5500 Weaver Rd, Lake Charles, LA 70605 For Sale

Marcus & Millichap is pleased to present an exceptional investment opportunity in the Lake Charles Southlake Village Development project, where the seller is seeking $3.5 million to acquire this shovel-ready venture. This project holds great promise for the discerning buyer who envisions reaping substantial returns upon its successful completion. The project will be built in one phase of construction and is designed to accommodate 240 apartments in 10 buildings. Construction of the project overall will take place over 18 months. Lake Charles, a thriving city in Southwestern Louisiana, is experiencing a remarkable economic boom. With unemployment rates below 4% and a continuous influx of skilled labor, the market is poised for exceptional growth. The region has identified approximately $118 billion worth of natural gas, petrochemical, and seaport-related projects slated for construction between 2017 and 2027, with more to come. Currently, $48 billion worth of projects are already underway or approved for construction. It is estimated that 80% of the remaining projects will move forward, demanding up to 70,000 construction workers, which will significantly strain the existing infrastructure. To underscore the magnitude of this opportunity, it's important to note that Lake Charles currently boasts a population of around 92,000 people, and an additional 35,000 permanent residents are projected to require housing within the next decade. As the mega projects progress and corporate offices relocate operations to Lake Charles, the demand for permanent housing is set to soar. Lake Charles stands out as a natural gas hub amidst the broader economic expansion taking place along the Gulf Coast, with neighboring communities like Galveston, Port Arthur, and Baton Rouge reaping the benefits. The city's unique natural gas pipeline infrastructure, coupled with the Port of Lake Charles and the nearby Port Cameron, contribute significantly to the creation of new permanent employment opportunities in the region. Situated on a prime 13.55-acre parcel in the 5500 block of Weaver Road, the subject property benefits from a strategic location at the southern end of the city, where most residential development is concentrated. The city has proactively expanded its infrastructure to accommodate the southward expansion, making this site an ideal investment choice. The partnership seeks a construction loan that will convert to permanent financing upon project completion and lease-up. In support of the project's viability, a third-party market study and appraisal conducted by the developer have confirmed its feasibility. With 15 mega projects currently underway, each requiring thousands of skilled workers for an extended period, the demand for housing is undeniable. The Lake Charles City Council has already approved the project's zoning and site plan, and they have exhibited tremendous support for the venture recognizing the urgent market demand for housing. With the City Council's approval of the site plan and zoning application on October 4, 2017, this project is fully entitled as proposed.