by CSB Staff •
May 12, 2014 •
Central Business District, Development, Multi Family •
Comments (0) •
Rendering by Terrel-Fabacher
530 Natchez Street, a vacant three-story building, will soon be converted into 12 luxury apartments by father and son developers Jonathan and Earl Weber.
The building is roughly 19,000 square feet. Total new construction costs will be circa $1.8 million, or roughly $150,000 per unit.
Financing includes the use of state and federal historic tax credits.
Wescon, LLC of Kenner is the general contractor and Timothy Terrell of Terrell-Fabacher is the architect.
According to Orleans Parish conveyance records, the Webers purchased the building in 2012 from Fountainhead S.P.E., Inc. for $965,000.
According to CityBusiness, the project involves construction of 12 three- and four-bedroom rental units with luxury amenities. There would be a shared courtyard which would include a swimming pool and four hot tubs, and each unit will have new balconies.
Contractors also plan to repair and restore the building’s brick and stone façade, replacing all of the building’s architectural elements. All of the outer doors and windows are also being replaced to meet building codes for hurricane force winds up to 130 miles per hour.
While the units will be apartments, the developers plan to eventually to convert them into condominiums once the 5 year hold period required by the tax credits expires.
The Webers prior experience includes the 2012 redevelopment of the second and third floors of Jax Brewery into 11 residential units.