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Lafayette Development Unveils $135M Project

BATON ROUGE, LA-The developer will build a 330-key hotel with up to 75 condos in the Downtown instead of a residential condo tower. RiverPlace's work could start by January.

By John McCloud | Updated on July 11, 2008

BATON ROUGE, LA-The developer of a Downtown project, originally proposed as a residential condominium tower with a small amount of retail space, has unveiled a new plan that would place 49 to 75 condos atop a 330-room hotel. Locally based Lafayette Development Holdings Ltd. hopes to have the $135-million RiverPlace under construction by January.

Lafayette partner Richard Preis says the absence of an established high-rise condominium market prompted the change. “Baton Rouge really doesn’t have a condo market,” he explains. “With the general problems in the residential market, we decided the original scheme didn’t make sense.” RiverPlace, planned for 427 Lafayette St., would take 18 to 24 months to complete.

By contrast, Preis says there is a “big-time” demand for hotels. “We had PKF do a study and it was very, very positive,” he says. “The city has a serious shortage of hotel rooms because we’ve been growing so fast. The population has exploded since Hurricane Katrina.”

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