Domain Cos. Breaks Ground on 29-Story Tower in New Orleans
The developer tapped several financing partners for the $106 million investment. The project joins the company's four other completed communities within the South Market development.
The Domain Cos. has broken ground on its latest development in New Orleans’ South Market—The Odeon. The $106 million investment comes on the heels of the company’s four other projects within Louisiana’s first mixed-use, transit-oriented development. A sixth, final phase is in the works, with plans to be unveiled later this year.
The Odeon will be a 29-story, 414,000-square-foot residential tower, located at 1100 Girod St., in the heart of New Orleans. The building will comprise 271 units in a mix of studio, one- and two-bedroom floorplans. The Odeon will also include a 12,000-square-foot retail component, marketed towards food, beverage, fitness services and soft goods businesses. Corporate Realty will handle leasing of the commercial component. The Domain Cos. tapped Humphreys & Partners Architects to design The Odeon.
The transit-oriented, mixed-use South Market development includes The Domain Cos.’ already finished projects: The Standard, The Paramount, The Beacon and The Park. Residents of the Odeon will have immediate access to streetcar transport, along with a plethora of shopping, dining and entertainment. More than a dozen art galleries and museums are within less than a mile, while employers within New Orleans’ CBD are also near the South Market district.
Financing the project
The Domain Cos. obtained financing from several sources for its latest multifamily project. JLL arranged a $69.5 million construction and permanent financing loan, provided by HUD. The developer also tapped Iberia Bank, which provided another $9 million in construction financing for The Odeon. The Domain Cos. also partnered with Wheelock Street Capital, which provided a joint-venture equity investment arranged by HFF.
“The Odeon is the tallest building constructed in New Orleans in more than 30 years. This speaks volumes about the momentum in New Orleans today and how our city continues to grow and evolve. We’re proud to add The Odeon to a growing list of investments that are building a vibrant and culturally rich downtown,” said Matt Schwartz, principal at The Domain Cos., in a prepared statement.
Image courtesy of The Domain Cos.