New Orleans CityBusiness – The Domain Cos. is set to begin construction in the coming weeks on the third building in its $200 million South Market District residential and retail development in downtown New Orleans.
According to documents on the city’s One Stop website for permits and licenses, project architect Eskew+Dumez+Ripple recently applied for a permit valued near $25 million for the Beacon, a seven-story, 172,000-square-foot building that will include 114 one- and two-bedroom apartments and 20,000 square feet of retail space on the ground level.
The building will go up on the site of a parking lot at the northwest corner of Girod Street and O’Keefe Avenue, across from Rouses Market. Woodward Design+Build is the project’s general contractor.
Megan McNeill, a spokeswoman for the Domain Cos., said construction will likely begin in August with completion slated for 2015. The building will be directly across from South Market District’s first component, the $48.4 million Paramount, which is nearing completion. Pre-leasing for the Paramount’s 209 apartments will begin in the next two months, McNeill said.
Contractors are also making progress on the second building known as the Park, which McNeill said would be completed later this summer. The Park is composed of a 435-space public parking garage, a 2,200-square-foot public plaza and more than 30,000 square feet of retail space.
Domain previously announced that furniture retailer Arhaus of Cleveland, Ohio, would occupy a 15,500-square-foot space in the Park. The building will also feature a 10,000-square-foot CVS Pharmacy and a 1,500-square-foot location for local pet grooming and supply store Fetch.
McNeill said Domain expects to make additional retail announcements later this month for spaces in Paramount and Beacon. The new retailers would include a mix of restaurants and cafes.
The entire $200 million South Market project, which will ultimately include 700 new apartments and 170,000 square feet of retail, is taking advantage of a 12-year payment in lieu of taxes plan the city’s Industrial Development Board approved. The project is also benefiting from the Louisiana Enterprise Zone program for mixed-use, transit-oriented developments.
By: Robin Shannon