Work is underway on the first phase of a $200-million mixed-use development in New Orleans. When completed, it will be the largest mixed-use development in the city with 600 apartments and 170,000 square feet of retail space spread out over four blocks.
In late-June, Woodward Design Build started construction on the first phase, which includes the $48.4-million Paramount at South Market. The five-story building will occupy an entire city block and will house apartments, restaurants and retail outlets.
The Domain Companies is developing the project with a design based on a modern interpretation of the architectural influences of the city's Warehouse District. Ground-level retail spaces will feature 19-foot ceilings and the unique one and two-bedroom apartment floor places will include innovative "live/work" lofts. In total, Paramount will house 209 apartments and 22,000 square feet of retail space.
South Market is being developed as a "transit-oriented" district and is located on the new Loyola street car line, offering access to the Central Business District and the new Biodistrict (currently under construction). It is one of a number of mixed-use projects The Domain Companies has recently developed in the city.
"South Market will create the type of mixed-use district, with high-quality housing proximate to employment, public transportation, amenities and services, that is needed to support the growth and diversification of New Orleans economy," says Matt Schwartz, president of Domain Companies.
There are three other parcels to be built with construction starting in 2014 and 2015. Two of the buildings will house more retail space and apartments. The third will be a 24,000-sq-ft building with 435 parking spaces. Schwartz says they are still working out the details to secure financing for the other phases of construction.