New Orleans City Council has approved a 40-year Payment-In-Lieu-Of-Taxes (PILOT) agreement for the Rivana Apartments, a $100 million, 220-unit mixed-income development in the River District. The vote, which took place on July 10, passed with a 6-1 majority, advancing a key phase of the River District’s housing plan linked to the Ernest N. Morial Convention Center redevelopment strategy.
The approved PILOT arrangement requires annual payments starting at $5,000, increasing by 3% each year over four decades. Rivana Apartments, developed by River District Neighborhood Investors, LLC (RDNI), will feature mixed-income units aimed at households earning 20% to 80% of the area median income. The project also includes ground-floor retail and has been designed in collaboration with Trapolin-Peer Architects, Studio Kiro, and Gensler.
This development is situated on a Convention Center-owned parcel adjacent to the New Orleans Convention Center. The Convention Center had previously agreed to a $6.5 million loan with a clause allowing them to buy back the site if the development does not proceed within five years. The project received Design Advisory Committee approval in 2025.
The Rivana Apartments project has significant implications for the local real estate market, potentially affecting downtown housing supply, rents, and retail activity. It is the first major residential phase tied to other components in the River District, which includes Shell’s office campus, potentially influencing leasing and investment interest in nearby Class A office and retail spaces.
Further reporting on the development might explore the project’s financing details, including construction and permanent debt, as well as expected subsidy and revenue projections connected to the PILOT. Additionally, insight into RDNI’s construction timeline and procurement, along with community involvement in enforcing rent caps and affordability, would offer valuable context for potential stakeholders.
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