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BATON ROUGE, LA-Locally based JTS, headed by founder, president and CEO JT Spinosa, has started one of its most ambitious mixed-use projects here since the company was founded in 1979. Development of the first 14-building phase of Perkins Rowe is under way after JTS closed a $170-million construction loan with Cleveland-based KeyBank Real Estate Capital.

Perkins Rowe's completion tentatively is scheduled for summer 2007. The development cost of the first phase is $200 million.

The lifestyle center will include 317 class A apartments totaling 322,932 sf, 373,018 sf of retail and 137,766 sf of office. JTS already has leased 75% or 260,000 sf of retail and 51% or 70,000 sf of office space, according to Spinosa. Wells Fargo Home Mortgage has signed a lease for 60,000 sf. JTS is leasing 10,000 sf for its own corporate offices. Construction of a freestanding 20,400-sf Fresh Market grocery also is on the drawing board for the southeast corner of the project.