(To read more on the multifamily market, click here.)
NEW ORLEANS-In a whirlwind week mixing celebration withcommemoration, Louisiana leaders and a pair of developers will cutthe ribbon tomorrow on the first residential product to deliver inthe CBD since Hurricane Katrina. The $30-million adaptive reuse ofthe historic Shell Building is a harbinger of what lies ahead forthe Gulf Coast reconstruction.
Up and down the coastline and CBDs in Katrina's path are beingrebuilt primarily with mixed-use projects in line with a nationwidetrend bolstered by Baby Boomers' demand for convenience-basedlifestyles and waterfront views, if possible. The New Orleanslandmark--925 Common--is putting 108 market-rate apartments and11,500 sf of street-level retail into the Downtown inventory.
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