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Sale of state buildings are a part of Jindal's proposed budget

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Posted: Feb 27, 2013 6:25 PM by Mike Steele
Updated: Feb 27, 2013 7:11 PM
Source: WBRZ

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Topics: state, property, sale, Baton Rouge, Wooddale Towers, insurance, Kristy Nichols, budget, Jindal

BATON ROUGE- Governor Bobby Jindal plans on selling $47 million dollars in state property to help balance next year's budget.

The properties on the market include Wooddale Towers, the state office building at the corner of Convention Street and 3rd Street, and the parking lot where the old state insurance building once stood.

Louisiana Commissioner of Administration Kristy Nichols says the move makes sense because it keeps the state from making more cuts. She says deals have been considered and she is confident they can be worked out for the upcoming budget process.

We asked a real estate expert about these types of large, commercial deals. Bob Kirby with Saurage Rotenberg Real Estate says from inspections to financing, larger deals can take about six to eight months to resolve. He says location is key to any deal. Kirby adds office buildings currently being used can be easier to sell if tenants are lined up.

Nichols says she is confident the appraisals for the property are accurate. She says only properties with potential buyers were included in the budget plans. The legislature will take up the budget during the 2013 session which begins in April.

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