Lauricella Land Company, alongside partners, has secured construction financing for The Francis, a major development at the former Kmart site in Elmwood Center, Jefferson Parish. This redevelopment will introduce a five-story, 251-unit apartment building alongside a 70,000-square-foot retail expansion. It marks a significant mixed-use investment in the area.
The development team confirmed they closed the construction loan on May 21, 2026, with immediate planning underway. Construction is slated to start right after Memorial Day, targeting completion by Spring 2028. This major financial movement involves participation from Hancock Whitney Bank as the construction lender, with JEDCO and Jefferson Parish contributing incentives, including a PILOT structure.
The project, estimated at a total cost of $111 million combining apartment and retail components, signifies a substantial real estate action in Jefferson Parish’s primary retail corridor. It aims to generate approximately $3 million in construction-period tax revenue and is expected to support more than 200 jobs throughout its development and completion stages.
The Francis project introduces the first residential offering within Elmwood Center, potentially altering local real estate dynamics by integrating residential, retail, and commercial functionalities. This trend of repurposing vacant retail parcels underscores the shift towards mixed-use developments within the regional commercial landscape.
Designed by LRK with interiors by Parallel and construction handled by RNGD, The Francis seeks to redefine the former Kmart site, offering both residential and commercial opportunities that reflect modern urban development trends. Future leasing strategies will be keenly observed, particularly concerning the tenant mix for the new retail spaces.
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