The Domain Companies has purchased 4.7 acres in The Grove, a mixed-use development east of the Mall of Louisiana, to construct a 139-unit apartment and townhome building on the site.
The business paid nearly $2.8 million for the land, according to documents filed Monday with the East Baton Rouge Parish Clerk of Court’s office. The seller was a business associated with Richard Carmouche, who is developing The Grove along with Domain Companies.
Construction is set to start in August on The Addison building, which will include 109 luxury apartments and 30 townhomes, along with 7,500 square feet of retail space. The Addison will be directly across from The High Grove, a 192-apartment building that opened in October. The High Grove is fully occupied with tenants, clearing the way for work to start on another building.
The Addison is named after Addison Mizner, a famous architect in the early 20th century who helped develop Boca Raton, Florida. The building is expected to open in October 2015.
Rents for the building have yet to be finalized, but Megan McNeil, a spokeswoman for Domain Companies, said they will be “comparable” to those in The High Grove. Units in The High Grove go from $1,055 a month for a one-bedroom, one-bath unit that is 681 square feet to $1,815 a month for a two-bedroom, two-bath unit that is 1,108 square feet.
Like The High Grove, The Addison will be an environmentally friendly building.
“The High Grove has raised the bar for luxury apartment living in Baton Rouge,” said Matt Schwartz, co-founder of Domain Companies, which has offices in New Orleans and New York. “We’ll further that success with The Addison.”
Schwartz said The Addison will look for the same kind of restaurants and high-end boutiques The High Grove is targeting. The High Grove has two retail tenants so far: The Woodhouse Day Spa and Open Barre, a ballet and yoga studio. Charlie Colvin, an agent with Beau Box Commercial Real Estate who is marketing The High Grove, said a couple of other businesses are “sniffing around” the development.
The Grove is eventually planned to take up 120 acres, offering everything from a hotel to assisted-living facilities.
Follow Timothy Boone on Twitter, @TCB_TheAdvocate.