$65 Million Mid-City Apartment Development Secures Final Density Bonus

by • November 4, 2016 • Development, Mid-City, Multi Family, Public FinanceComments (0)3262

Rendering of the new Sidney Torres project near Bayou St. John.

Rendering of the new Sidney Torres project near Bayou St. John.

Developer Edwards Community’s proposed $65 million apartment complex received final approval from the City Council for a density bonus on November 3, 2016.

The development will feature 382 apartments at the complex.  Edwards Community was able to get an additional 110 units added in exchange for adding 14 affordable units.

The developer is required to lease the affordable units to individuals who make less than 30 percent of the area’s median income, which is $12,600 per year.

The 380,000 square foot project calls for a “high-end” mixed-use development on a five-acre parcel with 382 apartments of studio, one-bedroom and two-bedrooms, ranging from 750 square feet to 1,200 square feet, in partnership with Edwards Communities.  There will also be retail on the ground floor, and a 525 car parking garage in the middle of the multi-family buildings.  The architecture includes private and shared balconies, large, arched windows, lots of lush landscaping, and multiple courtyards.

The site is located on the Lafitte Greenway and bounded by North Scott Street, the Lafitte Greenway, North Jefferson Davis Parkway and Conti Street.

Entrepreneur Sidney Torres originally purchased the entire 9 acre tract and announced the development.  Our understanding is that he has sold or is selling this portion of the tract to Edwards Community, and retaining the front portion that faces Bayou St. John.

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