LDG Development Opens $24M Affordable Apartment Community
By Eliza Theiss, Associate Editor
Baton Rouge has gained yet another apartment community: Mallard Crossing, a 192-unit affordable housing complex on Greenwell Spring Road. According to a report by The Advocate, the $24 million development, located next to the Greenwell Spring library, features two- and three-bedroom units. Apartments range between 909 square feet and 1,106 square feet and come equipped with washer/dryer, dishwasher and microwave.
The Weber Group, Inc. handled design for Mallard Crossing, while property management was supplied by Latter&Blum Property Management. Funding was secured from several sources, including Bank of America, Freddie Mac, CW Capital/Walker Dunlop, as well as the state Office of Community Development, the City-Parish Office of Community Development and the Louisiana Housing Corp.
Mallard Crossing’s developer, Louisville, Ky.-based LDG Development develops, builds, renovates and operates rental communities targeting a moderate-income demographic. LDG’s previous work includes the $49 million The Muses I and the $11 million The Muses II apartment communities in New Orleans. Completed in 2009 and 2010, The Muses feature a total of 263 apartment units. According to the Green Architecture and Business Report, the mixed-income apartment community is the first LEED NC-Silver certified multifamily project in New Orleans and the State of Louisiana. LDG developed the project with the Gulf Coast Housing Partnership.
“We’ve been aggressively expanding in other states this year, but this is a great move to shore up our solid foundation in our home state,” said VooDoo BBQ CEO Tony Avila in a press release. He added: “Perkins Rowe is a unique development with a tremendous amount of foot and vehicular traffic and potential for even more.”
The restaurant will be the chain’s 12th Louisiana location and third in Baton Rouge. VooDoo executives have signed a development deal with Brad Smith and Joe Scardino, the owners of another Baton Rouge VooDoo restaurant located on Drusilla Lane.
Located at the intersection of Perkins Road and Bluebonnet Boulevard, Perkins Rowe is mixed use development, featuring 300 condominium and apartment units, as well as office space, a movie complex, a grocery store, a book store and space for approximately 60 restaurants and shops.
Founded in 2002 in New Orleans, VooDooo BBQ & Grill has 57 restaurants across six states.
Photo courtesy of VooDoo BBQ Drusilla Lane’s Facebook pageTags: affordable housing, Development, Green, Policy, property management, retail