LAKE CHARLES, Louisiana — Businessman Roger Landry has signed a contract with city officials to buy a 3.5-acre downtown tract.
The American Press reports (http://bit.ly/cseYHv) Landry will pay $1.06 million for the land and plans to build a 170- unit residential building that also will have 22,000 square feet of business space.
The project is expected to cost $20 million.
The contract with the city was signed on Wednesday.
In November, the City Council selected Landry to develop the former Sears store property in the 600 block of Ryan Street. He was chosen over Baton Rouge developer Donnie Jarreau and Lake Charles businessman Gray Stream.
The property has been idle for years. At one time, there were plans to build a hotel on it, but the proposal fell through.
Using federal funds, the city tore down the store.
Landry is known for his involvement in redevelopment of the Muller's Building, across the street from the land he is purchasing.
The Muller's Building has residential units and commercial space.
Information from: American Press, http://www.americanpress.com
