River Place Condominiums

[oneman83]

I hope it's not another 7-12 story building. We need a building that makes a statement.

[cajun]

I hope it's not another 7-12 story building. We need a building that makes a statement.

Agreed....An iconic building should go near the riverfront and hopefully connect some way to the river. The earlier renderings for RiverPlace looked okay, but not great.

Although I wouldn't mind seeing somIe of the 5 to 8 level residential setups seen in Perkins Rowe in other places downtown east if Lafayette street. I've been inside some of them and they are pretty nice. I like the court yards and some of their techniques to hide the parking structures. Not exactly distinctive architecture, but very functional. If packaged correctly, they could sell to state workers at lower price points than what River Place will probably be.

I had a friend that lived in the newer property on Stanford. Those are very nice as well. The balconies are very nice....and the ones with views seems to have sold pretty well.

I'd take any building to get young middle class people downtown at this point. Wish the housing market would recover.

[Antrell Williams]

I think there are too many condo units being built at this point. The rental market caters to the young transplants that normally live in urban areas. Many of these buildings could be renovated for cheaper rental units around and under $1000/month.

If River Place goes up, it will damange the downtown real estate market.

[cajun]

I think there are too many condo units being built at this point. The rental market caters to the young transplants that normally live in urban areas. Many of these buildings could be renovated for cheaper rental units around and under $1000/month.

If River Place goes up, it will damange the downtown real estate market.

To make matters worse, all evidence points to a weak housing market through the next couple of years. We could even see a double dip this summer.

River Place probably has more hotel rooms. I doubt the residential component is in the works this year.

[buckett5425]

The market analysis being used by the banks regarding downtown development currently states there is an immediate demand for 1000 residential units downtown.

I doubt Riverplace would damage the real-estate market downtown. It could bring 500 to 1000 more residence downtown increasing demand for office, retail, and entertainment. That increase in amenities would increase the desirability of downtown for even more people. It would be a snowball effect.

As for the cost of downtown living, its nearly impossible, be it new construction or renovation, to have rents be below $1200. Rent at my complex in Spanish Town has increase $100 bucks since I moved in 3 years ago, thankfully Im locked in at a lower price. Because of that I think we will start to see a lot of growth in old south br and mid city. These people want the amenities of downtown and walkable communities, but for a cheaper price and will be able to use our new bus system to get from there to downtown. The wont have to pay for parking or drive drunk. Call me crazy.

[itsjustme3]

The market analysis being used by the banks regarding downtown development currently states there is an immediate demand for 1000 residential units downtown.

Of course they would use THAT analysis. Where do builders get financing/loans from?

There isn't demand for 1000 units downtown. That's laughable.

[buckett5425]

Of course they would use THAT analysis. Where do builders get financing/loans from?

There isn't demand for 1000 units downtown. That's laughable.

Call Richard.

[cajun]

The market analysis being used by the banks regarding downtown development currently states there is an immediate demand for 1000 residential units downtown.

1000 units seems about right.....what does your data say about market price?

Single family housing in Spanish town isn't exactly cheap on a square footage basis. I imagine that condos and rentals would need to be price competitive with that.

I can see elected officials from out of the capitol area wanting studios and efficiencies in the form of rental space.

I could also see a market for 1200 square foot homes to rent out to college students or to live in and enjoy downtown...in the scale of what we are seeing built on Boyd or Parker south of LSU.

[Antrell Williams]

The market analysis being used by the banks regarding downtown development currently states there is an immediate demand for 1000 residential units downtown.

I doubt Riverplace would damage the real-estate market downtown. It could bring 500 to 1000 more residence downtown increasing demand for office, retail, and entertainment. That increase in amenities would increase the desirability of downtown for even more people. It would be a snowball effect.

As for the cost of downtown living, its nearly impossible, be it new construction or renovation, to have rents be below $1200. Rent at my complex in Spanish Town has increase $100 bucks since I moved in 3 years ago, thankfully Im locked in at a lower price. Because of that I think we will start to see a lot of growth in old south br and mid city. These people want the amenities of downtown and walkable communities, but for a cheaper price and will be able to use our new bus system to get from there to downtown. The wont have to pay for parking or drive drunk. Call me crazy.

Thats interesting. I understand the snowballing, but I never thought that the demand was that high.

I agree on OSBR and Mid-City, they will probably be like 3rd ward in Houston.

Of course they would use THAT analysis. Where do builders get financing/loans from?

There isn't demand for 1000 units downtown. That's laughable.

Why would a bank lie to damage the chances of them getting there money back?

[richyb83]

As long as things seem tied to the Global economy...(the EU dragging us down)...with the Federal Reserve/IMF running the show; will perpetually be shaky...hopefully we may see some brief spikes??

The term "vertical neighborhood" as been intriguing to me...should RiverPlace go "Condo-tel"; hoped that it would remain 23-26 stories...something striking for the skyline.

The Commerce Bldg(Third @Laurel)could make for a nice conversion/re-use...helping the critical mass that would get the neccesary services.

Residential projects could work along North Blvd from Sixth Street to the RR Overpass & the new Seventh Street Park @Convention Street.

Wish they could re-introduce the Artist Lofts adjacent to the Shaw Center...

So 1,000 seems like a fair number when you consider the projects along the perpihery of downtown...Some anchor/bookend projects would be ideal for Spanish Town; The Elysian(East) & Capitol Lofts(West)

[itsjustme3]

You guys are kidding yourself thinking there is high demand for downtown units. Some? Yes. But nowhere near a thousand.

[Antrell Williams]

You guys are kidding yourself thinking there is high demand for downtown units. Some? Yes. But nowhere near a thousand.

Why would a bank lie to damage the chances of them getting there money back?

[itsjustme3]

So banks don't provide questionable loans?

[cajun]

As long as things seem tied to the Global economy...(the EU dragging us down)...with the Federal Reserve/IMF running the show; will perpetually be shaky...hopefully we may see some brief spikes??

The term "vertical neighborhood" as been intriguing to me...should RiverPlace go "Condo-tel"; hoped that it would remain 23-26 stories...something striking for the skyline.

The Commerce Bldg(Third @Laurel)could make for a nice conversion/re-use...helping the critical mass that would get the neccesary services.

Residential projects could work along North Blvd from Sixth Street to the RR Overpass & the new Seventh Street Park @Convention Street.

Wish they could re-introduce the Artist Lofts adjacent to the Shaw Center...

So 1,000 seems like a fair number when you consider the projects along the perpihery of downtown...Some anchor/bookend projects would be ideal for Spanish Town; The Elysian(East) & Capitol Lofts(West)

I see two positives for BR.

Because of EU collapse, more investment capital could shift to American and Japanese banks.....which might help us avoid a double dip recession.

The other Is that oil prices are sky high, and that is typically a positive thing for the gulf coast region. With Tuscaloosa Marine Shale, Baton Rouge could see a mini-boom within the next 4 or

5 years.

Both would help the housing market and get projects like this off the ground.

On the other hand, our currency and debt crisis isn't far behind the EU. It's gotten much worse in the last few years and if a painful austerity plan isn't implemented within the next two years, developments like this will be the least of our worries. It won't be politically popular, but it wil be necessary.

[buckett5425]

You guys are kidding yourself thinking there is high demand for downtown units. Some? Yes. But nowhere near a thousand.

Can you tell us why you think that?

[itsjustme3]

I see two positives for BR.

Because of EU collapse, more investment capital could shift to American and Japanese banks.....which might help us avoid a double dip recession.

This country is in debt just as bad as Europe.

[Antrell Williams]

The other Is that oil prices are sky high, and that is typically a positive thing for the gulf coast region. With Tuscaloosa Marine Shale, Baton Rouge could see a mini-boom within the next 4 or

5 years.

Natural gas prices are pretty low right now, which is bad for us. Haynesville Shale has slowed production so how would that be good for BR?

[buckett5425]

Can you tell us why you think that?

Exactly.

[cajun]

Natural gas prices are pretty low right now, which is bad for us. Haynesville Shale has slowed production so how would that be good for BR?

TMS is underneath Baton Rouge. Haynesville is north west La.

If TMS proves viable, it could be a very good thing for BR.

[buckett5425]

I went to lunch with a friend who is familiar with the market study I mentioned earlier. I was incorrect when I said 1000 units are desired downtown, its actually 1200 units.

[Antrell Williams]

TMS is underneath Baton Rouge. Haynesville is north west La.

If TMS proves viable, it could be a very good thing for BR.

Does the term shale refer to natural gas desposits?

I went to lunch with a friend who is familiar with the market study I mentioned earlier. I was incorrect when I said 1000 units are desired downtown, its actually 1200 units.

With or without the new construction?

[cajun]

Does the term shale refer to natural gas desposits?

Off on a tangent.....TMS is mostly an oil field play. Shale is really just a type of formation of sedimentary rock that was solidified by pressure over thousands of years. Pretty much the only rock you'll find under south Louisiana.

The technology only exists to extract oil from shale formations in the last 3 or 4 years....and with record high oil prices, huge reserves 15,000 feet or below are now viable when only 5 years ago they were completely out of reach. America's oil and gas reserves just got much larger.

Test wells are producing 800 bbls per day in TMS....some higher. Pretty good sign for Baton Rouge and the entire gulf coast. The formation being referred to is underneath Zachary, parts of Central, the north shore, St Francisville, New Roads, and out towards St Landry Parish.

[cajun]

Buckett, what does your market study say about the kind of people demanding downtown homes?

Income?

Market price?

Marital status?

Age?

Curious as to if the market demands subsidized cheap housing, single family areas, or smaller condos....and at what price point.

I guess if Pries is building river place, it must be fairly positive.

[Antrell Williams]

Off on a tangent.....TMS is mostly an oil field play. Shale is really just a type of formation of sedimentary rock that was solidified by pressure over thousands of years. Pretty much the only rock you'll find under south Louisiana.

The technology only exists to extract oil from shale formations in the last 3 or 4 years....and with record high oil prices, huge reserves 15,000 feet or below are now viable when only 5 years ago they were completely out of reach. America's oil and gas reserves just got much larger.

Test wells are producing 800 bbls per day in TMS....some higher. Pretty good sign for Baton Rouge and the entire gulf coast. The formation being referred to is underneath Zachary, parts of Central, the north shore, St Francisville, New Roads, and out towards St Landry Parish.

Thanks for the explanation. I guess this is why the term sounds so new to me.

Wouldn't it be even better if Shaw was somehow tied into it?

[buckett5425]

Buckett, what does your market study say about the kind of people demanding downtown homes? Income? Market price? Marital status? Age? Curious as to if the market demands subsidized cheap housing, single family areas, or smaller condos....and at what price point. I guess if Pries is building river place, it must be fairly positive.

I haven't personally seen the study, so I can not verify many of those questions but I think we already know the answers to many of them. I know they are trying to keep costs and rents low but they are at least starting at 1000, minimum, which isnt unreasonable when compared apartment developments on Corporate. Also, for example, Normal Chenvert's development on Main Street, is using HUD Financing. But that is because banks aren't willing to lend, even though there is demand, so developers are finding other sources to fund their developments.