{"id":1004103705,"date":"2014-09-13T21:55:43","date_gmt":"2014-09-14T05:55:43","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=291149"},"modified":"2020-05-18T02:55:53","modified_gmt":"2020-05-18T10:55:53","slug":"the-paramount-starts-pre-leasing-market-rate-french-quarter-apartments-announced","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-paramount-starts-pre-leasing-market-rate-french-quarter-apartments-announced\/","title":{"rendered":"The Paramount Starts Pre-Leasing; Market-Rate French Quarter Apartments Announced"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p>Yet another apartment project has been announced for New Orleans\u2019 highly desirable historic downtown core, but unlike most French Quarter developments, this residential project will feature market-rate residences instead of luxury units, reports <em><a href=\"https:\/\/canalstreetbeat.com\/24-million-89-unit-multifamily-conversion-coming-to-french-quarter\/\" rel=\"nofollow\">Canal Street Beat<\/a>.<\/em> The 89-unit development is helmed by French Quarter Apartments LP, an entity that consists of SunAmerica Affordable Housing and DIL\/SAHP Corp. Both are subsidiaries of AIG Global Real Estate of New York.<\/p>\n<p>If approved by the Vieux Carr\u00e9 Commission (VCC) architectural board, the developers will add a rooftop penthouse and cooling towers to the existing warehouse structure and initiate comprehensive interior renovations at the property. The former Maison Blanche annex\u2019s exterior will not be altered, as the developers will be using federal and state historic tax credits for the $20 million conversion.<\/p>\n<p>According to <em>Canal Street Beat<\/em>, the 939 Iberville St. project will feature street-level commercial space, an 83-car parking garage, 24 apartments on floors three and four, 23 on the fifth floor and 16 penthouses. Units will average 1,300 square feet and include one-, two- and three-bedroom apartments.<\/p>\n<p>Designed by local architect Emile Weil, the historic property was built in the late \u201920. The owner-developers purchased the property for $3.9 million in 1998.<\/p>\n<div id=\"attachment_291150\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/The-Paramount-at-South-Market.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-291150\" title=\"The Paramount at South Market\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/The-Paramount-at-South-Market.jpg\" alt=\"\" width=\"300\" height=\"296\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">The Paramount at South Market<\/p>\n<\/div>\n<p>In other residential news, pre-leasing has kicked off at the $48.4 million <a href=\"https:\/\/paramountnola.com\/paramount\/\" rel=\"nofollow\">The Paramount at South Market<\/a> luxury apartments. The LEED-certified apartment building comprises more than 200 one- and two-bedroom apartments ranging between 594 and 1,276 square feet. Rents start at a monthly $1,465 and go up to $2,935. <em><a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/new-orleans\/south-market-celebrates-groundbreaking-starts-infrastructure-work\">As previously reported<\/a><\/em>, The Paramount is the first stage of the $200 million multi-phase South Market District set to transform a four-block area of New Orleans\u2019 historic downtown.<\/p>\n<p><em><a href=\"https:\/\/www.multihousingnews.com\/market-data\/market-snapshot-2013-tightens-new-orleans-apartment-market-projects-rent-growth-for-2014\/1004097148.html\" rel=\"nofollow\" >Click here<\/a> for further New Orleans market data.<\/em><\/p>\n<p><em>Image courtesy of The Paramount at South Market\/The Domain Cos. via Facebook<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Eliza Theiss, Associate Editor Yet another apartment project has been announced for New Orleans&rsquo; highly desirable historic downtown core, but unlike most French Quarter developments, this residential project will feature market-rate residences instead of luxury units, reports Canal Street Beat. The 89-unit development is helmed by French Quarter Apartments LP, an entity that consists [&#8230;]<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1599,21742],"tags":[],"class_list":["post-1004103705","post","type-post","status-publish","format-standard","hentry","category-new-orleans","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Paramount Starts Pre-Leasing; Market-Rate French Quarter Apartments Announced - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-paramount-starts-pre-leasing-market-rate-french-quarter-apartments-announced\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Paramount Starts Pre-Leasing; Market-Rate French Quarter Apartments Announced\" \/>\n<meta property=\"og:description\" content=\"By Eliza Theiss, Associate Editor Yet another apartment project has been announced for New Orleans&rsquo; highly desirable historic downtown core, but unlike most French Quarter developments, this residential project will feature market-rate residences instead of luxury units, reports Canal Street Beat. 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