New residential development coming to downtown BR
POSTED: Sunday, October 6, 2013 - 10:00am
UPDATED: Sunday, October 6, 2013 - 10:04am
BATON ROUGE, LA — Commercial Properties Realty Trust will begin redeveloping the Onyx Building in downtown Baton Rouge next week, replacing a shuttered building with a combination of commercial space and apartments on Third Street known as The Onyx Residences.
The new five-story building will have 28 one and two-bedroom apartments built above 5,600 square feet of commercial space. It will be located at the corner of Third and Convention streets. Apartments will range from 600 to 1,100 square feet and rents have not been determined. Each unit will have a balcony or terrace overlooking Third Street, Convention Street or the Shaw Center for the Arts. Reserved parking will be available across the street in the state parking garage at prevailing rates.
Commercial Properties expects to invest over $6 million in the redevelopment with the building ready for occupancy in fall 2014. The exterior of the building has more than 100 Carrera marble panels that will be reused on the new building.
Commercial Properties manages and develops real estate assets of the Baton Rouge Area Foundation. Thirteen years ago, the Foundation underwrote Plan Baton Rouge, a revival strategy for downtown that has drawn more than $2.5 billion in investments from the public and private sector.
“We thank all the people who have come together to create a common gathering place for everyone in the parish,” said John G. Davies, CEO and president of the Baton Rouge Area Foundation. “Downtown has more than a dozen new restaurants, more class-A office space, a new Town Square, hotels, the Shaw Center for the Arts and its Manship Theatre. With this development, more people will be able to live downtown, which is vital to continuing the area’s ransformation.”
Before this project, Commercial Properties and the Foundation rehabbed the abandoned Capitol House into a Hilton, built restaurant spaces on the Art Block and put up One Eleven Lofts, which are 12 fully-rented apartments on Third Street at the Shaw Center.
The Onyx Building originally opened in the 1950’s and was the home of Rider’s Jewelry store until the late 1970’s. It sat empty for more than three decades until City Year, a nonprofit, occupied it for a brief time in the last decade.
The Arts Block was formed as a unique partnership between the City of Baton Rouge, the State of Louisiana, Louisiana State University, the Arts Council of Greater Baton Rouge and the Baton Rouge Area Foundation. Bounded by North Boulevard and Lafayette, Convention and Third streets, the Arts Block includes the Shaw Center for the Arts, the LSU Museum of Art, The Manship Theatre complex, several restaurants, a coffee shop, and One Eleven Lofts.
About Commercial Properties Realty Trust: CPRT is a real estate investment trust that manages and develops property holdings of the Baton Rouge Area Foundation. Because of this relationship with a community foundation, a portion of the profits are shared for improving the quality of life in areas where CPRT operates. CPRT manages shopping centers and mixed-use properties in North Carolina, Louisiana and Texas. For more, visit CPRT.com. For more about the Baton Rouge Area Foundation, visit BRAF.org.