After more than four years of financial delays and planning, the developer of a 272-unit apartment complex proposed for the former Sears property downtown may finally have the wherewithal to start construction.

According to city records, Lake Charles native Roger Landry — one of five partners that make up BRaDD LLC, the company behind the complex — paid the city the project’s $63,437 building permit fee in November.

Landry, who owns Muller’s Lofts downtown — co-owner Tom Shearman sold his share of the ownership this year — told the American Press in July that he wouldn’t pay the permit fee until after reaching financial close on a loan with New York-based Greystone Bank. Closing with the bank would mean construction could begin on the long-vacant lot.

Landry declined to confirm that he had reached financial close or to comment on the progress of the complex, known as Erdace Apartments. But leaders at the Southwest Louisiana Economic Development Alliance said he took a similar step with them in the last week.

“Erdace has joined the chamber, which we take as a positive sign that they’re moving forward with the development,” said alliance President George Swift. 

Landry, who bought the 3.5-acre tract from the city in 2013, has said the development took longer than expected because changes in the local housing market allowed developers to “go bigger.”

The project went from a $20 million, 170-unit apartment and retail space to a $43 million, 272-unit apartment complex with balconies in every unit, a private parking deck, yoga facility, lounge area and pool.

Landry said the size of the apartment complex, which had to be approved by the U.S. Department of Homeland Security, lengthened the process.

He had expected construction to start over the summer but delayed action until “November or December” after the lender requested several minor changes, including bumping up the future operating budget, Landry said at the time.

Under its agreement with Landry, the city has the right to buy the property at the price of sale, $1 million, through Dec. 31. The six-month buyback window started in January, but the City Council extended the period through the end of the year, protecting itself while allowing the developer more time to make visible progress.

Mayor Nic Hunter said the apartment complex would spur business growth in the downtown district, allowing the area to become a destination for travelers on Interstate 10.

“We thank Mr. Landry for his investment in downtown Lake Charles and gladly welcome the addition of Erdace — a new apartment complex that will be home to more than 250 families and individuals,” Hunter said.

Lori Marinovich, assistant director of planning with the city, said the project would provide what the downtown area has been missing for years: more permanent residents. More residents will give rise to a whole new stratum of businesses geared toward home life, she said.

When asked whether Lake Charles could sustain this type of project, Marinovich said the city trusts that developers have done their homework before making multimillion-dollar investments.

“They’ve done extreme, sensitive market research that they’re going to be able to meet their occupancy expectations,” she said.

She said the fact that rents are on the rise in Lake Charles and that “our existing stock is pretty much occupied” makes the project viable at this time.

Online: www.erdaceapartments.com.