CVS purchase at Burbank and Gardere signals neighborhood's resurgence
CVS has acquired a 1.7-acre tract at the intersection of Burbank Drive and Gardere Lane and plans to put a new store there, which will bring to 21 the number of CVS pharmacies in the greater Baton Rouge area. State Fuel Centers Inc. sold the property for $1.35 million, or $18.23 per square foot, in a deal that closed Wednesday. That a national drug store chain like CVS would invest at this intersection—which marks the entrance to what was once one of the city's most notoriously dangerous areas—suggests the area is on the upswing, according to local real estate agents. "I think it is turning," says Louis Barcelona Jr., of Triangle Realty, who represented the seller. "With the [L'Auberge] casino nearby, the sheriff's substation across the street and all the new road construction, the area is definitely improving." At nearby Burbank and Bluebonnet Boulevard, construction is underway on a Super Walmart and a new Sonic Drive-In. At Bluebonnet and Nicholson Drive, home construction has begun in The Preserve at Harveston, a TND. Meanwhile, L'Auberge Casino & Hotel at River Road and Gardere Lane celebrated its one-year anniversary in September. Read a Business Report cover story from February about the resurgence of the Gardere area. —Stephanie Riegel
Businessreport.com
Garden View Assisted Living plans expansion into B.R. market
Locally operated Garden View Assisted Living hopes to help fill a need in the area by opening an assisted living facility at 3130 Jones Creek Road, says Julie Comeaux, a representative from the corporate office. "The market seems like it's the perfect market," she says. The Jones Creek facility will be Garden View's first location in Baton Rouge and third location overall. Its two other facilities are in Lafayette and New Iberia. Comeaux says the company expects to begin construction on the two-story, 64,600-square-foot development by the beginning of 2014, which would have the suite-style living facility opening by January 2015. Garden View offers a wide range of services and amenities, from personal kitchenettes and daily activities to cooked meals and a secure memory unit for patients with dementia. They have already begun to sign leases and take deposits, Comeaux says. According to the permit application recently filed with DPW, the project will cost approximately $8 million. However, Comeaux says the project is still in the process of being put out to bid and the $8 million figure may not be the final cost. —Rachel Alexander
Businessreport.com