The developer wants to turn the center of Batton Rouge buildings into homes at affordable prices – the lawyer

There are plans to make plans to make the former national life insurance building of the state and adjacent property in the development of housing construction with 60 units, with construction begins in the fall.

Jaret Cohen told the District Committee for the Development of the Center on Tuesday that the aim is to build homes at affordable prices in the center of Baton Rug. While several apartment complexes have opened in the central business area, including residences in Rivermark, Heron and 525 Lafayette, all these properties are superb.

The average rental for an apartment in the central business area was $ 1.62 per square foot in 2024, according to Craig Davenport report, which tracks the market for Baton Rouge apartments. This is compared to a medium rental of $ 1.44 per square foot in the rest of the city, he said.

Although rents have not yet been determined, Cohen said it would be between 50% to 80% of the market rate.

“There is a great demand and a desire for homes at affordable prices in the city center,” Cohen said. He noted that police, teachers, firefighters, hospitality workers and civil servants make less than $ 50,000 a year, starting.

The plan is to reconstruct the building of the national life of the state to 263 third. And a connecting building in 224 Florida. Cohen said he was approved for $ 19.5 million in bonds for multi -family revenue from housing, the Mayor for the Baton Rouge Community Development Awarded him up to $ 2 million, and he tries to arrange $ 7 million to $ 10 million in historical tax loans.

The details are still being developed, but the plan is to keep the grocery in the city center on the first floor of the state building of national life, Cohen said. It will join another commercial space, which would be useful for residents, such as a fitness or restaurant.

The plan is to close funding until mid -summer.

Cohen and his partner Jeremy Watson purchased the state -owned national life building, 224 Florida and an adjoining building of 244 Lafayette St. 4 years ago. Their plans for the property have changed throughout the year, talking about maintaining the state national life of the building as an office space, as a group of cooperation from Atlanta took on several floors.

At one point, the Nexus Louisiana was ready to take over the entire 7-storey building, but Cohen said the deal was breaking down due to changes in leadership with an organization that was helping technology companies grow.

“It was a difficult slogan,” he said. “It’s nice to see how it moves forward.”