A new apartment complex has officially opened in Lake Charles, as efforts to rebuild and bolster economic growth continue nearly five years after two hurricanes struck the city.
CST Multifamily Real Estate Services LLC and the Southwest Alliance Chamber on Thursday officially opened a new $40 million mixed-income apartment complex, The Reserve at Power Place, at 2301 Power Center Pkwy.
“The Reserve at Power Place is an affordable housing development needed in Lake Charles,” Louisiana Housing Corporation Executive Director Kevin Delahoussaye said in a news release. “It will provide not just a place to sleep but a place to thrive. This development will provide residents with a place where they can feel comfortable and prosper with its multitude of amenities included on the property.”
The 144-unit complex features one- to four-bedroom layouts for individuals and families with a range of incomes. The amenities include a clubhouse, fitness center, swimming pool and dog park.
Thomas Delahaye, president and CEO of CST Multifamily Real Estate Services and CST Land Developers LLC, said rents range from around $800 to $1,300 a month depending on income and apartment size.
Funding for the project came from many sources, according to Delahaye.
The complex received $20 million from Federal Government Community Block grants to rebuild after Hurricanes Delta and Laura. The remainder of the funds came from the Louisiana Housing Corporation, tax credits and bonds.
“(These apartments are important because) a lot of the housing stock was lost in those hurricanes, and to help Lake Charles and Calcasieu grow and to provide housing for people who might not necessarily be able to afford or get great apartments, but they have jobs, they want to work, they need a place to live.” Delahaye said. “You’re not going to have economic growth in a place that doesn’t have housing. Housing has to come first, and then the economic growth comes out of that.”
Delahaye said the apartments will help house the workforce. In fact, he said the location was selected because its near a lot of the developing areas in Lake Charles.
Leasing has begun, and Delahaye said the hope is for the complex to be completely rented out by October.
