Baton Rouge, LA – The Domain Companies has secured financing for The Addison in Baton Rouge, a $23 million development featuring 139 one- and two-bedroom apartments and 7,000sf of retail space. The Addison will join The High Grove as the second residential addition to “The Grove” Traditional Neighborhood Development.
“The Addison is setting a new bar for luxury apartment living in Baton Rouge,” said Matt Schwartz, Domain’s Principal. “The city and its economy continue to grow and diversify, attracting strong interest from both residents and retailers for the type of mixed-use environments we create. We’ve seen the demand firsthand with The High Grove, and we’re excited to build on that success with The Addison.”
The Addison will be situated within The Grove, a Traditional Neighborhood Development (TND) located east of the Mall of Louisiana, along I-10, in the heart of Baton Rouge’s growth corridor. The 118-acre TND will include a mix of residential, retail and commercial uses, including single-family for-sale housing, multifamily rental housing, medium-sized retail outlets, specialty shops, cafes and restaurants, a full-service hotel and a variety of commercial office formats. Over 44-acres of the TND will be dedicated to parks, pathways and lush creek-side landscaping.
Humphreys & Partners Architects designed The Addison in the Mediterranean Revival style, inspired by resort and residential properties commonly found throughout the Gulf Coast. The property takes its name from Addison Mizner, the architect responsible for popularizing the style in the 1920s and one of the most famous and accomplished designers of his time. The Addison will consist of a main four-story structure with 109 apartments and 30 two-bedroom townhomes with private garages. The unit layouts and finishes are designed to position The Addison at the top of the Baton Rouge market, with floor plans based on the most popular layouts at The High Grove.
Amenities will include a fully-equipped fitness center with the latest in traditional and CrossFit equipment, a resident lounge with chef’s kitchen and media center, free WiFi throughout the building, a bike sharing program, and much more. The Addison will maximize sustainable and green design features wherever possible, and the development will be pet-friendly and smoke-free. As with all of Domain’s properties, residents become members of the MyDomain program, which includes a mobile app, automated payment programs, 24-hour service guarantee, exclusive neighborhood discounts, and more.
The Addison’s retail tenants will be of the same caliber as The High Grove’s, which currently houses The Woodhouse Day Spa and Open Barre fitness center. The Addison’s unique cafes, full-service restaurants, and high-end boutiques will create an upscale environment that provides both a shopping destination and convenience retail for the development’s residents.
First NBC Bank provided the primary funding for the project via a $19.2 million construction loan. Equity was provided by The Domain Companies. The Addison is Domain’s second development financed by First NBC Bank.
“First NBC Bank is pleased to have partnered with The Domain Companies on the construction of The Addison,” said Ashton J. Ryan, Jr., First NBC Bank’s President and CEO. “We’re proud to play a major role in this project, and to expand our participation in financing opportunities in the Baton Rouge market. This is what banks like First NBC should be doing – partnering with other solid businesses and developers which will infuse economic value into communities around the state.”
Palmisano Contractors will serve as The Addison’s general contractor, and construction is expected to be completed in January 2016.