(To read more on the multifamily market, click here.)
SLIDELL, LA-A New Orleans developer is planning a 352-unit multifamily complex as a neighbor to the 2,750-seat Grand Theatre. The all-in development tag is pushing $30 million.
Once the local city council approves the project for the 1900 block of Gause Boulevard, the New Orleans-based developer Intradel Corp. will close on the land, which is currently owned by a local partnership. Plans call for construction to begin on the Presidio in six to eight months. Kerry W. Kirby, Intradel's president and CEO, tells GlobeSt.com that it will take 18 months to complete the 16-acre project.
"We're building these to try to help those were victims of the hurricanes," Kirby explains, adding that Presidio will be Intradel's first project in Slidell. He says Slidell is unique because of its location and has been a consistently high-growth market due to its outstanding school district. "It's 30 minutes to New Orleans and 30 minutes from the Gulf Coast," he says. In addition, the city, situated just off State Highway 190, is close to interstates 10, 12 and 59. "It's a centralized little hub," he adds.
Presidio, located next to the just-completed Grand Theatre, will consist of three-story, walk-up apartments with one-, two- and three-bedroom floor plans. Apartments will range from 700 sf to 1,350 sf. Rents have not yet been determined.
Site engineering work is being performed by the New Orleans office of Evans-Graves Engineers Inc. A project architect, contractor and management company have not been selected.
The Intradel team also is examining other development opportunities in the hurricane-ravaged areas. The company is working through the permitting process to develop a multifamily project in Gulfport, MS.
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