60-Acre Redevelopment Under Way in Louisiana

NEW ORLEANS-A massive mixed-use redevelopment is under way here in the Lower Garden District that will transform a 60-acre former public housing project into River Gardens, a mixed-income community of 1,088 new apartment units, 290,000 sf of commercial and retail space and a three-acre park.

The estimated $300-million redevelopment, called St. Thomas HOPE VI Mixed-Use Redevelopment Project, but to be renamed River Gardens, is situated on the site of former public housing project, just steps from the Mississippi River and about 1.5 miles from downtown and the French Quarter.

Locally based developer Historic Restoration Inc. recently broke ground for the first 296 units of rental housing. Charter Municipal Mortgage Acceptance Co. and its subsidiary, Related Capital Co., are providing financing for the first phase. The $48-million loan includes financial contributions from Wal-Mart, which is constructing a 200,000-sf Wal-Mart Supercenter within the redevelopment site. The financing also includes funds from HOPE VI, a U.S. Department of Housing and Urban Development program that uses federal financing as a magnet for private investment.