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Bayer Properties Moving Dirt for $1B MXD Plan

SLIDELL, LA-Bayer starts infrastructure work on the 400-acre Summit at Fremaux, penciling vertical work for early 2009. The $200-million phase one will have up to 750,000 sf.

By Connie Gore | Updated on June 30, 2008

SLIDELL, LA-With vertical work penciled for early first quarter 2009, Birmingham, AL-based Bayer Properties LLC has just started infrastructure work on a 400-acre tract for a $1-billion mixed-use development. Fueled by GO Zone funds, phase one work will plant 650,000 sf to 750,000 sf along Interstate 10 on Greater New Orleans’ North Shore.

David Silverstein, Bayer’s principal, tells GlobeSt.com that the first phase will cost $150 million to $200 million to develop, with the first wave of openings planned for early summer 2010. The retail-weighted phase one will include roughly 200 apartments and 50,000 sf to 75,000 sf of office space for the University of New Orleans’ satellite research and technology campus, a 25-acre anchor for Bayer’s development, tentatively called the Summit at Fremaux.

Silverstein says the infrastructure start is getting underway with phase one already more than 50% preleased. “For a project of this size, we’re very pleased with the preleasing to date,” he says. “As we all know the economic strain has caused some projects to be pulled back. This is just the opposite. We’re starting on time.”

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