Nearly a decade after Kmart rang up its final sales at the Elmwood Shopping Center, the long-vacant site is on the brink of a bold new chapter. Developer Louis Lauricella, whose family first launched the shopping center in 1975, has unveiled a $120 million plan to breathe new life into the property by building 251 apartments and 64,000 square feet of shops and restaurants.
The project, a joint venture with New Orleans-based Felicity Property, received preliminary approval this week for a property tax incentive from the Jefferson Parish Economic Development Commission — a key step toward making the ambitious redevelopment a reality.
Reinventing Elmwood for a New Generation
Dubbed The Francis, the apartment complex will be the centerpiece of Elmwood’s transformation from a traditional strip mall into a dynamic, mixed-use destination. The development aims to attract young professionals and new residents drawn to Jefferson Parish’s growing healthcare, corporate, and creative sectors.
“Our vision has always been to evolve Elmwood into a place where people can live, shop, dine, and gather,” said Will Place, director of development at Lauricella Land. “Getting rid of Kmart was the catalyst that finally made this possible.”
The new community will include amenities like a pool, fitness center, co-working space, and a residents’ library. Architecturally, the complex will feature three buildings connected by landscaped walkways and a “Main Street” feel that blends residential living with retail convenience.
Years in the Making
The road to redevelopment hasn’t been easy. After Kmart closed its doors in 2016, Lauricella faced years of delays, largely due to the lease-holding tactics of hedge fund manager Eddie Lampert, who had acquired the struggling retailer. Real estate sources say Lauricella paid roughly $12 million to buy out the lease three years ago.
Other hurdles included the economic impact of the COVID-19 pandemic and skyrocketing building material costs. Despite those setbacks, Lauricella has remained committed to revitalizing the aging retail complex.
The Francis is a scaled-back version of an earlier vision approved in 2018, which proposed 500 apartments and 85,000 square feet of retail space. However, the intent remains the same: create a vibrant, walkable destination that reflects modern consumer preferences.
A Wider Trend in Mall Redevelopment
Elmwood’s transformation mirrors broader efforts across the region to reimagine aging retail spaces. At Clearview City Center, an Ochsner medical facility, a 270-unit apartment complex, and plans for a public plaza have replaced the traditional mall layout. In New Orleans, Riverwalk Outlets is undergoing its own revival, with $25 million in sales taxes earmarked for turning Spanish Plaza into a restaurant and entertainment hub.
As older anchors like Kmart and Michael’s have exited Elmwood, new tenants such as Nike, Banana Republic, and J. Crew Factory have stepped in. Popular local eateries, including Boulevard American Bistro and Byblos Mediterranean Grill, have also opened locations, signaling a shift toward a more diverse and curated tenant mix.
Public-Private Partnership
The Jefferson Parish Economic Development Commission’s initial approval of a PILOT (payment in lieu of taxes) agreement will help fund the project by offsetting property tax obligations. The full tax break still requires final approval from the Parish Council, but support appears strong.
“This is a project we really want to see move forward,” said JEDCO Executive Director Jerry Bologna. “It brings housing, retail, and investment to an area that has traditionally been one of our most important economic engines.”
Bologna noted that retail remains a vital part of Jefferson Parish’s economy, second only to healthcare in employment. As shopping malls across the country struggle, developments like this one offer a chance to modernize and retain relevance.
A Community in Transition
If all goes according to plan, The Francis will mark a turning point for Elmwood — and perhaps for suburban shopping centers across the country. By combining housing, walkable retail, and vibrant public spaces, developers are responding to changing lifestyles and the growing demand for live-work-play environments.
“This is about creating spaces where people can connect, stay, and make memories,” said Place.
And with a long-empty Kmart finally out of the picture, Elmwood is ready to do just that.
