The Domain Cos. announced today that they have secured financing for the $80 million condo project dubbed The Standard, the fourth building in the South Market District.
Domain broke ground on the 15 story condo building, which will feature 89 luxury condominiums and 24,000 square feet of retail on O’Keefe Avenue. Check out the renderings and plans here.
The Standard is the fourth building in the South Market District, which also include mixed-used developments The Paramount, The Beacon, and the retail-garage complex with an Arhaus furniture store and CVS. Together, there are already 330 apartments in those buildings. Construction is scheduled to be finished in spring of 2018.
“The Standard will propel the incredible momentum of the South Market District and downtown New Orleans,” said Matt Schwartz, The Domain Cos. principal, in a news release. “The Standard is the next step in downtown’s progression, one that will build on the neighborhood’s excellence through world-class architecture, amenities and services unlike anything in New Orleans today. With the Standard, we are creating the finest residential building in New Orleans by any measure”
The building is designed by famed architect Morris Adjmi, a New Orleans native and founder of New York City-based Morris Adjmi Architects.
The building will include a unique 30,000sf amenity deck on the third floor with a large saltwater pool, private poolside cabanas, lush landscaping and a pool house and lounge. The deck will round out a full suite of amenities and services, including a full-time concierge, resident clubhouse and library with chef’s kitchen, art-filled lobby, state-of-the-art fitness center, secure storage areas and onsite parking.
The Bank of the Ozarks provided the construction loan and iStar provided a mezzanine loan. Equity came from UrbanView Capital, The Domain Companies and Woodward Interests, a subsidiary ofWoodward Design+Build, who will serve as the general contractor.