LAKE CHARLES, LA (KPLC) - It's a done deal.
Developer Roger Landry has accepted the deal on the old Sears retail site in downtown Lake Charles.
Landry is purchasing the downtown property at the corner of Ryan and Division Streets from the City of Lake Charles for a little over a million dollars in cash.
Under the terms of the agreement, Landry now has 15 days to close on the deal.
Landry has proposed a $20 million apartment complex with 20,000-square-feet of retail on the bottom floor.
The development, called "Erdace," will be four stories. The second, third and fourth floors will consist of 182 apartments ranging from one to three bedroom apartments. In addition to the retail on the bottom floor, there will also be some courtyard apartments.
The exterior of the building will mimic the existing architecture in downtown Lake Charles and will hide a 214-car parking lot. There will also be an additional 83 parking spots offsite.
Other amenities include a 24-hour concierge service, 4,000-square-foot workout center and a swimming pool on the second floor.
Landry said they still have a long way to go in the process of development. Landry is also the developer of the Muller's Lofts across the street from the old Sears property.