South Market District plans 29-story, $100 million apartment tower
2.10.2017

Developers of the mixed-use South Market District are moving forward with a 29-story, $100 million apartment tower on a parking lot at Girod and South Rampart streets.

The Odeon apartment tower would be the fifth building in The Domain Companies’ mixed-use district that includes hundreds of apartments, retail, parking and soon-to-open luxury condos. Construction first began on the development in 2013.

The project would mark the tallest new construction in the Central Business District since the 21-story 930 Poydras apartment building was built in 2010 and the 27-story Harrah’s hotel was built in 2006.

Construction on the Odeon is expected to begin in the second half of this year, and more details about the project will be released later, said Megan McNeil, a spokeswoman for Domain Cos.

The building will take only part of the parking lot off Loyola Avenue, and developers have plans for a second building — the sixth for South Market — on the rest of that lot, she said. Designs for the building are still being finalized, she said.

Domain is seeking a property tax break incentive — known as a payment in lieu of taxes or PILOT plan — from the New Orleans Industrial Development Board on Tuesday (Feb. 14).

Just across South Rampart, Domain is building The Standard, a 15-story, $80 million building with 89 high-end condos and retail spaces next to its completed $40 million apartment-retail Beacon building.

Earlier phases of the project were the $48 million Paramount, which includes 209 apartments along with shops and restaurants such as Willa Jean and Company Burger and The Park, a 445-space parking garage anchored by an Arhaus furniture store and other retail sites. Domain also developed the nearby Ace Hotel on Carondelet, an $80 million project.

Domain was founded by Matt Schwartz and Chris Papamichael, Tulane University grads who got their real estate start in New York.

By: Katherine Sayre

http://www.nola.com/business/index.ssf/2017/02/south_market_100_million_29-st.html