The Paramount Starts Pre-Leasing; Market-Rate French Quarter Apartments Announced
- Sep 14, 2014
By Eliza Theiss, Associate Editor
Yet another apartment project has been announced for New Orleans’ highly desirable historic downtown core, but unlike most French Quarter developments, this residential project will feature market-rate residences instead of luxury units, reports Canal Street Beat. The 89-unit development is helmed by French Quarter Apartments LP, an entity that consists of SunAmerica Affordable Housing and DIL/SAHP Corp. Both are subsidiaries of AIG Global Real Estate of New York.
If approved by the Vieux Carré Commission (VCC) architectural board, the developers will add a rooftop penthouse and cooling towers to the existing warehouse structure and initiate comprehensive interior renovations at the property. The former Maison Blanche annex’s exterior will not be altered, as the developers will be using federal and state historic tax credits for the $20 million conversion.
According to Canal Street Beat, the 939 Iberville St. project will feature street-level commercial space, an 83-car parking garage, 24 apartments on floors three and four, 23 on the fifth floor and 16 penthouses. Units will average 1,300 square feet and include one-, two- and three-bedroom apartments.
Designed by local architect Emile Weil, the historic property was built in the late ’20. The owner-developers purchased the property for $3.9 million in 1998.
In other residential news, pre-leasing has kicked off at the $48.4 million The Paramount at South Market luxury apartments. The LEED-certified apartment building comprises more than 200 one- and two-bedroom apartments ranging between 594 and 1,276 square feet. Rents start at a monthly $1,465 and go up to $2,935. As previously reported, The Paramount is the first stage of the $200 million multi-phase South Market District set to transform a four-block area of New Orleans’ historic downtown.
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Image courtesy of The Paramount at South Market/The Domain Cos. via Facebook