place 2.0


That's exactly where my mind went.
Posted by Ed Osteen
Member since Oct 2007
57420 posts
Posted on 10/25/18 at 3:53 pm to
quote:

It’s a lot of just 2,185 square feet


quote:

Trahan says units would sell for between $2 million and $2.5 million


Posted by member12
Bob's Country Bunker
Member since May 2008
32054 posts
Posted on 10/25/18 at 3:53 pm to
quote:

2-2.5 million.....wow


There is a market for 2 penthouse suites at that price. The rest will be smaller and sell for 350k-400k.

And it looks great. Hope they can build it.

Posted by Y.A. Tittle
Member since Sep 2003
101158 posts
Posted on 10/25/18 at 3:53 pm to
Does Baton Rouge really have a specific building code that no downtown building can be taller than the State Capitol?

I've always heard that is the case, but I've suspected it is more myth/legend than an actual statutory reality.

If it's the case, anyone have the cite?
Posted by Purina
Member since Sep 2017
408 posts
Posted on 10/25/18 at 3:54 pm to
You can get a nice house in Colorado for that money. Why pay for a fancy view of BR?
Posted by member12
Bob's Country Bunker
Member since May 2008
32054 posts
Posted on 10/25/18 at 3:54 pm to
quote:

Maybe he's trying to bring in New York and California hipsters that think New Orleans is old news.


Hipsters don’t live in buildings like that.

This place will be more yuppies with some middle aged bachelors sprinkled in. Maybe a corporate lease or two as well.
This post was edited on 10/25/18 at 3:57 pm
Posted by Mingo Was His NameO
Brooklyn
Member since Mar 2016
25455 posts
Posted on 10/25/18 at 3:57 pm to
quote:


There is a market for 2 penthouse suites at that price. The rest will be smaller and sell for 350k-400k.


Am I missing something? Straight from the article:

quote:

The high rise would also be priced unlike anything else around. Trahan says units would sell for between $2 million and $2.5 million.


It doesn't say anywhere about any of them being outside the 2-2.5 number
Posted by nicholastiger
Member since Jan 2004
42122 posts
Posted on 10/25/18 at 3:58 pm to
It's not like you are living in downtown Boston or have the amenities of other major downtowns.
That would be the biggest waste of money and your resale value, there would be no market.
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