Extension deadline on buy-sell agreement of old Sears property n - KPLC 7 News, Lake Charles, Louisiana

Extension deadline today on buy-sell agreement of old Sears property

LAKE CHARLES, LA (KPLC) -

The deadline for the extension for the buy-sell agreement for the old Sears retail site in downtown Lake Charles is Monday.

In January, the Lake Charles City Council agreed on the extension. Lake Charles City Attorney Billy Loftin said it was for "environmental due diligence."

Loftin said on that date, developer Roger Landry has the opportunity to accept the deal on the property or to reject it. Should Landry accept, he has 15 days from Monday to close on the deal.

Loftin, however, said based on his recent conversation with Landry, Landry intends to accept it. Loftin said Landry ultimately has until midnight Monday to decide.

Landry wants to buy the property for a little over a million dollars and develop a $20 million luxury apartment complex. The apartment complex would be 225,000-square-feet of one, two and three bedroom apartments, including 22,000-square-feet of retail space.

Loftin said should Landry reject the deal, the city does have a backup contract with Donnie Jarreau Development LLC. Jarreau wants to build a similar development on the property.

In January, Lake Charles city council members said they did not expect to be asked for another extension regarding the proposal. Members called Landry's extension request "reasonable."

"The extension is fair, but we don't want to keep going through this," said Luvertha August, vice president of the panel.

Copyright 2013 KPLC. All rights reserved.

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