Former Elmwood Kmart site to be reimagined as high-end multifamily development. Lauricella Land Company, Felicity Property Co., Setpoint Ventures, and JEDCO announced the construction loan closing and commencement of construction for the Francis. FOR IMMEDIATE RELEASE May 21, 2026 (ELMWOOD, La.) - Lauricella Land Company, in partnership with Felicity Property Co., Setpoint Ventures, and Jefferson Parish Economic Development Commission (JEDCO), announced the construction loan closing and commencement of construction for The Francis on Thursday. The new five-story, 251-unit multifamily development will transform the former Kmart site in Elmwood Center into a vibrant mixed-use destination designed to support the continued evolution of Jefferson Parish's largest commercial corridor. Lauricella Land Company, in partnership with Felicity Property Co., is redeveloping the long-underutilized property into a modern destination that will introduce Elmwood Center's first residential offering alongside planned retail expansion opportunities. Designed to optimize the residential living experience, The Francis will feature thoughtfully curated finishes, hospitality-inspired gathering spaces, and technology-forward amenities intended to enhance convenience, connectivity, and quality of life for residents. In addition to the one- and two-bedroom apartments, planned amenities include a resort-style pool courtyard, fitness center, co-working and creative spaces, resident library, dog walk, and additional community gathering areas. JEDCO Development Corporation is thrilled to be entering into this entirely new chapter in the history of its company. Through the years JEDCO Development Corporation has worked very hard to elevate the quality of Elmwood Center and The Francis represents that vision. My father would be very proud. Louis Lauricella, Lauricella Land Company Managing Partner Beyond the physical transformation of the site, the project is expected to generate substantial economic impact for Jefferson Parish, including an estimated $3 million in construction permitting fees and building material sales tax revenue during construction. The development is also expected to support more than 200 construction and permanent jobs while generating additional long-term tax revenues that help support parish infrastructure and public services. The project reflects a growing national trend of reimagining retail and commercial properties into walkable mixed-use environments that integrate residential living, retail, and lifestyle amenities. Elmwood continues to experience strong commercial and business growth and remains the largest sales tax-producing district within Jefferson Parish. The Francis is expected to further support the area's continued momentum by providing high-quality housing options adjacent to one of the region's most active employment and retail centers. This project is a significant milestone not only for Elmwood, but for the continued evolution of Jefferson Parish," said JEDCO President and CEO Jerry Bologna. "The redevelopment of the former Kmart site into a high-quality, multifamily residential destination reflects its commitment to reposition legacy commercial properties into vibrant, mixed-use environments that better support modern lifestyles, workforce needs and long-term economic growth. Elmwood has long been one of the region's most active commercial centers. The Francis builds on the tremendous momentum in the area while creating new opportunities for residents, businesses, and future investment. JEDCO Development Corporation is proud to support this project and the impact it will have on Jefferson Parish for years to come. The Francis is an exciting next step in the continued growth of Elmwood. As a design-driven development team, its goal is to create a community with quality materials and amenities that enhance the resident experience and build upon the momentum within Elmwood. JEDCO Development Corporation is grateful for the support of JEDCO, Jefferson Parish, and its project partners in helping bring the vision for The Francis to life." W. Patrick Schindler, Felicity Property Co. The project financing is being provided by Hancock Whitney Bank, with Jefferson Parish and JEDCO serving as critical partners in helping bring the development to fruition. JEDCO worked closely with the Parish Council and development team to facilitate economic incentives, including the project's Payment In Lieu of Taxes (PILOT) structure, helping advance the redevelopment and support long-term investment in the Elmwood corridor. "The Francis is exactly the type of forward-looking investment we want to see in Jefferson Parish," said District 2 Councilman Deano Bonano. "Bringing a high-end residential development into Elmwood Center will help create a more vibrant, active community where people can live, work, dine, and gather in one connected area. This project will further strengthen Elmwood as a destination for both residents and businesses and have a lasting positive impact on Jefferson Parish as a whole. Adjacent to The Francis, Lauricella Land Company is planning a 70,000 square foot expansion of Elmwood Center's retail and dining offerings, intended to further enhance the district and support a more connected community environment. The Francis is named in honor of Francis "Hank" Lauricella, whose leadership, civic involvement, and longstanding contributions helped shape both Elmwood and the broader Jefferson Parish community. A lifelong New Orleans businessman, developer, and public servant, Lauricella played a significant role in the growth of Elmwood while also serving Jefferson Parish for more than three decades in the Louisiana House of Representatives and State Senate. Lauricella was also widely recognized for his distinguished athletic career, including his All-American football career at the University of Tennessee, where he finished runner-up in the 1951 Heisman Trophy voting before later earning induction into both the College Football Hall of Fame and the Louisiana Sports Hall of Fame. Architecture for the project is led by LRK, with interior design by Parallel. Construction services for The Francis have been awarded to RNGD. Construction on the five-story development is scheduled to begin immediately following Memorial Day, with project completion anticipated in Spring 2028. About JEDCO: The Jefferson Parish Economic Development Commission (JEDCO) is the economic development organization for the parish with the main objective of attracting, growing, and creating new business in the area. JEDCO's mission is to proactively influence the economy through the retention and creation of quality jobs, entrepreneurship, and investment in Jefferson Parish. Located in the growing Churchill Technology & Business Park, JEDCO supports the Jefferson Parish economy through its award-winning economic development services program and a dynamic small business financing arm. Since inception, JEDCO has attracted global brands to the community, including T. Parker Host, Sleep Number, Bunge, and US Foods in recent years. The organization has generated millions of dollars in investment and thousands of jobs in Jefferson Parish. For more information, visit JEDCO.org. Follow JEDCO Development Corporation on:

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