Texaco Building to Become Mixed-Use Complex

By Amalia Otet, Associate Editor The long-vacant Texaco building at 1501 Canal St. is one step closer to being rehabilitated. The Times-Picayune reports that the State Bond Commission has approved the issuance of as much as $22 million in bonds for [...]

The long-vacant Texaco building at 1501 Canal St. is one step closer to being rehabilitated. The Times-Picayune reports that the State Bond Commission has approved the issuance of as much as $22 million in bonds for the rehabilitation project; the approved financing is expected to cover approximately two-thirds of the total redevelopment costs.

The $33.2 million overhaul will be conducted by HRI Properties, a full-service real estate development company and a national leader in the adaptive reuse of historic structures based in New Orleans. The 17-story building, constructed in the early 1950s, will be completely restored and transformed into housing for low-income senior citizens. The work will be kicked off in April 2012 and is expected to take about 15 months to complete.

Upon completion, the mixed-use development will feature 112 housing units and about 4,500 square feet of retail space. Amenities will include a community room fronting on Marais Street, a fitness room, a garden terrace and a beauty salon.

In other news, Buddig Hall, a 45-year-old dormitory building on the Loyola University campus, will undergo an extensive renovation project, slated to begin in May 2012. The $8 million makeover includes asbestos removal and the replacement of some of the building’s windows, installation of a new air conditioning and heating system, as well as new hurricane shutters, according to a New Orleans City Business story. The project will be supervised by architectural group Munos-Mathes Collaborative.

In addition, New Orleans City Business reports that construction is set to begin on a new four-story building at 2000 Tulane Ave. that will replace LSU Health Foundation’s headquarters. The project will take as long as 13 months to complete and will include lobby space and parking on the first floor and office space on the top three floors.

Image courtesy of Flickr user Infrogmation of New Orleans