A 32-acre swath of land between downtown and LSU that was once proposed as the site for a mixed-use development is back on the market.
Ty Gose and Michael Cashio, both of NAI/Latter & Blum, are marketing the property on Nicholson Drive on behalf of Goldman Sachs. Goldman Sachs seized the property from Lafayette oilman Michel Moreno, who used that land and 106 acres at the Port of Iberia as collateral to secure a $52.4 million loan that went into default in 2015.
“We’ve not really gone live with it,” Gose said, “but I will say we do have a lot of interest and we’ve been getting a lot of calls. It’s been surprisingly good.”
Moreno originally controlled about 35 acres along Nicholson, but some of the lots have gone back to other creditors, Gose said.
While Moreno had planned to develop the River District, which would have included two hotels, 1,832 residential units in the form of townhomes and apartments, a grocery store and other businesses, Gose said it will be difficult for the new owner to put together a similar development.
That’s because the land is broken up between one 23-acre lot between Garner and West Johnson streets on the west side of Nicholson, and multiple scattered sites, some as small as 0.3 acres on the east side of Nicholson. “It will be hard to do a master plan if you don’t have control of all the lots,” he said.
Gose said he sees a lot of potential in the land because of its proximity to LSU, downtown and the Water Campus development. “We’re not trying to push one type of development over the other,” he said.