JANUARY 31, 2018 | REAL ESTATE | BATON ROUGE BUSINESS REPORT
Dantin Bruce Development has begun to close lots in its acquisition of Country Club Place, which was originally developed by Nanette Noland’s business, Brentwood Development Company.
The original idea was to develop an upscale townhouse community at the corner of Brentwood and Kensington drives, overlooking the Baton Rouge Country Club, and sell them in the $1 million to $1.5 million dollar range. Five of the 25 lots were improved with homes. But the development didn’t catch on and 14 of the remaining lots were purchased by Dantin Bruce for $1.55 million. The purchase price works out to about $111,000 per lot.
“We recognized that the townhouse concept was not viable, so we converted the 14 lots into nine single-family detached lots with about 50 feet of frontage,” says Brian Dantin, adding that converting the lots only required the relocation of some utilities. “The road improvements were already in place and all the lots have rear alley access, so we thought it was an excellent buy given the location.”
The original developer spared no expense, with the development including private parks with architectural features, brick paved streets, road improvements, rear alleys, good quality landscaping, fencing and—of course—gated access. The total investment in the nine lots is around $175,000 per lot.
“We closed one lot and have two under contract,” Dantin says.
Lots overlooking the Baton Rouge Country Club golf course are being marketed for $350,000 and the remaining lots are offered for $275,000. Common area grounds maintenance will continue to be done by Massengale Landscape, and homeowners association dues will maintain for both the townhouses and the new detached lots, so the purchaser will enjoy the low maintenance of a townhouse or condo with the benefit of a single-family residence.
“The development is generating a lot of interest, primarily from folks who want to build a custom home,” Dantin says, adding he expects to sell the remaining six lots soon.
Bluebonnet office sells
Doing business as Ross Investments Properties LLC, Michael Ross has purchased a 2,952-square-foot office at 4220 Bluebonnet Blvd. for $583,000, or $197.50 per square foot. The building serves as the main office of the Dantin Bruce Development empire, which intends to lease the property back from the purchaser for a year.
“We think we will relocate into our new proposed development on Bluebonnet almost directly across the street, which we have named Mercantile Office Park,” says Ross Bruce.
The sale price per square foot is one of the higher ones paid for an existing office on Bluebonnet, and it reflects the higher quality of the building. The deal closed on Jan. 15, and Ross was represented by Robert Pettit with Waters and Pettit Real Estate.
Tom Cook of Cook, Moore and Associates has been an independent real estate appraiser for more than 20 years.