Sold

The developers of Drakes Landing, a 216-unit affordable housing development in Melrose East, have closed a deal to purchase a 26 acre site on North Ardenwood Drive and obtained building permits.

Drakes Landing Apartments LP paid $1.5 million for the land, according to documents filed with the East Baton Rouge Clerk of Court’s office last week. 

A 20.1-acre tract off Innovation Park Drive has been sold for nearly $1.2 million to a developer who plans to build an 86-lot subdivision on the site.

Tower Capital Corp. of Baton Rouge bought the undeveloped land at 7231 Innovation Park Drive in a deal that was filed Monday with the East Baton Rouge Clerk of Court’s office. The seller was JBG Properties of Denham Springs, which filed the sale of the land from New Direction IRA Inc. of Louisville, Colorado, earlier in the afternoon. JBG paid $872,512 for the property.

The city-parish Planning Commission approved a request from William FaKouri two weeks earlier to rezone the Innovation Park Drive property for a zero-lot line subdivision. FaKouri said he plans to build a development, River Hills Farm, with 86 lots. Lots will sell in the mid-$60,000 range with homes going for between $250,000 and $275,000. The goal is to start developing lots in the spring.


Email Timothy Boone at tboone@theadvocate.com.