Rendering of The Odeon by The Domain Companies.
The $106 million development known as The Odeon has broken ground in the South Market District.
New Orleans-based The Domain Companies is behind the project, which will include 271 apartments, 200 parking spaces, and 12,000 square feet of retail in a 414,000 square foot building. The project will be constructed at a surface parking lot on Loyola Avenue between Julia and Girod streets.
According to Nola.com, The Odeon is “the tallest building constructed in New Orleans in over 30 years.”
Funding for The Odeon closed in June, which included a $69.5 million non-recourse loan from The U.S. Department of Housing and Urban Development and $9 million in construction financing from Iberia Bank. Wheelock Street Capital provided additional equity.
Last year, Domain received an IDB approval for a payment in lieu of taxes (PILOT) that would have allowed Domain to pay only the assessed value of the vacant lot, or $34,000 a year. Once the development is complete, the developer would have had to pay a fixed fee of $518,000 per year until 2021, with 3 percent increases after that.
Domain is also building a new hotel at the former Stone Pigman law office building next to the Ace Hotel, which will be branded and run but Ace’s parent company, Atelier Ace. Early city filings show the 6-story building at 546 Carondelet St. will include a 67-room hotel with commercial space at the ground floor.