Domain Cos. will construct another 15-story building in a fourth phase of development at its South Market District project in downtown New Orleans.
The new building will be designed to house 89 upper-level condominiums and 24,000 sq ft of ground floor retail space. The condos, which will be known as "The Standard," will feature a mix of one, two and three-bedroom units. There will also be a resident clubhouse and bar with media lounge, a state-of-the-art fitness center. Construction will also include a 30,000-sq-ft amenity deck on the third flood with a pool, cabanas and an outdoor kitchen.
The building is part of the South Market District, a large mixed-use development in the Central Business District near the Superdome. Construction started on the $250 million project in June 2013 and included a first phase with two buildings featuring 48,000 sq ft of retail space, 209 apartments and 435 parking spaces.
Phases II and III, currently under progress, include nearly $40 million of construction for the Beacon, a seven-story, 172,000-sq-ft building with 114 apartments.
Domain Cos. is utilizing tax breaks that require it to ensure that 40% of construction workers are from New Orleans and that 35% of contracts be awarded to disadvantaged businesses. Domain Cos. co-founder Matt Schwartz says the company staged the project in phases to accommodate staged openings and match market demand for residential and retail components.
The building is designed by Morris Adjmi Architects and the general contractor is Woodward Design+Build. Construction is set to begin early in 2016 with a targeted completion date in late-2017.