Too often all we hear is doom and gloom. Especially as it applies to Louisiana. I also hear much about how well other areas of our state are doing like Shreveport, Lafayette, and even Alexandria.
In view of all I read and hear I decided it was time to take inventory of some of the commercial activity in our area. The I-20 corridor seems to be alive and well with new construction or planned projects doting the landscape. The past few months have seen increased activity in our market. This is especially true in new development projects. I continue to see limited movement in existing buildings. This is in part the result of low interest rates and financial institutions interest in financing these future projects.
Let’s take a quick look at some of these projects and the areas of planned construction.
Work is continuing on the I-20/Garrett Road project. Road and site construction is nearing completion. A national chain hotel is planned for the east end of this development with another hotel to follow.
On Pecanland Mall Drive is a just completed Panda Express and Apple Dental. Work is promised to start soon on the south side service road which will add another dimension to development around the Pecanland Mall.
Highway 165 North continues to see interest in new development. A recent ground breaking was recently held for a large healthcare facility there. Additional entrance work was announced at Century Village to prepare for new planned construction. The 176-unit apartment complex on 165 N. just south of the Veterans home has been completed.
Downtown is holding its own with little visible signs of continuing activity. Further out 165 North, a small office complex is under construction.
The North Monroe area is seeing a new office complex on N. 19th Street. The new ULM Osteopathic Medical School will add much to the Monroe economy in years to come. The former used office furniture store at Pine and N. 5th Street has been renovated into a beautiful mixed-use facility.
Tower Drive continues to be one of the bright spots with preparation for a new construction underway.
I am certain I have missed some projects but this will give you an understanding of the activity.
Next week I will cover West Monroe and possibly Ruston.
On the Local Scene
The former HAYES, HARKEY LAW OFFICE BUILDING AT 2811 Kilpatrick Blvd, Monroe has been sold for $548,000. The two-story office building sold for $44.69 psf.
The OFFICE CONDO AT 117 Julia Street West Monroe, has sold for $181,500. The 1,200 sf office suite sold for $151 psf.
Bill Roark is a Commercial Associate Broker at Tri State Properties and may be contacted by email to firstname.lastname@example.org.