Construction will begin soon on 200 Water Street, an upscale apartment development in the Water Campus.
Tina Rance, marketing director for Commercial Properties Realty Trust, which develops and manages the campus, said now that the Mississippi River is no longer elevated, construction can resume at the Water Campus. It will take about 10 months to build the apartments, she said.
200 Water Street will contain 20 loft-style apartments. No rental rates have been set yet, but Rance said the units in the development will be luxury.
Pre-leasing for units will begin in about three months, Rance said.
In other business, the DDD introduced its 2020 budget. There are few changes from the 2019 budget that was approved. The DDD expects to get $762,590 in revenue from the dedicated downtown property tax, interest and transfers from the city-parish general fund. That’s the same amount budgeted for 2019. The organization plans on spending the same amount in 2020 as the current budget. Salaries and benefits for the five employees again makes up the biggest share of the budget, coming in at just over $591,452.
The DDD honored three retiring commissioners and welcomed three new members to the board. Ric Kearny, Gordon “Skeet” LeBlanc Jr. and Cheryl McCormick were honored for their service. They were replaced by Prescott Bailey, a downtown resident who is area president for Southern Lifestyle Development; Maddie Brown, a Spanish Town resident who works for the LSU Foundation; and Jude Melville, chief executive officer of Business First Bank, which has its headquarters downtown.