New Orleans, LA –The Domain Companies is excited to announce the financing and commencement of construction of The Odeon at South Market, a $106M mixed-use project in the heart of Downtown New Orleans. The announcement is the culmination of nearly 10 years of continued work and over $500M investment in Louisiana’s first mixed-use, transit-oriented development.
The 29-story building is the fifth building to join the South Market District, with announcements for the sixth and final phase to be made later this year. Completed South Market projects include The Standard, The Paramount, The Beacon, and The Park.
The 414,000sf building will include 271 studio, one-bedroom, and two-bedroom market-rate apartments, 200 parking spaces, and 12,000sf of retail space being leased through New Orleans-based Corporate Realty. The Odeon’s retail leasing will target food and beverage, fitness services, and soft goods businesses.
“The Odeon is the tallest building constructed in New Orleans in over thirty years,” says Matt Schwartz, The Domain Companies Principal. “This speaks volumes about the momentum in New Orleans today and how our City continues to grow and evolve. We’re proud to add The Odeon to a growing list of investments that are building a vibrant and culturally rich Downtown and attracting new residents, employers, and visitors.”
To advance The Odeon, Domain tapped a team of financial partners with which it has previously worked on numerous transactions, including several in South Market. The U.S. Department of Housing and Urban Development provided $69.5M in construction and permanent financing arranged by Jones Lang LaSalle (JLL). IBERIABANK, which has participated in each South Market financing, provided $9M in construction financing. The Odeon launches a new partnership with Wheelock Street Capital, which provided a joint-venture equity investment, arranged by HFF.
“Being part of a project with the magnitude of South Market in New Orleans is a special opportunity, and we are proud to have been able to use our expertise in securing HUD financing to play a role in bringing The Odeon to fruition,” says Tim Leonhard, JLL Capital Markets, Finance, Managing Director. “The South Market District is one of the most impressive mixed-use development districts I have seen in my 20-year career in real estate development and finance.”
“IBERIABANK is proud to partner with Domain for this quality development in our City, and we have enjoyed being a part of the South Market development from the beginning,” says Susan Pereira, IBERIABANK Senior Vice President and Commercial Relationship Manager.
The Industrial Development Board of the City of New Orleans (IDB) entered into a Payment in Lieu of Taxes agreement with The Domain Companies to move the project forward.
“With The Odeon, The Domain Companies has fulfilled IDB’s purposeful goal of working closely with quality developers to make New Orleans a better place,” says Alan Philipson, Industrial Development Board of the City of New Orleans President.
Construction is expected to be complete in fall 2020, at which point apartment leasing will begin. Humphreys & Partners Architects is the architecture firm leading the building’s design, with Woodward Design+Build serving as the general contractor and Farouki Farouki as interior designer.
The Odeon is the first rental building of its kind in New Orleans, representing a significant leap in product, amenities, and programming over anything available in the market today. The building will feature 25 stories of housing, in addition to four floors of retail space and parking. Residents will enjoy unmatched views; an entire floor with nearly 30,000sf of dedicated amenities (including a 15,500sf outdoor pool deck and lounge); furnished guest suites; a resident lounge and media area; and a fitness and well center on par with any commercial facility in New Orleans.
Like current residents of The Paramount, The Beacon, and The Standard, residents will receive access and proximity to some of the city’s best dining, shopping, and entertainment destinations. As with all of Domain’s properties, residents become members of the MyDomain program, which includes automated payments, online maintenance requests, exclusive neighborhood discounts and rewards, and more. Residents can also participate in Domain’s MyCommunity program, which supports local non-profits and coordinates volunteer opportunities throughout the year.
This announcement comes at an exciting time for the South Market District and the City of New Orleans. Texas-based tech firm Accruent made its move to The Shop at the CAC in Downtown New Orleans in June 2018, with plans to hire 350 employees by 2020. Accruent joins DXC Technology, a leading independent IT services and solutions company, which recently opened their office in Downtown New Orleans. DXC promises to bring 2,000 jobs to the city over the next six years.
These businesses developments have been announced as New Orleans welcomes residential, hospitality, cultural, and educational additions. This includes a $1B Louis Armstrong New Orleans International Airport expansion, construction of the Four Seasons Hotel and Residences at the site of the former World Trade Center building on Canal Street, and much more.
About the South Market District
The South Market District encompasses a burgeoning five-block area in the heart of Downtown New Orleans. The first mixed-use, transit-oriented development Downtown, South Market combines luxury apartments with some of the city’s best retailers, restaurants and entertainment venues, including the nearby Ace Hotel. Once complete, the $500M South Market will include 1,000 luxury apartments and condominiums, 200,000 square feet of retail space including a 40,000sf full-service gourmet grocer (Rouses Market), and 1,300 garage parking spaces. www.southmarketdistrict.com
About The Domain Companies
Founded in 2004, The Domain Companies is based in New Orleans and New York and specializes in the development and management of unique, mixed-use properties in core urban locations. Domain creates high-quality properties that stand apart through innovative design and exceptional management, enhancing the communities in which they build. Domain’s projects include the new construction and preservation of affordable, mixed-income, and luxury housing; the acquisition and repositioning of distressed housing; historic restoration; brownfield redevelopment; seniors and special needs housing; and hospitality, retail, and commercial development. www.thedomaincos.com