The 194,000-square-foot commercial building at 1111 Tulane Avenue known as The California Building will undergo a $15 million renovation into a 153 unit apartment complex with ground floor retail.
The building, at the intersection of Tulane Avenue and South Rampart Street, changed hands in in 2013 for $4 million, according to Orleans Parish conveyance records.
According to plans submitted to the city, the owners will be redeveloping the vacant commercial building into a mixed use building that 1st floor retail and apartment units on floors 2 through 10. The development will feature 139 apartments and 14 penthouses.
The three retail units (2,379 S, 3,476 RSF, 1,713 RSF) are all going for $30/square foot, according to a flyer from listing broker Hayden Wren of Corporate Realty.
The building was built in the 1950’s and was last used as an operations center for a regional bank.
Malin Construction Company is the general contractor and recently requested bids from DBE subs.
One of the developers is Craig Boes of Boes Iron Works. Rumor has it that the GC, Malin, also has an ownership interest in the building.
The architect is Kenneth Gowland of Metro Studios.
1031 Canal street pulled down their website, and it is probably going to be up for sale soon. Nice to see other projects moving forward in the area. The city needs to do its part and take control of the situation at rampart and canal.