East Baton Rouge Parish will be the site of a new $70 million apartment community developed by CST Land Developers, LLC, a division of CST Multifamily Real Estate Services. The Reserve at Howell Place is comprised of 300 one-, two-, three- and four-bedroom apartments. Construction begins immediately after the official groundbreaking on Feb. 10, with an expected completion in spring of 2024. Leasing will begin in November 2022.
“The Reserve at Howell Place has been a focus of our firm for the past year. We have received valuable assistance from our many local partners including Metro Councilwoman Chauna Banks, Mayor-President Sharon Weston Broome, Capital Area Finance Authority (CAFA) and the Louisiana Housing Authority (LHC). The new apartment community will be the largest affordable development in East Baton Rouge history providing high quality residences with numerous amenities,” said Tom Delahaye, President/CEO, CST Multifamily Real Estate Services.
Delahaye and partners, Stan Baudin of Plaquemine and Chris Coffin of New Orleans, began developing multifamily housing in 2006. Since that time, the partners have developed ten apartment communities containing almost 1,600 family homes. CST Land Developers’ portfolio has resulted in more than $200 million multifamily investment in the metro Baton Rouge area.
Delahaye reported the new $70 million development has been funded by PNC Bank with $28.5 million in tax credit equity and Cedar Rapids National Bank/SFG providing $31.4 million in permanent financing. Louisiana Housing Corporation also awarded the development a $4 million grant in National Housing Trust Funds.
“The Reserve at Howell Place is an important new community development that would not have been possible without public private partnerships. Louisiana Housing Corporation strives to enhance and develop new housing to enhance quality of life for our citizens,” said LHC Interim Executive Director Bradley Sweazy.“
The Reserve at Howell Place is located at the corner of Ford Street and Plank Road, and features two site properties, on either side of the new IDEA University Prep school. The development has been designed by Lance Malley, AIA Architect, The Architectural Studio of Baton Rouge. Benchmark Group LLC is providing civil engineering and Block Construction, LLC, is the construction contractor.
The Reserve at Howell Place has many special features, including a fitness center with health and wellness programming, coffee room, entertainment room, pool, dog park, clubhouse and stainless-steel appliances. The apartments have been designed with unique architectural details for maximum mobility and optimal energy efficiency.
The lease rates, depending on income, will range from $888 for a one bedroom, up to $1,046 for a two bedroom, up to $1,246 for a three bedroom and up to $1,531 for a four bedroom.
For more information, contact Delahaye at 225-427-8455.