(Read more on the multifamily market.)
NEW ORLEANS-A 750,000-sf building will have a new life as two New York City companies band together for its $160-million renovation. Once completed, the World Trade Center, designed by Edward Durell Stone, will boast 250 high-end residences and a 130-room Renaissance Club Sport Hotel by Marriott.
Located at Two Canal St. on the banks of the Mississippi River, the 32-story structure currently is an office building that is home to the World Trade Center Corp., the building's owner, and a private club, both of which will remain on the premises. The remainder of the structure, developed in 1967, space is vacant.
Developer Full Spectrum NY LLC is in the process of working through the permitting process with the city. Renovation is anticipated to start later this year, with a completion date uncertain. The units will be mainly of one- and two-bedroom lofts.
Frederic Schwartz, whose namesake architectural company is the project's lead designer, says the World Trade Center lends itself well to a residential conversion. "The smaller the floor plates, the easier it is to do it. With larger offices, you're too far away from the windows," he comments. "This has small floor plates so it lends itself very well to conversion."
Another important aspect will be the building's self-sustainability. Although many of the "green" concepts are still on the drawing board, Schwartz tells GlobeSt.com that a couple components will include solar energy, use of recycled materials and a design for more energy-efficient windows. The architectural design includes Studio Jack Travis Architects and the Rockwell Group, both of which are located in New York City.
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