Luxury High-Rise Opens in New Orleans
- Feb 27, 2020
Provident Realty Advisors has opened Canal 1535, a 330-unit luxury high-rise in New Orleans. The developer tapped CF Real Estate Services to manage the nine-story property, which is located at 1535 Canal St., blocks away from the historic French Quarter.
Formerly known as Canal Crossing, the property in the Iberville neighborhood offers contemporary one- and two-bedroom units with high-end finishes including custom cabinetry, quartz countertops, vaulted ceilings and private balconies in select units. Amenities range from a heated swimming pool and a putting green to a fitness center and complimentary garage parking. The property also features a courtyard and ground-floor commercial space.
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One-bedroom and two-bedroom units come in sizes of up to 1,062 square feet and 1,397 square feet, respectively. Rents for the available units listed on the property’s website currently range from $1,574 to $2,908 for one-bedroom floorplans and $2,762 to $3,748 for two-bedroom units.
Provident Realty developed the approximately $85 million project, formerly a surface parking lot, in partnership with The Kroenke Group. Commerce Bank provided a modified construction loan in the amount of $63.5 million in August 2016, according to Yardi Matrix. Pre-leasing on the development began in August of last year.
Rising rents in the Big Easy
Canal 1535 is opening in a strong multifamily market. Apartments in New Orleans rent for an average of $1,191 as of December 2019, up 7 percent year-over-year, according to apartment listings platform RENTCafé. Iberville is the priciest neighborhood in the city, with an average rent of $2,029, trailed by Lower Ninth Ward and St. Claude.
Provident Realty has had a hand in developing more than $5 billion of real estate projects since its inception in 1991. The new project opening comes after the company sold its last San Antonio community, a 306-unit property near San Antonio International Airport, in April of last year to Electra America and American Landmark.
Integrated real estate firm CF offers property management services across the Southeast, Mid-Atlantic, Central and Midwest regions of the U.S. The company was selected to manage a 484-unit community acquired by Royal Imperial Group in Tampa, Fla., last December.