Trahan Real Estate Group, headed by brothers Chad and Todd Trahan, is set to develop a three-story office building at 325 Settlers Trace Boulevard, near the Springhill Suites hotel in River Ranch. The 14,500-square-foot office complex, for now dubbed the 325 Building, already has two confirmed tenants in addition to housing the offices of the Trahan Real Estate Group itself.
“The confusion has been that Trahan Real Estate Group was occupying the entire building, but that’s not the case,” Chad Trahan tells ABiz. “This was a building that we’re doing as an investment, and we have several tenants that are coming in with us already.”
According to Trahan, his firm will only occupy about half of the second floor.
“We already have a tenant committed for the third floor,” says Trahan. “We’re working with a bank prospect right now for the first floor, and we already have a law firm for the other half of the first floor. And then our office, Trahan Real Estate Group, will occupy the second floor, about half of the second floor. So we’ll have approximately 3,500 square feet to lease out.”
Trahan Real Estate plans to break ground on the projected 10-month project the week after Mardi Gras, Monday, Feb. 15. Pécot & Company Architects is designing the building, and the general contractor is C.M. Miciotto & Son. Trahan says construction should be completed by year’s end.
“This building is going to be a very nice Class A office space with kind of a fresh, contemporary design,” the developer says of the building’s facade.
According to Trahan, interest among lease prospects has been strong despite the current softening of the market due to low oil prices.
Trahan says his firm has purchased the 1-acre tract of land on 325 Settlers Trace Boulevard in River Ranch and is looking at the $27 per-square-foot price range for leasing.
According to the Lafayette Parish Assessor’s Office, the Trahan group purchased the tract from Tuten Title Property Holdings LLC for $755,000 in August 2015. Chad Trahan declined to put a price tag on the total cost of the development at this time.