Commercial real estate and construction projects provide excitement and opportunities for local areas. A new construction project promises to add to the Baton Rouge skyline. The headquarters of the Water Institute of the Gulf will be newly situated on the Mississippi River. The building will comprise 33,000 square feet, including an interpretive gallery, exhibits, research labs, offices and meeting rooms. The marketing director for the commercial real estate trust developing and managing the Water Campus noted that the goal was to create an iconic structure for the Baton Rouge skyline. Area leaders note it will aid in the revival of the downtown area.
Construction on the $22 million center, which will be used as a headquarters, research center and interpretative center, will begin later this year. Construction on the project is expected to be completed by July 2017. Financing for the project is mixed from public and private funds. The project includes additional buildings upon which construction has already begun. Also part of the Water Campus project are buildings that will house the LSU Center for River Studies and the Coastal Protection and Restoration Authority.
In general, waterfront property has grown over the past decade in downtown Baton Rouge. Additional plans for the 33-acre center are also underway. Construction on a building designed as multitenant office space may begin later in the year. The water campus for research and water science also hopes to draw businesses to move to the Water Campus. Future plans for the Water Campus include mixed use and commercial space that will allow for residential and recreational uses as well.
Commercial real estate and construction developments are growth opportunities for individuals, businesses and communities. While they may present a number of exciting opportunities, commercial real estate and construction projects can also present unique legal issues and complexities which is why it is important for participants in the project to be familiar with and know how to navigate any legal challenges that may arise.
Source: The Advocate, "Construction of iconic building of Water Campus set to begin later this year," Andrea Gallo, Sept. 1, 2015