DOWNTOWN DEVELOPMENT DISTRICT RELEASES 2017 DEVELOPMENT TOOLKIT
Baton Rouge, LA – The Downtown Development District has released the 2017 update to their Development Toolkit – a document offering demographics, statistics, and other resources meant to meet the needs of the development and business community.
The data presented within the document gives a current snapshot into the downtown economy, indicating the continuance of a strong, positive direction for downtown in all areas. With 37 active projects and approximately $2.2 billion total invested, the data reflects a high private investment total over the last six years catalyzed by initial public investments.
“The data shows that downtown continues to grow and attract private investment. This toolkit highlights the many levels of development happening downtown and the dynamic transformation we are currently experiencing.” – Davis S. Rhorer, Executive Director of the Downtown Development District.
The Toolkit shows that property values have increased as demand for downtown office and residential space increases. Over the last five years, the total number of construction related permits as reported by the EBR Permit and Inspection Department is over 600; evidence of the continual investments made within the downtown area.
Downtown also shows a remarkable increase in the total amount of Total Class A space available due to the development of several recent projects including IBM, 500 Laurel, and the Water Campus.
Downtown living is still on the upswing with 249 residential units currently under construction or in planning. $158.3 million has been invested in residential development in the last five years alone.
Commercial activity and taxable sales continue to increase due in large part to the 140,000 daily visitors to downtown. Downtown is now home to almost 26,000 jobs and 571 businesses.
The Toolkit also features a demographic summary of downtown residents and workers, and provides information about the DDD office, economic incentives, maps such as land-use and daily population inflow/outflow, and a section that explains the steps for obtaining planning commission approval and required City/Parish permits.
Also found within the Toolkit document, is detailed information on downtown tourism, the hotel market, and the Baton Rouge River Center. The 1,000 events and 9 major attractions bring over 1.5 million tourist into the downtown area on an annual basis, creating a perfect synergistic relationship with downtown businesses. Downtown will soon have seven hotels within walking distance to the River Center, with the recent opening of Watermark Baton Rouge and upon the completion of the Courtyard by Marriott, capturing 9% of the total number of rooms within the Metropolitan Statistical Area at 1188.
Downtown’s successes are made possible by all of the individuals supporting our cause and enabling Downtown Baton Rouge to grow and develop into a place to live, work, and play. Special thanks to the Honorable Mayor-President Sharon Weston Broome and the Metropolitan Council for their continued support of our efforts.