Quote:
Originally Posted by gmg1981
What are the plans for the Falstaff building? It looks like they have gutted the building but nothing else.
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hot off the press, as reported in todays NO City Business:
$20M Falstaff apartment project receives financing
CityBusiness staff report
April 17, 2007 8:21 AM
NEW ORLEANS - Plans to covert the former Falstaff beer brewery into affordable housing took a major step forward last week with the securing of project financing.
"The project is definitely happening," said developer David Miller.
In a project expected to cost at least $20 million, Miller plans to build 156
apartments in the Falstaff complex, just outside the Central Business District.
Half will be affordable and subject to tax credit maximum rent restrictions.
Half will be market rate, meaning rent levels are unrestricted.
On the affordable side, a one-bedroom unit will rent for roughly $475, a
two-bedroom unit for $575 and a three-bedroom for $660, he said.
Miller plans to use low-income housing tax credits from the Louisiana Housing
Finance Agency to build the low-income units. The credits will provide $1.21
million annually for 10 years for a total of $12.1 million. By law, the credits can be used only to build affordable units.