NEW ORLEANS | Project/Development Thread

[BlueDot]

Glad to see the East is finally getting some developmental love.

[socigradstudent]

I saw ads yesterday and today for Planet Fitness in South Market, so it looks like it's happening.

[BlueDot]

What’s going on with the LSU science center next to Charity? Is it still being used; because it looks old and decrepit. Also are Lindy Boggs and NSA still making progress?

[Franco96]

Originally Posted by socigradstudent

I saw ads yesterday and today for Planet Fitness in South Market, so it looks like it's happening.

Honestly. I could be wrong , but I think that planet fitness go fail lol

[sguil1]

Originally Posted by BlueDot

What’s going on with the LSU science center next to Charity? Is it still being used; because it looks old and decrepit. Also are Lindy Boggs and NSA still making progress?

LSU sold that building a few years ago, originally was going to be part of Delgado culinary school I believe but not sure of any updates.

LSU is expanding and doing upgrades to its campus on the other side of Claiborne. All the new development is taking place nearer UMC which is why they sold that building.

[Green0007]

Construction of $111M apartment complex in River District can move forward after major step.

The River District neighborhood reached a significant milestone this week when the developers of the 220-unit Rivana Apartments closed on financing that paves the way for construction to begin on the $111 million complex later this month. Deal was finalized on Wednesday. Includes retail and a park.

The financial closing means the project's lead contractor, Gibbs Construction, can begin fencing off the site in the 1400 block of Tchoupitoulas Street before workers prepare to drive pilings. The construction is expected to take just under two years to complete.

Units in the four-story building will be reserved for individuals making at or below 80% of area median income, so $49,650 a year or less. It will also have 17,000 square feet of ground-floor retail space, a fitness center, a community room and a swimming pool.

The project will be funded by a combination of public and private sources, with Providence Community Housing — a local nonprofit that joined the development group earlier this year — owning 51% of the project and members of the River District developers' Rivana team owning the other 49%.

Among the public sources of money are Low Income Housing Tax Credits, a Community Development Block Grant, a $6.5 million loan from the Convention Center and a $6.2 million loan from the city for infrastructure work.

Earlier this year, the project also secured a 40-year property tax break from the City Council that could equal $30 million over the four-decade life of the incentive, and the Housing Authority of New Orleans is providing project-based vouchers to help cover part of the rent for 25% of the units. On the private side, the project will be financed with bank debt and equity contributions from the developers.

No other information in the article about other planned projects.

https://www.nola.com/news/business/real_...fda0.html#tncms-source=business-featured

[Green0007]

While I am happy the Omni Project is moving forward and will have a significant impact on the skyline given its location, I really think it was a missed opportunity by the convention center to not locate the new hotel across from the Shell building in the River District to help that area with foot traffic and activity. Given the timeline for projects, the Shell tower and now the Rivana may be lonely for a while.

[ardecila]

I disagree, River District should be a a new mixed-use neighborhood for locals and not another playground for conventioneers.

The historic protections in much of the city make it hard and expensive to build housing in the city's established neighborhoods; River District is a chance to build on a clean slate in a prime location.

[tennis1400]

Originally Posted by Green0007

Construction of $111M apartment complex in River District can move forward after major step.

The River District neighborhood reached a significant milestone this week when the developers of the 220-unit Rivana Apartments closed on financing that paves the way for construction to begin on the $111 million complex later this month. Deal was finalized on Wednesday. Includes retail and a park.

The financial closing means the project's lead contractor, Gibbs Construction, can begin fencing off the site in the 1400 block of Tchoupitoulas Street before workers prepare to drive pilings. The construction is expected to take just under two years to complete.

Units in the four-story building will be reserved for individuals making at or below 80% of area median income, so $49,650 a year or less. It will also have 17,000 square feet of ground-floor retail space, a fitness center, a community room and a swimming pool.

The project will be funded by a combination of public and private sources, with Providence Community Housing — a local nonprofit that joined the development group earlier this year — owning 51% of the project and members of the River District developers' Rivana team owning the other 49%.

Among the public sources of money are Low Income Housing Tax Credits, a Community Development Block Grant, a $6.5 million loan from the Convention Center and a $6.2 million loan from the city for infrastructure work.

Earlier this year, the project also secured a 40-year property tax break from the City Council that could equal $30 million over the four-decade life of the incentive, and the Housing Authority of New Orleans is providing project-based vouchers to help cover part of the rent for 25% of the units. On the private side, the project will be financed with bank debt and equity contributions from the developers.

No other information in the article about other planned projects.

https://www.nola.com/news/business/real_...fda0.html#tncms-source=business-featured

Thats hilarious! Its costing about $500,000 each unit. You know how many duplexes you could build around the city for $111 million lol

None of this project makes sense. Who exactly is going to rent the retail spaces here? its a literal ghost town isolated from the rest of the street grid. The apartments above rented to working poor, not exactly a target demo for food and beverage etc.

[Green0007]

100% agree. The cost is insane for exclusively low income housing and retail will fail or struggle. The building looks cheap for $110million.

Especially frustrating that for the same cost ($111m), the Francis is being built in Elmwood. ($76 million for the apartment complex and $35 million for adjacent retail expansion). 251 high-end residential units (one- and two-bedroom layouts) alongside a 70,000-square-foot retail and dining expansion. And its the same developers (Lauricella).

[tennis1400]

Originally Posted by Green0007

100% agree. The cost is insane for exclusively low income housing and retail will fail or struggle. The building looks cheap for $110million.

Especially frustrating that for the same cost ($111m), the Francis is being built in Elmwood. ($76 million for the apartment complex and $35 million for adjacent retail expansion). 251 high-end residential units (one- and two-bedroom layouts) alongside a 70,000-square-foot retail and dining expansion. And its the same developers (Lauricella).

I’m from the government and i’m here to help!

[tennis1400]

Originally Posted by Green0007

100% agree. The cost is insane for exclusively low income housing and retail will fail or struggle. The building looks cheap for $110million.

Especially frustrating that for the same cost ($111m), the Francis is being built in Elmwood. ($76 million for the apartment complex and $35 million for adjacent retail expansion). 251 high-end residential units (one- and two-bedroom layouts) alongside a 70,000-square-foot retail and dining expansion. And its the same developers (Lauricella).

so basically the cost difference between the 2 projects is the ransom a developer has to pay to do business in that River District. I’m assuming Shell is pissed it signed up as well . not even a place to grab lunch. Imagine the pitch for your potential employees. You get to come to work in a brand new office tower, but that’s not all. You get to over look a failed neighborhood with no where to eat or walk to.