PILOT Approved For $50M Downtown Development

by • June 21, 2017 • Development, Public Finance, Warehouse DistrictComments (1)6313

Last week, the Industrial Development Board approved a payment in lieu of taxes, or PILOT, for a new $50 million mixed-use development in the Warehouse District proposed by Woodward Interests and Boston-based Audubon Capital Partners.

The developers plan to build a 307,000-square-foot apartment complex with commercial retail on the ground floor, 144 off-street parking spaces, and almost 200 one-bedroom and two-bedroom apartments.

The site is currently a surface parking lot, empty warehouse, which would be demolished, and a two story carriage house that would be incorporated in to the project.  The land is bounded by St. Charles Avenue, St. Joseph, Julia and Carondelet streets and is adjacent to Emeril’s corporate headquarters at 829 St. Charles Ave.

The PILOT granted permits the developers to pay $64,000 a year during construction, and once completed, $282,893 per year with 3% increases each year for 10 years, plus $25,000 to the Neighborhood Housing Improvement Fund.

The proposed development will be five stories and 65 feet, and sits in a CBD-5 zoning district.

Woodward Audubon LLC signed a long term lease for the land.  Trapolin-Peer is the architect.

Renderings below. You can find the entire proposal online here, which was added by our friends at nola.com.

Rendering of the new apartment complex planned for 730 Julia Street. Rendering by Trapolin-Peer Architects.

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