Tuesday, September 14th, 2010
Infrastructure Progress is Underway for Development’s Next Phase
COVINGTON, Louisiana – Since unveiling plans in April for River Chase, a master planned, multi-use development in the heart of Western St. Tammany Parish, Stirling Properties successfully closed two land sales and has begun construction on the next phase of development. In August, two prime outparcels were sold in River Chase. Lakshmi, LLC purchased a 1.795 acre tract to build a 54,000 square foot Candlewood Suites Hotel. This extended-stay hotel chain owned by InterContinental Hotels Group will house a combination of approximately 93 studio and one-bedroom suites. Also purchased was a 1.634 acre tract by Fidelity Homestead Savings Bank. The purchaser intends to build a new 5,500 square foot Fidelity branch location, the second in the Covington area, which will provide a full array of banking services to the community.
The next phase for River Chase began in June and includes work to construct roads and utility infrastructure. Stirling Boulevard currently provides access to the existing retailers by way of Brewster Road. Road work to extend Stirling Boulevard will be completed before Thanksgiving which will create access to an additional 74 acres of developable land and open the development up for future phases of River Chase retail. Mark Salvetti, Director of Project Management for Stirling Properties, explained that telephone and gas distribution along with drainage expansion are among the other additional infrastructure enhancements already in progress. Lighting and traffic signals are also under construction for Stirling Boulevard and Brewster Road along with comprehensive signage and branding upgrades.
“In an environment that has very little positive development activity, Stirling Properties is excited to be able to move forward with this project,” stated Townsend Underhill, Stirling Properties’ Vice President of Development. “River Chase will offer something unique to the community and is a project we are fortunate to be able to provide.”
To view the Site Plan or for more information about the development contact:
Rhonda Sharkawy, Retail Leasing & Development Executive (Retail)
William Barrois, Sales & Leasing Executive (Outparcel & Hotels)
Lee de la Houssaye, Leasing Sales Associate (Office)