Developer wants to turn this space into the center of homes at affordable prices – a bigger report on Baton Rouge

The New Orleans -based developer plans to transform the former national life insurance building and an adjacent residential building at affordable prices.

Jaret Cohen from Watson Cohen He spoke at the meeting of the Center for the development of the center on Tuesday and set plans for the development of 60 units. Construction would start in the fall.

“This project will be the first 100 percent project for affordable homes in the city center,” Cohen said. “When you think about who will hire these units, these will be firefighters, police officers, teachers and those who work in the public authorities in the city center because salaries are less than $ 50,000.”

Rental prices have not yet been set.

The former third -street insurance building and the connecting building on Florida 224 will be converted. According to Cohen, a modular design will be used.

Cohen says the project has been approved for over $ 19 million bonds with multi -family home revenue and hopes to receive between $ 7 million and $ 10 million in historical tax loans for the project. The Baton Rouge Community Development Office awarded $ 2 million for the project in March 2024. The plan is to close for funding until the summer.

“It’s north of a $ 30 million set,” Cohen said.

The food center will continue to operate on the first floor of the state national life building. Cohen says that additional retail space will be offered on the ground floor where a restaurant or fitness can join the grocery store.

Cohen and his partner, Jeremy Watson, purchased the state building of national life on 224 Florida Street and an adjoining building on 244 Lafayet Baton Rouge pariste.

Says Cohen Nexus Louisiana was planned To take over the entire former insurance building, but the plans collapsed due to changes in leadership in Nexus. President and Executive Director of Nexus Geneva Silverman Back in June 2022. To work with a non -profit organization for a lawyer in Virginia.