DENHAM SPRINGS – Work will begin within the next month on a $24.5 million luxury apartment complex along Juban Road.
The Palms at Juban Lakes will be built approximately one mile from the Juban interchange near Interstate 12. CST Land Developers obtained funding for the project from Fidelity Bank of New Orleans, according to managing partner Tom Delahaye of CST.
Delahaye and Stan Baudin, both of Plaquemine, are principals in the project, along with Chris Coffin of Baton Rouge. The Juban project marks the sixth for the firm since its inception in 2006.
Private investors contributed $5 million to the project.
The development will be built on 16 ½ acres on Buddy Ellis Road in Denham Springs, which is part of the 69-acre parcel the partners acquired in July 2006.
It will be located adjacent to two CST developments – The Crossing Apartments, which opened in 2007, and the Village at Juban Lakes, which opened in 2011.
The development will utilize a traditional three-story, garden-style walk up designed by architect Lance Malley, AIA, of The Architectural Studio of Baton Rouge. Murray McCullough of Benchmark Group, LLC is providing the engineering design.
CST Land Developers, LLC has also developed The Crossing Apartments, The Reserve at Jefferson Crossing and The Village at Juban Lakes, all located in the Baton Rouge area and Sonoma Palms Apartments located in Las Cruces, New Mexico. The Palms will bring CST’s ownership to approximately 900 units.
“This development is a high-end market rate development that will have many unique features in the one, two and three bedroom gated community,” Delahaye said.
The Palms will have hardwood floors, garden tubs, crown molding, stainless steel appliances and granite counters, he said.
It will also feature garages and carports. All third-floor apartments will have vaulted ceilings as a special amenity.
The complex will also have a large swimming pool, volleyball and basketball courts, a fully-equipped fitness center, luxury club house with business center, resident dining room and walking trails.
Delahaye said that lease rates will be from $1,155 for a 1-bedroom, $1,355 for a 2-bedroom, and $1,455 for a 3-bedroom.
“Fidelity Bank is pleased to assist CST with the financing,” said Randy Crochet, vice president and bank loan officer. “Our underwriting shows there is unmet demand for moderately priced rental housing in the Denham Springs market. The Palms at Juban Lakes is projected to compete very favorably with existing products due to its unit and project amenities.”