$24 Million, 89 Unit Multifamily Conversion Coming to French Quarter

by • September 10, 2014 • French Quarter, Multi FamilyComments (1)4117

 

Photo via hnoc.org

Photo via hnoc.org

Word on the street is that a national developer that owns the former Maison Blanche annex at 939 Iberville St. have plans to redevelop the vacant building into an 89 unit apartment building.

The Vieux Carrè Commission’s architectural board is reviewing the plans of the French Quarter Apartments Limited Partnership, which owns the property.  The renovation would include a mix of one-, two- and three-bedroom market rate apartments with an average size of 1,300 square feet.

According to Louisiana Secretary of State, French Quarter Apartments Limited Partnership is composed of California-based companies SunAmerica Affordable Housing and DIL/SAHP Corp. Both companies are subsidiaries of AIG Global Real Estate of New York.

Orleans Parish Assessor’s records show the partnership purchased the property in 1998 for $3.875 million.

The estimated cost of the conversion project, which would use state and federal historic tax credits, is about $20 million, with construction taking roughly 2 years.  

The development would include adding a penthouse and an 85 car parking garage, and commercial space on the ground floor

The residential units start on the third floor. The planned development would include 24 apartments on the third floor, 24 on the fourth floor, 23 on the fifth floor and 16 penthouses.

The building was built in the late 1920s and was designed by New Orleans architect Emile Weil.

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One Response to $24 Million, 89 Unit Multifamily Conversion Coming to French Quarter

  1. […] $24 million project to redevelop 939 Iberville Street in the French Quarter in to an 87 unit apartm… is moving right […]

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