[StBernard] Groundbreaking Helps Mark Tulane Avenue Residential Renaissance

Westley Annis westley at da-parish.com
Sun Aug 26 17:32:52 EDT 2007


Groundbreaking Helps Mark Tulane Avenue
Residential Renaissance

NEW ORLEANS (August 24, 2007)-- The Louisiana Recovery Authority (LRA), the Louisiana Housing Finance Authority (LHFA) and the Louisiana Division of Administration's Office of Community Development (OCD) joined private investors and Mid-City New Orleans neighbors in celebrating the groundbreaking of two large mixed-income housing developments being built along the city's vital Tulane Avenue corridor.

"Today's groundbreaking marks another significant milestone in our recovery. It was little more than a year ago when we first began discussing this project with developers, and recognized that it would not be possible without a significant infusion of resources from the State of Louisiana," said LRA Chairman Dr. Norman C. Francis. "As a result of this initiative, the LRA created the $569 million 'Piggyback Program,' which has helped to jumpstart 33 new mixed-income community developments that will provide much needed affordable workforce housing throughout New Orleans and South Louisiana."

The Preserve and The Crescent Club received $36.7 million worth of GO Zone Housing Tax Credits through the LHFA and $35.5 million in Community Development Block Grant (CDBG) funds through OCD. Conceived by the LRA and designed in collaboration with OCD and the LHFA, the "Piggyback Program" leverages CDBG funds and tax credits to promote the development of high quality market rate and affordable workforce housing in hurricane damaged areas.

The ceremony, hosted by developers The Domain Companies and attended by over 100 public agency representatives, elected officials and others helped mark progress on one of the largest investments to be made in the area since Hurricane Katrina. According to Matt Schwartz, principal of The Domain Companies, developers of the 183-unit Preserve and the 228-unit Crescent Club mixed-income housing developments, "Today's groundbreaking marks a new beginning for the Tulane Avenue corridor by creating safe, high-quality, mixed income housing close to downtown and the City's employment centers. These projects will begin to unlock the area's potential as a vibrant mixed use corridor, destined to become one of the City's premier areas to live, work, dine and shop"

Schwartz, and fellow Domain partner and Tulane University graduate Chris Papamichael, were among the first major residential developers to come to the city following Katrina and to leverage federally enacted GO Zone financing designed to attract new investment to the wind and water ravaged Gulf Coast. Domain and other public and private sector partners have committed $100 million to their first two New Orleans projects.

Domain's efforts go beyond the launch of these initial two projects and include additional mixed-income multifamily developments as well as the redevelopment of dozens of blighted single family homes and lots located near their larger developments.

Centerline Capital Group, a New York-headquartered real estate finance and investment company, also provided $36.7 million in equity through the syndication of the Housing Tax Credits allocated through LHFA and provided $19.2 million in permanent financing through Freddie Mac. Bank of America will provide $19.2 million in construction financing.

According to Chris Papamichael, "Domain makes every effort to tie our projects as closely as possible to the local community and to extend the impact of our developments far beyond our property lines. We have established a partnership with Reconcile New Orleans designed to provide Central City youth with apprenticeships during each project's construction phase, giving them dual opportunities to improve their work skills and to rebuild their own neighborhoods." Papamichael added "Domain also has been working closely with Sweet Home New Orleans, providing financial and technical support to help displaced local musicians, Mardi Gras Indians and other displaced residents return to the city." In addition, Domain is donating the funds necessary to renovate and improve the nearly St. Patrick's Park and ball fields. Work on the park will commence this week.

To position Domain's properties at the top of the New Orleans market, special features of the properties include interior courtyards with swimming pools and extensive landscaping, attractively furnished interior clubhouses and entertainment areas, business centers and computer centers with high speed internet, fully equipped fitness centers, interior parking for every unit, security monitoring and an evening security patrol. Both projects were designed to maximize energy efficiency and sustainable design features and will meet Louisiana's "Green Building" criteria.

Domain representatives intend to continue investing in New Orleans. The company is finalizing plans for several additional large development projects along the Tulane Avenue corridor. Later this year, Domain will break ground on an additional 72-unit mixed-income development near the corner of South Jefferson Davis and Tulane Avenue and the company has already begun renovating and building several single family homes throughout the Preserve neighborhood. "These investments are only the beginning of Domain's participation in the recovery of New Orleans" said Schwartz. "We will be announcing other significant investments in the near future."
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About The Domain Companies

Founded by Matt Schwartz and Chris Papamichael in 2003, The Domain Companies specializes in the acquisition, rehabilitation and development of affordable, middle-income and market-rate housing with a focus on community development. Domain has been involved in the new construction and preservation of affordable and middle income housing, acquisition and repositioning of distressed housing, historic restoration, brownfield redevelopment, seniors and special needs housing, luxury rental and for-sale housing, neighborhood retail and office development.

About the Louisiana Recovery Authority

The Louisiana Recovery Authority is the planning and coordinating body that was created in the aftermath of hurricanes Katrina and Rita by Governor Kathleen Babineaux Blanco to plan for the recovery and rebuilding of Louisiana. The authority is working with Governor Blanco to plan for Louisiana's future, coordinate across jurisdictions, support community recovery and resurgence, and ensure integrity and effectiveness. Working in collaboration with local, state and federal agencies, the authority is also addressing short-term recovery needs while simultaneously guiding the long-term planning process. Visit www.lra.louisiana.gov <http://www.lra.louisiana.gov> to learn more.

About the Office of Community Development

The Office of Community Development (OCD) is the State's implementation body charged with the expenditure and programmatic oversight of federal Community Development Block Grant funds awarded for Louisiana's rebuilding initiatives. OCD works in concert with the Louisiana Recovery Authority to assure that program design adheres to the parameters and requirements of CDBG funds. OCD also works with federal, state, and local officials to assure that programs and initiatives meet the needs of communities and its citizens.

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