New Orleans—The Domain Companies has started work on Standard at South Market, which will ultimately include 89 one- to three-bedroom, for-sale condos and 24,000 square feet of retail space. The Standard will join The Paramount, The Park and The Beacon as the latest development in South Market District, a five-block downtown area combining apartments with shops, cafes and restaurants, and entertainment venues.
“Downtown New Orleans has been experiencing tremendous growth with the expansion of new and existing industries and a wave of new residents moving into recently completed developments,” Matt Schwartz, principal of The Domain Companies, told MHN. “As downtown evolves into a vibrant community to live and work, we’ve seen significant demand for high-quality, for-sale product.”
The building will feature nearly 30,000 square feet of outdoor space, including a pool deck with private cabanas, gardens, fountains and landscaping of Bermuda grasses, water lilies and jasmine. Other common amenities will include a clubhouse and library with chef’s kitchen, indoor/outdoor entertaining space and a media screening area, and a fitness center. A full-time concierge, secure storage and on-site parking round out the amenities.
The building’s exterior and interiors have been designed by architect Morris Adjmi, a New Orleans native and founder of New York City-based Morris Adjmi Architects. The 15-story, cast-in-place concrete structure will feature 20-foot high retail storefronts wrapping its base, activating O’Keefe, Julia and Rampart streets with a variety of shops and restaurants.
Woodward Design+Build is the general contractor for the project. Financing for The Standard includes a construction loan from Bank of the Ozarks and a mezzanine loan from iStar, both arranged by HFF. Equity capital for The Standard was provided by UrbanView Capital, The Domain Companies and Woodward Interests. The Standard is scheduled for completion in spring 2018, with the sales gallery opening late next month.