Covington Anticipates Economic Boost with New Costco Development
The much-anticipated $45.8 million Costco warehouse is on track to open its doors by the end of this year, marking the Fortune 500 company’s first entry into St. Tammany Parish. This development, positioned off Pinnacle Parkway, is expected to significantly bolster the local economy and provide numerous job opportunities.
Chris Masingill, head of St. Tammany Corporation, the parish’s economic development agency, revealed that construction for the sprawling 159,000-square-foot facility is slated to commence in the second quarter of this year. While Costco has remained tight-lipped about the project specifics, Masingill hints at a potential opening towards the late third quarter.
Strategically located in the bustling Nord du Lac shopping district adjacent to Interstate 12, the new store is anticipated not only to enhance the shopping landscape but also to generate substantial employment. The opening of the store is expected to bring about 75 full-time jobs offering an average annual salary near $60,000, alongside 75 part-time positions.
The introduction of Costco into the region is projected to inject $60 million in new sales and property taxes into the local economy over the next decade, according to St. Tammany Corporation. This new establishment joins Costco’s existing location in Mid-City, New Orleans, expanding the retailer’s footprint in the region.
The Covington area, particularly the Nord du Lac and adjacent River Chase shopping districts, is already a retail hub featuring stores and restaurants like Kohl’s, Academy Sports and Outdoors, and Texas Roadhouse. The addition of Costco is set to amplify this retail synergy, attracting more shoppers and potentially spurring further developments.
Commercial real estate circles are abuzz with the news, as evidenced by Hayden Ingram, a commercial agent with Property One, noting increased interest in nearby properties due to the impending Costco launch. “Investors are excited that Costco’s going to be a neighbor,” said Ingram, highlighting the positive ripple effect expected from the store’s opening.
Moreover, the region is undergoing significant infrastructure improvements with a $189 million state project to expand Interstate 12. This enhancement aims to alleviate traffic congestion, particularly from shoppers frequenting the Nord du Lac and River Chase areas, further facilitating access to the new Costco.
As western St. Tammany’s commercial corridors continue to grow, the arrival of Costco represents a significant milestone for the community, promising a blend of employment opportunities, enhanced retail offerings, and increased tax revenues. Local residents and businesses alike are eagerly anticipating the doors opening to what promises to be another anchor in the parish’s flourishing commercial landscape.
