Rise Real Estate has been selected to redevelop the old Alex Box Stadium site on the LSU campus.
The LSU Property Foundation said Monday it had selected Rise as the project’s master developer to design, build, finance, operate and maintain student residence halls and other amenities at the property on Nicholson Drive. Negotiations with Rise will continue and the LSU Property Foundation is expected to recommend the final project scope and developer to the LSU Board of Supervisors in May.
Rise will lead a team that includes Baton Rouge-based Remson Haley Herpin, The Lemoine Co. and Niles Bolton Associates.
Construction is expected to start later this year, with students moving into the housing in fall 2018.
The property foundation also is considering asking Rise to redevelop six dormitories: Miller, Herget, McVoy, Acadian, Broussard and Kirby Smith.
The redevelopment of the 28-acre site between West Chimes Street and Skip Bertman Drive will be built with private financing. LSU said it is not expected to assume any of the financing risk or place any capital into the development.
LSU officials said Nicholson Gateway will include about 1,260 apartment-style beds, 410 suite-style beds, study areas, meeting space, restaurants, green space and 30,000 to 50,000 square feet of retail space designed to serve residents, campus visitors, faculty and staff.
For the possible redevelopment of existing student housing, the scope is still being determined.
Rise and American Campus Communities, of Austin, Texas, were announced as finalists for the gateway redevelopment in December.
Rise Real Estate, of Valdosta, Georgia, has several Louisiana properties in its portfolio, including university dormitories at Southern, Grambling, McNeese and Southern University at Shreveport, along with Baker & Huger Halls, Randolph & Harris Halls and the Rose Garden Community at the University of Louisiana at Lafayette.
“We were very impressed with the four firms that were interviewed during the process, and especially with Rise Real Estate. We look forward to making this exciting project a reality for the LSU community,” said Rob Stuart, chairman of the Nicholson Gateway Development Project.