A former hotel site off Airline Highway, across from Costco, has been sold for $1.3 million to a Dallas developer who plans to turn it into an apartment complex.
DKA Eleven LLC bought the hotel site at 10245 Airline Highway in a deal that closed last week, according to documents filed with the East Baton Rouge Clerk of Court’s office. The seller was Tasman Holdings LLC of California.
Darren K. Aschaffenburg, who manages DKA Eleven, said he plans to use the property and a former car lot property he owns at 10529 Airline to make a single 5-acre lot. Aschaffenburg will demolish all of the structures on the land and build a 150-unit, market-rate apartment complex.
Rents will be between $1 and $1.10 per square foot. The complex will include amenities such as a pool, fitness center, laundry room and possibly a dog park, he said.
“This area is going to get better and better,” said Aschaffenburg, who developed the Bluebonnet Square shopping center nearby at the corner of Airline and Bluebonnet. Like the apartment complex, it was built on an old hotel site. The Plantation Inn was replaced by a center with tenants that include CC’s Coffee House, Elgins Fine Jewelry and Isabella’s Pizzeria.
Aschaffenburg hopes to start demolition in the next week or two. He said he has financing for the property lined up through Home Bank.
Brent Garret and Clayton Furr, of Beau Box Commercial Real Estate, had the listing for the hotel site.
Louis Sirico bought the hotel site for $1 million in April 2014. He planned to extensively renovate the Deluxe Inn, which stood on the site, and turn it into an ELF Hotel. The plan was to turn it into an extended-stay hotel catering to people working in the movie business.
But Sirico became entangled in a legal dispute with his contractor, Matthew Morris. Morris has been charged with defrauding scores of homeowners in the aftermath of the August 2016 flood. Sirico filed for Chapter 11 bankruptcy protection and the hotel was sold at sheriff’s sale in 2016.