Domain Cos. completes Crescent Club
by CityBusiness staff reports
Domain Cos. today held the grand opening of Crescent Club, a $53 million, 228-unit mixed-income housing development built along the Tulane Avenue corridor.
Crescent Club, which features more than 3,000 square feet of retail, is part of Domain’s $125 million multiphase effort to revitalize Tulane Avenue.
Since Hurricane Katrina, Domain has completed nearly 500 housing units in the area, including the 183-unit Preserve and 72-unit Meridian.
Crescent Club was built using nearly $2 million in federal Gulf Opportunity Zone Housing Tax Credits as well as more than $19 million in federal community development block grants. The project is also using GO Zone funding to set aside some units as work force housing for police officers, firemen, teachers and medical and office workers.
Other funding for Crescent Club comes from New York-based Centerline Capital Group, which provided $20.9 million through the syndication of housing tax credits and $10.74 million in permanent financing through Freddie Mac. Bank of America and Regions Bank provided $10.74 million in construction financing. The New Orleans Industrial Development Board provided a real estate tax payment in lieu of taxes, or PILOT, and the city of New Orleans committed approximately $500,000 for infrastructure repairs.
Domain said it has broken ground on The Shops at Crescent Club, a $5 million, 15,000-square-foot retail development expected to be complete in June. It will be across the street from Crescent Club at 3001 Tulane Ave.
The Shops at Crescent Club will include restaurants, a bank, a dry cleaner and a nail salon.