{"id":1004050070,"date":"2012-08-24T07:32:02","date_gmt":"2012-08-24T15:32:02","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=63573"},"modified":"2025-02-19T03:45:56","modified_gmt":"2025-02-19T11:45:56","slug":"commerce-building-to-undergo-22m-conversion-into-downtown-mixed-use-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/commerce-building-to-undergo-22m-conversion-into-downtown-mixed-use-property\/","title":{"rendered":"Commerce Building to Undergo $22M Conversion into Downtown Mixed-Use Property"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/p>\n

The Commerce Building in Downtown Baton Rouge, which\u00a0has sat vacant for the past three years\u00a0after temporary state offices moved out, faces a $22 million overhaul. The redevelopment will turn the Commerce Building into a mixed-use project\u00a0that will\u00a0bring the area to life even after office hours, by\u00a0introducing permanent residents and businesses that usually sprout up around residential areas.<\/p>\n

The 180,000-square-foot property recently sold for $1.3 million, purchased by T.J. Iarocci on behalf of a New Orleans-based group of private investors, according to a report by The Advocate<\/em>. The seller was Bob Dean.<\/p>\n

\"\"<\/a><\/p>\n

The eight-story structure at Laurel and North Third Street was the first significant office property transaction in Baton Rouge since the recession.<\/p>\n

The Commerce Building\u2019s redevelopment would build out over 100 apartments\u00a0as well as\u00a075,000 square feet of retail space. The apartment units will be built in contemporary loft style and will rent at market rate, targeting a young demographic, especially professionals. \u00a0Over 100 parking spaces will be constructed inside the building to accommodate future residents.<\/p>\n

The retail space will be located mostly at street level along both North Third Street and Laurel Street. Iarocci\u00a0reportedly said\u00a0there is a necessity for service-oriented retail, such as a boutique grocery store. The developer would also like to add a restaurant to the roof area to take advantage of the view on the Mississippi River.<\/p>\n

The character and design of the 1950s building will be preserved.\u00a0 A major influence on the project will be the award-winning Rice Mills Lofts redevelopment in New Orleans. Iarocci was one of the partners of\u00a0that project\u00a0which garnered national attention.<\/p>\n

Financing\u00a0will an estimated one year to secure, while the actual build out is expected to wrap up in 16 months.<\/p>\n

Photo credit: Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Eliza Theiss, Associate Editor The Commerce Building in Downtown Baton Rouge, which has sat vacant for the past three years after temporary state offices moved out, faces a $22 million overhaul. The redevelopment will turn the Commerce Building into a mixed-use project that will bring the area to life even after office hours, by introducing permanent residents and businesses […]<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004050070","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nCommerce Building to Undergo $22M Conversion into Downtown Mixed-Use Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/commerce-building-to-undergo-22m-conversion-into-downtown-mixed-use-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commerce Building to Undergo $22M Conversion into Downtown Mixed-Use Property\" \/>\n<meta property=\"og:description\" content=\"By Eliza Theiss, Associate Editor The Commerce Building in Downtown Baton Rouge, which has sat vacant for the past three years after temporary state offices moved out, faces a $22 million overhaul. 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