LAKE CHARLES, La. (AP) — Three development groups with have made pitches to the former Sears property downtown with proposals to build combined retail and residential complexes.
The American Press reports (http://bit.ly/cseYHv) bid packages from each group were opened by the city Council at its meeting earlier this week. The city owns the property.
KW Commercial, the real estate division of Keller Williams Realty, is offering $957,500. Erdace Apartments offered a bid of $628,500. Geddings Development Corp. offered $425,000.
KW Commercial representative Chris Khoury — a member of the Downtown Development Authority — said the investment group "has looked at the site awhile."
Their proposal includes building a three-story stucco-and-brick building with 188 multifamily housing units and on-site parking.
Erdace Apartments, spearheaded by developer Roger Landry, proposes a four-story, 225,000-square-foot building. Landry said the facility would have 166 apartments and 22,000 square feet of retail space. He estimates the project would cost $19 million.
Geddings Development Corp. proposes a mixed-use development with "high-quality for-rent spaces." The building would have 120-160 units.
Company spokesman Gray Stream said he is confident that "we can bring a vision and investment into downtown Lake Charles that will be generational. Our vision is to build something that fits what we do both nationally and internationally."
City Council President Mark Eckard asked councilmen Marshall Simien and John Ieyoub to review the proposals and make a recommendation.
A decision could be made in November.
Information from: American Press, http://www.americanpress.com