{"id":1004075574,"date":"2013-06-05T06:34:14","date_gmt":"2013-06-05T14:34:14","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=136940"},"modified":"2025-02-19T03:42:29","modified_gmt":"2025-02-19T11:42:29","slug":"14-story-office-tower-sold-energy-efficient-affordable-housing-opens","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/14-story-office-tower-sold-energy-efficient-affordable-housing-opens\/","title":{"rendered":"14-Story Office Tower Sold; Energy-Efficient Affordable Housing Opens"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p>Dean Tower, formerly known as the Republic Tower\u2014located on Florida Boulevard at Cloud Drive, has been sold. The buyer, identified as Baton Rouge-based Mid City Tower LLC, has paid a reported $1.2 million for the 14-story Class C office property, reports <a href=\"https:\/\/theadvocate.com\/news\/business\/6163763-123\/dean-tower-in-midcity-is\" target=\"_blank\" rel=\"nofollow noopener\"><em>The Advocate<\/em><\/a>.<\/p>\n<p>Built in 1966 on 2.6 acres, the property was previously owned by Dean Building Holdings, which acquired it in 1997 for $400,000 from Kentucky-based ICH Corp., an insurance company. The 86,000-square-foot property is said to be 60 percent occupied, renting space at $14 per square foot with a roster that mostly includes small local companies. However, such wasn\u2019t always the case. Prior to the downtown government office consolidations a few years ago, its tenant roster also included governmental entities.<\/p>\n<p>Some renovation work is expected to take place at Dean Tower. However, the property can hardly compete with newer, more modern and high-income generating properties due to its dated design that includes small office plates and low ceilings.<\/p>\n<p>In other local news, the Louisiana Housing Corporation recently opened its<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/mid-city-gardens-ribbon-cutting.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-136941\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/mid-city-gardens-ribbon-cutting.jpg\" alt=\"\" width=\"300\" height=\"184\" \/><\/a> first affordable housing project inspired by post-Katrina neighborhood renewal programs in New Orleans, reports <em><a href=\"https:\/\/www.wafb.com\/story\/22400413\/new-affordable-housing-development-opens-in-mid-city\" target=\"_blank\" rel=\"nofollow noopener\">WAFB.com<\/a>. <\/em>Dubbed\u00a0Mid City Gardens Apartment and Activity Center, the project<em> <\/em>sits\u00a0on the site of Capitol City South Apartments.<\/p>\n<p>The property consists of 60 apartment units, a LEED-certified community center, a rooftop garden and numerous energy-saving features, such as rooftop solar panels. All units are rented at affordable housing rates.<\/p>\n<p>Additionally, the 14,000-square-foot development has a price-tag of over $12 million, all of which was covered with federal funds. The project is expected to significantly impact a problematic neighborhood. The Louisiana Housing Corporation is reportedly considering a similar approach to a distressed South Baton Rouge property.<\/p>\n<p>For more market data from Baton Rouge, <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-baton-rouge-posts-negative-rent-growth-in-key-submarkets\/1004078235.html\" target=\"_blank\" rel=\"nofollow noopener\">click here<\/a>.<\/p>\n<p><em>Click here for further Baton Rouge market data<\/em><\/p>\n<p><em>Image courtesy of the Louisiana Housing Corporation Facebook account<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dean Tower, formerly known as the Republic Tower, located on Florida Boulevard at Cloud Drive, has been sold.<\/p>\n","protected":false},"author":49,"featured_media":1004506289,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21752,21742,21747,21785,21787],"tags":[],"class_list":["post-1004075574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-mixed-use","category-latest","category-office","category-property-management","category-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>14-Story Office Tower Sold; 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