Wadsworth Estate and another adjacent property might just be the next economic corridor in St. Tammany. Wadsworth Estates, north of Mandeville, was sold last week at auction to Mandeville developer John Crosby for $9-million. The 65 acres adjacent to the property is owned by Azby Fund. St. Tammany Parish economic development agency's CEO Chris Masingill and St. Tammany Parish President Michael Cooper are talking with both parties about using the land for an economic corridor.
"We plan on really leaning in on this site development," said Masingill. "We see it as a significant step in a much bigger initiative.
All three parties are in agreement to develop the 160-acres into a commercial hub. The development would include some combination of advanced manufacturing, transportation and distribution, which they say would create hundreds of new high-paying jobs for the area. The development will more than likely be eligible for tax breaks and other incentives. Masingill hopes that the tax breaks and incentives will entice manufacturers and distribution facilities.
"That is the largest ... development tract in south Louisiana that has wetlands and zoning approval," said Beau Box, a commercial real estate broker who is advising the Azby Fund. "There is a lot of positive momentum behind development there now that there is a new owner for Wadsworth."
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