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richyb83

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in Baton Rouge

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richyb83 Megalopolis

richyb83

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Sale clears way for River Park financing

A 4-acre tract in the proposed River Park mixed-use development was sold to the parent company of Hollywood Casino Baton Rouge for $3.9 million Friday, a step that was needed to get financing for the project.

 

“This is all a part of us moving ahead on financing,” said Pete Clements, who is developing the 36.3-acre project next to Hollywood Casino. River Park will include restaurants, live-music venues, residences, hotels, a park and a boardwalk along the Mississippi River.

 

http://theadvocate.com/home/8441949-125/sale-clears-way-for-river

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itsjustme3
itsjustme3

Nice story. Not that I believe it but the pictures are a nice touch.

itsjustme3
itsjustme3

Yes. I mean you took photos of the site so take photos with mr Holden. Geez, I SAID it was a nice story.

garrett_225
garrett_225

Something tells me we should wait awhile before counting our chickens on this one...

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timelordnerd Whistle-Stop

timelordnerd

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You know if this actually builds out in full fashion it will be bad for downtown. This development takes away what downtown, Mid-City, and South BR should be attracting.

I agree, if we grow too fast and have too many things spread out, it will be a disaster. Maybe a small shopping square/celebration like Perkins Rowe would work, but not the way River Park is going. Even then I think the developments along Nicholson would be more popular than River Park which in that case would become River Cortana. 

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richyb83 Megalopolis

richyb83

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Clements puts 32 acres at River Park on the market
 

Developer Pete Clements says he is negotiating with two national real estate developers, both of whom are interested in buying large tracts of his planned River Park development and building apartments at the site near Hollywood Casino. Clements listed for sale 32.3 acres of the 36-acre downtown site, which he has been trying for several years to develop into a mixed-use development on the riverfront with entertainment venues, multi-family residential complexes, retail and office space. National real estate broker CBRE is listing the property on its website for an undisclosed price. Clements says since he began working with CBRE earlier this year he met with several potential buyers and is now down to two. One is interested in buying some land and partnering with Clements in a joint-venture to develop other parts of it. The other buyer is interested only in buying the land and developing it. Clements says selling off the residential portions of the River Park site—which comprises almost all of the footprint—was always part of his plan, though it was never previously disclosed. "That's what you need to get it done," he says. "You need someone in the development business of apartments. You find the best people possible that have the capability of the equity and the financing, and that's who you work with." Clements says he is close to finalizing deals with both interested buyers, though he declines to provide specifics. As for the entertainment district portion at River Park, Clements maintain, as he has for months, that he is close to securing financing for that part of the project, and that it is not for sale. —Stephanie Riegel

 

http://www.businessreport.com/section/daily-reportAM

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Mr. Burnham Hamlet

Mr. Burnham

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Clements puts 32 acres at River Park on the market

 

Developer Pete Clements says he is negotiating with two national real estate developers, both of whom are interested in buying large tracts of his planned River Park development and building apartments at the site near Hollywood Casino. Clements listed for sale 32.3 acres of the 36-acre downtown site, which he has been trying for several years to develop into a mixed-use development on the riverfront with entertainment venues, multi-family residential complexes, retail and office space. National real estate broker CBRE is listing the property on its website for an undisclosed price. Clements says since he began working with CBRE earlier this year he met with several potential buyers and is now down to two. One is interested in buying some land and partnering with Clements in a joint-venture to develop other parts of it. The other buyer is interested only in buying the land and developing it. Clements says selling off the residential portions of the River Park site—which comprises almost all of the footprint—was always part of his plan, though it was never previously disclosed. "That's what you need to get it done," he says. "You need someone in the development business of apartments. You find the best people possible that have the capability of the equity and the financing, and that's who you work with." Clements says he is close to finalizing deals with both interested buyers, though he declines to provide specifics. As for the entertainment district portion at River Park, Clements maintain, as he has for months, that he is close to securing financing for that part of the project, and that it is not for sale. —Stephanie Riegel

 

http://www.businessreport.com/section/daily-reportAM

I bet him eventually selling the whole thing was a part of his plan as well

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richyb83 Megalopolis

richyb83

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Most of us here had serious doubts about this project ever taking off. Mentioning in the past they built an underpass to no where...nice for the Hollywood Casino; but how long will they even be around? (or the Belle) when the L'Auberge is making more $$ than those two combined...

 

Even pre-planned Entertainment Districts in larger cities like Victory Park(Dallas) and the Power & Light District in KC woven into the urban fabric have struggled...so River Park's survival at that location off to the side isolated; was questionable as best. A place like Third Street that's had a more natural progression(organic) growth as an Entertainment District has a better chance to survive.

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greg225 Hamlet

greg225

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Would be nice if this happen look like a Las Vegas style casino. What I would like to see is actual broadwalk and for them to add some of the planned buildings that was suppose to be in river park. Still could happen just need the right people to buy the river park property.

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richyb83 Megalopolis

richyb83

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Thanks for posting Dan! :thumbsup: Nice find(s) You've been on a roll lately!

 

Sure would be nice...is it just another pipe dream? Hotel on top of parking garage with entertainment venue inside.  All casino's are supposed to have hotels attached to them...and Hollywood casino never has...one of the reasons I felt they'd be the Casino to close in downtown BR; if one had to go with the new L'Auberge cannibalizing he market

 

The RR Underpass to nowhere saga continues

 

That looks like a candidate for the Red Stick swing ride spinning 100 feet above the ground!

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