As the landscape of the Baton Rouge commercial area continues to change, another multi-million dollar deal has landed. A Parkland-based company as agreed a site-assemblage of the development of a soon-to-be upscale shopping center. Many of these plans have been hitting the ground running as of late. These retail areas have modern updates and are nothing like the large-space shopping giants of mini-mall past.
It's interesting that these deals continue to blossom in the Baton Rouge area and beyond. Meanwhile, brick-and-mortar giants like Macy's, Kohl's and Sears have been closing stores nation-wide. However, this type of commercial real estate is different than the big box competitors. It usually includes small boutique-feel real estate rental opportunities and also dining options.
According to sources, the owners and developers are seeking "a high-end retail center with a restaurant out-parcel." While the future or sought-after retail lessees have not been announced, it sounds like this is where the commercial real estate investment is headed, in terms of project-scope. The development site is located in a heavily trafficked area of Baton Rouge, very near the intersection of Bluebonnet Boulevard and Perkins Road. With a final price tag of just over 2 million, Baton Rouge residents will be eagerly awaiting news of the project as it continues to develop.
The project was purchased from a bank, meaning the land was likely acquired in a foreclosure situation. However, it's nice to see some demand for commercial land and plans for future retail to be built on site. It will likely give opportunities for local business owners and other who are looking to rent retail space. Eventually the space will also be home to restaurants.