Domain Cos. Announces Launch of 72-Unit Apartment Project
- Jan 14, 2008
By Matthew Marin, Associate EditorNew Orleans–The Domain Cos., a leading participant in redeveloping New Orleans’ Mid City/Tulane Avenue corridor, has commenced construction of its new 72-unit housing complex at 750 S. Jefferson Davis near the intersection with Tulane Avenue. Domain’s $17-million project will offer badly needed workforce housing. Domain’s total investment for the expansion of the Tulane Avenue Corridor is more than $120 million with over 500 housing units under or soon to be under construction.”Now is the time to invest in New Orleans and in Mid City,” says Matt Schwartz, principal of Domain, based jointly in New Orleans and Metairie. “The potential for this area is unlimited. First-class, mixed-use developments are rising up and down Tulane Avenue, and homes and commercial structures are being renovated throughout the surrounding neighborhoods.”750 S. Jefferson Davis is alongside the planned criminal justice center and is less than a half-mile away from Xavier University and the proposed medical corridor, all of which employ large numbers of households in need of high-quality housing options.Domain’s newest investment, called The Meridian, will provide high-quality housing at rents targeted to New Orleans’ workforce. Rents will range between $550 and $650 a month for one- and two-bedroom apartments including the extensive unit and project amenities and services typical of Domain projects.As reported by MHN in September 2007, Domain last year launched the construction of two other major developments, The Preserve (pictured) and The Crescent Club, representing $100 million of investment in Mid City and the creation of 411 units of mixed-income apartments and neighborhood retail along the corridor. The resurgence of the Tulane Corridor is vital to New Orleans’ recovery because of its closeness to the Central Business District, existing biotech and medical centers and the planned VA medical facility. The repopulation of the area is expected to serve as a catalyst for economic development in New Orleans.