A downtown Baton Rouge building will soon be re-developed as a mixed-use building that will include apartments and commercial space. It was announced that the conversion will begin soon. A commercial real estate trust, which holds a long-term lease on the state-owned building, will be conducting the conversion. The trust is expecting to spend $6 million on re-developing the building that will house 28 one- and two-bedroom residential units. Below the apartments will be 5,600 square feet of commercial space. The building is expected to reopen in the fall of 2014.
The real estate trust is currently engaged in another major downtown real estate project. That project involves adjoining commercial and residential buildings, the latter housing luxury town homes, that are scheduled to open in 2015 and 2016, respectively. The CEO of the real estate group announced that the "time is right" to build residential property in downtown Baton Rouge. He added that it is critical to the downtown area's "transformation."
There can be many parties involved in a commercial real estate transaction. Parties can include owners, developers, property management companies, government entities, as well as trusts and venture capital interests. Depending on the nature of the transactions, there can also be many steps in the process. These steps may include drafting a purchase agreement, contract negotiations, management agreements and real estate closings. The unique circumstances of the project and the parties involved will determine what commercial real estate needs the transaction requires.
Whatever the party's needs, a trained commercial real estate professional can help guide a party seeking to lease, or purchase, commercial real estate through the process. A professional familiar with real estate transactions can offer guidance to a party based on their goals and help bring about a successful outcome.
Source: The Republic, " $6 million conversion planned for building in downtown Baton Rouge," Oct. 5, 2013