NEW ORLEANS (AP) New Orleans is adding to its ranks of luxury apartment complexes with 1.2 million square feet of new apartment space, including some that will cost more than $6 million, and will open the floodgates to other developers looking to build similar units.
The new project is called Belle Époque and is being developed by the city’s development agency.
New Orleans Mayor Mitch Landrieu said it will help bring about the next wave of development that will bring more affordable housing to the city.
Landrieud said he was excited to see developers taking advantage of the city and the region’s abundant supply of affordable housing.
The city has the largest concentration of luxury apartments in the country and the highest percentage of the nation’s population living in one or more luxury apartment buildings.
It has also seen a boom in new apartment buildings, particularly condo developments.
The first three of the new Belle Éphraques apartment buildings are expected to be completed by late 2021 or early 2022, according to Landrieuf.
The two other Belle Éphantiques are expected in 2019.
Developers include a group led by private equity firm CAA and developer-turned-owner of the New York Mets’ home stadium Mets Park, who is buying the land.
Landry’s office is handling the financing.
The New Orleans development agency, the New Orleans Landmark Development Authority, said it received $6.5 million in federal loan guarantees and another $1.4 million in state and local tax credits through the U.S. Department of Housing and Urban Development and the U!
T.A.E. program for affordable housing development.
Landieu said the new developments will allow more New Orleanians to buy their first apartments and to live in them.
The federal and state governments have already pledged more than half a billion dollars to help finance the new buildings.
Land of opportunity The New Orleans development agency has about 2,200 properties under contract for up to $250 million.
Landriou said the buildings are part of a broader effort to revitalize the city, which has struggled for decades to find a place for low-income residents who otherwise might be priced out.
New Orlesans are one of the least-affordable places in the nation for renters and have been one of America’s fastest-growing metropolitan areas in recent years, according, Census Bureau data.
The median household income in New Orleans, $59,700, was well below the national average of $73,800, according the U!.
T. a.p.o., and about 20 percent of residents live in poverty.
Landreeu said that when he visited New Orleans in June, he was struck by the large number of new luxury apartment projects.
“It’s just the beginning,” he said.
The mayor and Landrieus will announce a citywide initiative to bring new developers to the area, which will include a plan to bring in new businesses and expand existing ones, he said, adding that he hopes the project will spark further investment.
The government has pledged $1 billion in housing loans for developers and investors, and a $2.2 billion project to expand and modernize a downtown area.
The development agency also plans to begin issuing bonds to help fund other projects.
Landries office said the Belle Équoques development will include 1,100 townhouses for rent and 1,000 duplexes.
The developer is planning to build the new complex next to a parking garage that has been a popular destination for residents and businesses to park.