By Adrian Maties, Associate Editor
The Domain Companies, a New York and New Orleans-based real estate investment and development firm, plans to soon break ground on its second residential project in the Baton Rouge area. Called The Addison, the project follows on the success of the company’s first residential project in the area, The High Grove, which recently achieved 100 percent residential occupancy.
Megan McNeill, marketing manager at The Domain Companies, shares more information with us about the new project and about her company’s plans for the Baton Rouge area.
Q: The Addison will be The Domain Companies’ second development in Baton Rouge. What has attracted your company to the area?
A: Baton Rouge has a rapidly growing and diversifying economy — it’s investing in its infrastructure, and welcoming new industries (tech, biosciences) while strengthening its stable presences (LSU, LA State Capitol). All of that, coupled with the opportunity to deliver an unparalleled product to the market, made Baton Rouge an attractive location for development.
Q: What is the state of Baton Rouge’s high-end multifamily market?
A: The market is strong with high occupancy rates and increasing rents, but there is demand for the level of quality that developments like The High Grove and The Addison provide.
Q: The High Grove development was a success. Do you expect the same for the Addison?
A: Absolutely — we’ve seen the demand firsthand.
Q: What does the Addison have to offer that its competition doesn’t?
A: In addition to the MyDomain suite of resident services, resort-style amenities, and high-end fixtures and finishes, The Addison also offers larger, more diverse floor plan options. These include 30, two-bedroom townhome rentals that feature a private outdoor area and garage while still offering access to all of the amenities that The Addison offers.
Q: The construction of the Addison is expected to start this November. How much does your company plan to invest in the project?
A: The total cost of the project is $23 million.
Q: Have you signed any tenants for the retail portion of the project?
A: We’re not pre-leasing retail space yet, but expect a mix of restaurants, shops, and services that provide additional amenities to both residents and the community.
Q: Will there be any other developments in Baton Rouge in the future?
A: We’re excited by the prospect of further development in Baton Rouge. We’re invested in our properties for the long-term, and we plan to remain active in the market.