River District

[greg225]

Maybe this is good news all Mike Moreno done is stall this development for years. If the property gets in the right hands this development may get done soon than later.

Edited July 16, 2015 by greg225

[richyb83]

Cool River District billboard riding north on Nicholson nearing the future development..it says "Feel the Current"...haven't we been trying?? lol....Pardon the glare from the window...had to take this quick!

Something similar to this...retail/restaurants street level; office on the 2nd floor; with residential on top...only hope the nearby River House would be this nice

 

I enjoy posting pics...HOWEVER...Photobucket hasn't been acting right...taking the fun out...something needs to change

Edited August 16, 2015 by richyb83

[Antrell Williams]

That looks like West Ave in Houston. Correct?

[richyb83]

Yes Antrell...that is correct. Riding up from Kirby Drive it was an eye-catching place

[greg225]

Federal court authorizes seizure of Moreno’s Baton Rouge property

A U.S. District Court has ordered the property for Mike Moreno’s proposed River District development in Baton Rouge be seized and sold at auction to satisfy the businessman’s debt to Goldman Sachs Bank, ABiz reports.

On July 8, the New York-based bank sued Moreno, his wife, Tiffany, and a number of his various entities for defaulting on a $52 million loan he took out in Oct. 11, 2013, just two weeks before his fracking company, Green Field Energy Services, went belly-up and filed for Chapter 11 bankruptcy protection. Green Field was liquidated in mid-2014, and ABiz reports Moreno is also being sued for $230 million by the liquidating trustee for allegedly stripping assets from the company in the months leading up to its bankruptcy.

Along with the River District property on Nicholson Drive, the U.S. District Court for the Western District has granted Goldman Sachs Bank USA’s request to seize and sell property at the Port of Iberia owned by the Lafayette businessman. U.S. marshals in Lafayette and Baton Rouge have been ordered to take control of the properties and sell them to the highest bidder.

Federal marshals are now moving forward on the foreclosures. The court has ordered the marshals to turn the property over to Latter & Blum Management, a “keeper” that will manage the property through the process of appraisals, advertising and other necessary steps leading up to a public sale to the highest bidder.

The River District had been envisioned as a 40-acre mixed-use development that would include 1,800 residential units—both condos and apartments—a 220-room hotel, 100,000 square feet of office space and 100,000 square feet of commercial space, including a 40,000-square-foot neighborhood grocery store or drugstore.

After six years of planning and acquiring property on both sides of Nicholson, near Magnolia Mound Plantation, plans for River District were unveiled at a community meeting in January 2014. As Daily Report detailed at that time, renderings of the project prepared by architect Steve Oubre of Architects Southwest depicted multiple images of a cityscape that is very different than the blighted Nicholson Drive of today—sleek, glass-front buildings, a neighborhood grocery store, a public plaza and a streetcar down the center of the median.

Citing Goldman Sachs’ lawsuit, ABiz reports that Moreno, who still has a home in Lafayette, is now living in Harris County, Texas, presumably Houston.

Read the full story by ABiz.    https://www.businessreport.com/article/baton-rouge-development-community-looking-solutions-chronic-delays-permits-inspections

[greg225]

This look like the end of the river district hopefully I'm wrong the only way the development stay alive if someone local buys the land.  If a outsider buy the property maybe they build something similar hope the property don't just sit empty as it is now. Maybe the federal judge allows Latter & Blum Management to build then put it up for auction.  

Edited September 22, 2015 by greg225

[Mr. Burnham]

Well this sucks...

[greg225]

Judge halts Nicholson Drive land seizure to hear arbitration request                                                       A federal bankruptcy judge has halted the seizure of land for the proposed River District mixed-use development along Nicholson Drive and land at the Port of Iberia, pending a hearing on a motion for arbitration. 

Goldman Sachs Bank USA had requested foreclosure on the properties in July from Lafayette businessman Michel Moreno. The lender also sought the appointment of a keeper for the properties and sale at auction.

Judge Rebecca F. Doherty, of the Western District of Louisiana, issued the seizure order last week, and Latter & Blum Property Management Inc. was appointed as keeper of the properties. The auction date had not been set.

Doherty on Tuesday stopped those actions, based on a request for arbitration by Moreno.

The motion to compel arbitration is expected to be heard Nov. 20.

The bank said Moreno owes $58.4 million in principal and accrued interest.

Moreno and several of his trusts and companies used the Baton Rouge and New Iberia properties as security for a loan of $52.4 million in October 2013, Goldman Sachs says in its foreclosure suit.

According to the bank, Moreno and his entities defaulted on that debt.

Moreno proposed the 34.8-acre River District development on Nicholson Drive between downtown Baton Rouge and LSU.

Plans for the development include two hotels, 1,832 residential units ranging from apartments to townhomes, a possible neighborhood grocery store and 118,500 square feet of commercial space.

He also owns 106.7 acres at the Port of Iberia.    http://theadvocate.com/news/13526666-123/judge-halts-nicholson-drive-land

[richyb83]

It's been a trifecta of failed attempts for the term "River"...River Place, River Park, & River District...maybe they should go with other names?? JUST KIDDING...Somehow, some way this River District can work...with the Water Campus & River House (to the north) & Nicholson Gateway at LSU (to the south)...it should be possible...even if it's painfully slow!

Interesting & frustating...

[Mr. Burnham]

Nah...this is dead.

[ehyfield]

I'm just waiting for somebody from out of state to get it a throw up a strip mall.

What if, by chance, Wampold ended up with this land, in addition to what he already has in that area.

[greg225]

I'm just waiting for somebody from out of state to get it a throw up a strip mall.

What if, by chance, Wampold ended up with this land, in addition to what he already has in that area.

Here is a old article from the business report on the possibility of Wampold buying the River District property.

Wampold on River District: ‘I’m in the real estate business. That’s some good real estate’

 

What’s next for the proposed River District mixed-use development on Nicholson Drive now that creditors are reportedly trying to seize the 40-acre property from developer Lafayette businessman Mike Moreno?

It’s too soon to say, according to architect Steve Oubre, who has been working on the project for Moreno and his sister, Dalis Waguespack, a partner in the venture.

“Obviously, they’ll try to fight it,” says Oubre. “But it’s devastating.”

Goldman Sachs Bank reportedly filed a lawsuit against Moreno earlier this month for defaulting on a $52 million loan and is going after the developer’s Nicholson corridor property, as well as other real estate holdings that were put up as collateral.

Some local real estate observers say a bank takeover of the property wouldn’t necessarily be a bad thing. On the contrary, the project has stalled under Moreno, who began buying up property along Nicholson Drive near Magnolia Mound Plantation in the mid-2000s but was never able to get the development off the ground.

In January 2014, Oubre and Waguespack formally unveiled plans and renderings for the River District and got preliminary approval from the Planning Commission. Still, nearly 18 months later nothing has happened.

In the meantime, plans for other developments intended to revitalize the 3.5-mile Nicholson Corridor have been unveiled, including the Baton Rouge Area Foundation’s Water Campus, LSU’s mixed-use development at the south gates of campus and a possible streetcar linking LSU to downtown.

“There’s so much momentum down there right now I don’t think this (bank issue) will be a problem for the overall development of the area,” says Center for Planning Excellence Director Boo Thomas.

Local developer Mike Wampold, who owns eight or so acres of property along Nicholson Drive and adjacent to the proposed River District, says the site is attractive for several reasons and that if it ever became available from lenders he might be interested.

“I’m in the real estate business,” Wampold says. “That’s some good real estate.”

But Wampold says such a move would depend on several factors, including the timing and the price.

“Some housing developers have been paying stupid numbers for property,” he says. “So it would just depend on who’s chasing this thing and what the process is.”

Wampold believes the Nicholson Corridor renaissance is still in something of an infancy, and some areas along the busy thoroughfare are still not ready yet for redevelopment, which is not to say it’s too soon to buy but maybe to build.

“I think there are some things that need to happen, particularly along the stretch between LSU and the River District,” he says. “There’s some cleaning up that needs to happen. There’s still a lot of junk in that area.”

      

Edited September 25, 2015 by greg225

[richyb83]

In times where it's easy to be negative...this project moves forward...and the River District will eventually happen..eventhough it's painfully SLOW; just don't need to waste too much more time  & ..no wonder Goldman Sacks needs more $$ money$$...they have been paying Shillary $675,000 per speech...lol 

River District developers apply to add more property to long-stalled project

The Lafayette developers of the River District—a proposed mixed-use development that is planned for 42 acres straddling Nicholson Drive between LSU and downtown—have filed an application with the Planning Commission to add 6.9 additional acres to their long-stalled project.

The new acreage consists primarily of a parking lot and warehouse located between River Road and the railroad tracks. The property is not immediately adjacent to the existing River District property.

The proposed change comes as lawyers appear to be working towards a settlement in a 10-month-long federal foreclosure suit over the property. Last July, Goldman Sachs sued the project’s developer, oilman Michel Moreno, for defaulting on a $52 million loan and has been trying to seize the Nicholson corridor property, as well as other Moreno holdings that were put up as collateral.

Moreno opposed the suit and the case was stalled for months in U.S. District Court for the Western District. Recent court filings, however, suggest negotiations to sell the property and pay off the mortgage could be in the works.

In a conference call on May 2, attorneys for both sides met with U.S. District Judge Rebecca Doherty and discussed a resolution whereby they agreed not to sell an unrelated piece of Moreno property at issue in a separate Texas lawsuit “until a determination is made in the matter pending before this court as to whether or not a sale of the mortgaged Louisiana property will satisfy the outstanding loan balance.”

It is unclear whether the addition to the River District of the 6.9 acres on River Road is related to negotiations over the future of the property or a potential sale. Documents filed Thursday on behalf of Moreno Properties by Stantec engineering do not specify why the additional acreage is needed for the project.

Moreno began buying up property along Nicholson Drive near Magnolia Mound Plantation in the mid-2000s for the River District but was never able to get the development off the ground.

https://www.businessreport.com/business/river-district-developers-apply-add-property-long-stalled-project

Edited May 6, 2016 by richyb83

[dan326]

^Hopefully this does move forward quickly, I'd hate to see it go the way of Riveplace.

Yes, something scary I realized is that politicians have to serve the people. And they used a company everyone could stand with like Hobby Lobby to determine that companies are "people" too. And of course a huge corporation counts as a much more power person than real individuals. So add that all together...

[richyb83]

Hopefully this doesn't fall into the Hyped project burnout category....

Federal judge gives Goldman Sachs title to The River District property. Now what?

A federal judge has cleared the way for Goldman Sachs Bank to take title to the 42-acre property along Nicholson Drive that Lafayette oilman Michael Moreno amassed in the mid-2000s with dreams of developing it into a mixed-use project called The River District.

The order, signed Sept. 28 by U.S. Magistrate Mark Hornsby, is the final procedural step in a 15-month foreclosure battle that began in July 2015, when the bank sued Moreno for defaulting on a $52.4 million loan. Moreno opposed the suit and the case was stalled in the U.S. District Court for the Western District of Louisiana until late May, when a federal judge rejected Moreno’s attempt to bring the case to arbitration.

Once Goldman Sachs takes title to the property, the bank will sell it, which local real estate agents and developers have said could be a good thing that helps get the long-stalled project finally moving. Both local and out-of-state investors are interested in some or all of the property, according to various sources, who have been watching the saga of the River District unfold over the years.

Since Moreno began buying up property along Nicholson Drive near Magnolia Mound Plantation in the mid-2000s, a lot has changed along the corridor. Construction began in 2015 on the Water Campus, the Baton Rouge Area Foundation’s water-focused research park located between Nicholson Drive and the River Road just south of the Mississippi River Bridge.

Construction also got under way earlier this year on The River House, a mixed-use development at 1480 Nicholson Dr. on the site of the old Prince Murat Hotel.

Further south on Nicholson Drive, LSU is moving forward with its Gateway Development, a planned mixed-use project of student housing and retail, and Baton Rouge is in line to receive federal funding for the development of a modern streetcar line along 3.4 miles of the Nicholson Drive corridor.

https://www.businessreport.com/article/federal-judge-gives-goldman-sachs-title-river-district-property-now

[richyb83]

This sounds like it's off the drawing board....maybe it could be done in fragments by multiple developers?

The future of 30 prime acres on Nicholson Drive is in limbo after Goldman Sachs forecloses on the property

https://www.businessreport.com/business/future-30-prime-acres-nicholson-drive-limbo-goldman-sachs-forecloses-property

[cajun]

It will probably be sold off and developed slowly by a lot of different developers.   

It would be an ideal time for the city to expropriate land for any street right of way they need in the future.....for instance, a street that goes directly from Magnolia Mound to River Road.

[richyb83]

Stick a fork in the River District for now ; still think this prime Nicholson corridor(btwn Downtown/Water Campus/LSU)  will eventually develop over the long term(like Cajun said)...they tore down all those houses now it's almost a quiet looking place down that stretch in the Magnolia Mound vicinity

https://www.businessreport.com/article/river-district-property-along-nicholson-drive-hits-market

“The property is in the middle of two strong anchors, downtown and LSU, that are both growing,” he says. “However I think the property is at least 10 years away from seeing a real need or demand for high density mixed-use development. Development is driven by demand and happens with available financing and I don’t see a demand or the growing population for the River District yet.”

Edited March 8, 2018 by richyb83

[dan326]

Yh, maybe someday.  In a way I'm glad they cancelled the tram project. I feel like with the advent of autonomous cars, public transportation in this city will only be further minimized.

Maybe the the next developer should try to make something like @Highland.

[richyb83]

Already over a year since the proposed River District's last post. Past renderings had the look of an impressive Urban Village btwn LSU & Downtown along Nicholson corridor.

Unfortunately (like ESPN+)...Business Report now has $1 a week Insider article; can only view first part of article

The unfulfilled infill promise of The River District

https://www.businessreport.com/realestate/the-river-district-nicholson-corridor

FIELD OF DREAMS: Bold plans for the River District—an “urban village” linking LSU with downtown Baton Rouge—never came to pass, with the property remaining as empty as the day in which Lafayette oilman Michel Moreno first acquired it. (Collin Richie)

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The long expanse of land straddling oak-lined Nicholson Drive is by now supposed to be a vibrant, mixed-use development, not only linking LSU to downtown Baton Rouge but also breathing much-needed u…

 

Here was a Rendering

[richyb83]

Here's the entire article...had to go to Google Chrome to get it

The unfulfilled infill promise of The River District

https://www.businessreport.com/realestate/the-river-district-nicholson-corridor

FUTURE: CHANGE OF PLANS?

The original River District vision looked something like this: Locals would’ve hopped on former Mayor Kip Holden’s proposed 3.4-mile streetcar line to enter the mixed-use development, which would have housed 1,800 condominiums and apartments, as well as a 220-room hotel, 100,000 square feet of office space and another 100,000 square feet of retail space, including a neighborhood grocery store. But now, there are some problems with that vision:

No. 1: The streetcar is no longer in the picture, since Mayor Sharon Weston Broome scrapped the plan   in favor of a Bus Rapid Transit system.

Nos. 2-3: There’s already too much Class A office space, with occupancy rates dropping from 93.5% in 2015 to 85.6% in 2018. The multifamily market is also overcrowded, with vacancies at 7.8%, well above the 7% national average.

No. 4: There’s less need for a grocery store, since Matherne’s now anchors the nearby Nicholson Gateway development.

Moreover, the River House—a 224-unit multifamily complex on the site of the former Prince Murat Hotel—opened in 2017. Its owners recently refinanced, indicating strong performance for the residential section. However, both its 34,000-square-foot office portion has been for sale or lease for more than a year, while its retail portion remains on hold.

All things considered, some plans will have to change.

First and foremost, Cook says a strong entertainment anchor that attracts young people is critical.

“The bones are there, the potential is there,” says Cook, “they just need an anchor to get it off the ground.”

A concert venue or assembly hall had previously been envisioned for the site of the 20-acre, decommissioned Central Wastewater Treatment Plant. City-parish officials are now considering putting the property on the market in a year as is, meaning it would be up to a developer to demolish the facility.

Still, many see promise for the corridor, citing its ideal location in between two of Baton Rouge’s busiest areas.

Landry, the attorney who represents BRAF, says the area should build off the success of the Water Campus. He says the corridor’s removal from a historic overlay district should also provide long-term benefits.

“If anything, the property has gotten better because of the success of the Water Campus and [Nicholson Gateway],” says Landry, the attorney who represents BRAF. “Those are additional draws in terms of restaurants.”

Trusty, who also owns some property in the area, says a new developer would have to be someone who respects the history of the site once nicknamed “the golden corridor.” He says the space needs places where community members can gather, pushing for walkability and affordable housing for young professionals.

“It’s kind of like osmosis—a rising tide lifts all ships,” Trusty says. “We still have to reinvent our city, and we’re doing it one zone at a time.”

[dan326]

I kinda feel like it's either end gonna up a suburban apartment complex or (more preferably) a mostly residential tnd.

Edited April 18, 2019 by dan326

[richyb83]

Yeah Dan326 you nailed it!  This will no longer be called River District; i'm not changing the name of the title its too stupid to me ; should have known better the original plan was too "Urban" for Baton Rouge. This place will never be more than an overgrown country town.

New neighborhood off Nicholson revived after years of discussion; could have 140 residences

https://www.theadvocate.com/baton_rouge/news/business/plans-revived-for-mixed-use-nicholson-development/article_d10af810-78c1-11ee-a55f-87ae11936e14.html

Fifteen years after talk about a mixed use development between downtown and LSU first surfaced, Commercial Properties Realty Trust is looking to build a 12-acre, mixed-use development along Nicholson Drive.

Suburb South Baton Rouge would consist of 140 medium density residences, along with 60,000 square feet of commercial space, which could include a grocery store. The planned unit development is set to go before the East Baton Rouge Planning Commission on December 11.

Tina Rance, a spokeswoman for Commercial Properties, said the current planned unit development designation for the property was expiring. "We just want to keep it in play for if and when we want to do something" she said.

The development would be located north of Magnolia Mound Plantation and would take in lots along Garner Avenue and Oregon Street.

Commercial Properties is waiting to see what the economy does, before going ahead with the development. A master plan hasn't really been developed for the property and it's undetermined if the medium density housing would involve townhomes or zero lot line houses, Rance said. According to documents filed with the Planning Commission, development of Suburb South Baton Rouge is expected to begin in mid-late 2024.

"Maybe by then we will be ready," Rance said.

Suburb South would be built in three phases, according to documents submitted to the planning commission.

In April, the for-profit real estate arm of the Baton Rouge Area Foundation bought nearly 30 acres between downtown and LSU for $9.5 million. The land was seized by Goldman Sachs Bank in 2016 from Lafayette oilman Michel Moreno. At the time, Commercial Properties officials said they had no immediate plans for the land, but said they hoped to develop the “essential corridor” in the future.

Moreno spent several years in the mid 2000s acquiring land along Nicholson and River Road and had ambitious plans to build a mixed-use development on the site, with hotels, town homes, apartments, a grocery store and office space. But the River District development was hampered by the national recession and never got off the ground.

Suburb South Baton Rouge won't be as dense as the River District Development, which had office and apartment buildings several stories tall. The Nicholson corridor is "too pretty" to have a development with a lot of units, Rance said. 

 

Edited November 1, 2023 by richyb83

[dan326]

On 11/1/2023 at 3:50 PM, richyb83 said:

Yeah Dan326 you nailed it!  This will no longer be called River District; i'm not changing the name of the title its too stupid to me ; should have known better the original plan was too "Urban" for Baton Rouge. This place will never be more than an overgrown country town.

New neighborhood off Nicholson revived after years of discussion; could have 140 residences

https://www.theadvocate.com/baton_rouge/news/business/plans-revived-for-mixed-use-nicholson-development/article_d10af810-78c1-11ee-a55f-87ae11936e14.html

Fifteen years after talk about a mixed use development between downtown and LSU first surfaced, Commercial Properties Realty Trust is looking to build a 12-acre, mixed-use development along Nicholson Drive.

Suburb South Baton Rouge would consist of 140 medium density residences, along with 60,000 square feet of commercial space, which could include a grocery store. The planned unit development is set to go before the East Baton Rouge Planning Commission on December 11.

Tina Rance, a spokeswoman for Commercial Properties, said the current planned unit development designation for the property was expiring. "We just want to keep it in play for if and when we want to do something" she said.

The development would be located north of Magnolia Mound Plantation and would take in lots along Garner Avenue and Oregon Street.

Commercial Properties is waiting to see what the economy does, before going ahead with the development. A master plan hasn't really been developed for the property and it's undetermined if the medium density housing would involve townhomes or zero lot line houses, Rance said. According to documents filed with the Planning Commission, development of Suburb South Baton Rouge is expected to begin in mid-late 2024.

"Maybe by then we will be ready," Rance said.

Suburb South would be built in three phases, according to documents submitted to the planning commission.

In April, the for-profit real estate arm of the Baton Rouge Area Foundation bought nearly 30 acres between downtown and LSU for $9.5 million. The land was seized by Goldman Sachs Bank in 2016 from Lafayette oilman Michel Moreno. At the time, Commercial Properties officials said they had no immediate plans for the land, but said they hoped to develop the “essential corridor” in the future.

Moreno spent several years in the mid 2000s acquiring land along Nicholson and River Road and had ambitious plans to build a mixed-use development on the site, with hotels, town homes, apartments, a grocery store and office space. But the River District development was hampered by the national recession and never got off the ground.

Suburb South Baton Rouge won't be as dense as the River District Development, which had office and apartment buildings several stories tall. The Nicholson corridor is "too pretty" to have a development with a lot of units, Rance said. 

 

 

That hilarious they actually put "suburb" in the name!  

Yes unfortunately the post Katrina - pre Recession golden age is over and with falling birth rates I think our fate is to in fact remain an over grown country town. 

Edited November 8, 2023 by dan326