HRI Communities has officially launched the $26 million renovation of the historic Touro-Shakspeare building in Algiers, aiming to create 52 affordable senior apartments. Construction began on January 15-16, 2026, marking a significant step in transforming the long-vacant 72,000-square-foot almshouse into housing for seniors.
The project involves an adaptive-reuse historic renovation, which will convert the space into deeply affordable one-bedroom apartments for residents aged 62 and older, earning at or below 50% of the area median income. HRI Communities, in partnership with Landis Construction and HCI Architecture, plans to complete the project by early 2027.
Financing for the development was completed in December 2025. The project’s financial backing includes Low-Income Housing Tax Credits, a $5 million CDBG-DR loan from the Louisiana Office of Community Development, and partnerships with Boston Capital Finance, First Horizon Bank, and Stonehenge Capital. This diverse funding strategy serves as a model for similar complex rehabilitations.
Public partners include the City of New Orleans Office of Community Development and the Housing Authority of New Orleans, which will assist with tenant support through project-based Section 8 vouchers. Resiliency features, such as a FORTIFIED roof and storm-rated fenestration, are part of the preservation work, adding long-term value to the historic asset.
This development not only provides much-needed affordable senior housing but also highlights successful private-public collaboration in financing and adaptive reuse. The new apartments will contribute to the affordable housing pipeline in New Orleans, setting a precedent for future projects prioritizing affordability and historic preservation.
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