Construction on The Odeon at South Market, a new, $106 million mixed use project with 271 apartments planned, has begun, according to The Domain Companies, which is developing the property.
The 414,000 square foot building, expected to open in 2020, will include 200 parking spaces and 12,000 square feet of retail space and will go up on the existing surface parking lot on Loyola Avenue between Julia and Girod streets.
The Domain Companies Principal Matt Schwartz said The Odeon is “the tallest building constructed in New Orleans in over 30 years.”
“This speaks volumes about the momentum in New Orleans today and how our city continues to grow and evolve,” Schwartz said. “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.”
Funding for The Odeon has also been secured, according to the press release, including $69.5 million from The U.S. Department of Housing and Urban Development and $9 million in construction financing through Iberia Bank. Developers also secured a joint-venture equity investment with Wheelock Street Capital.
The Odeon will be the fifth building in the South Market District, a $500 million mixed-use downtown development centered on the intersection of O’Keefe Avenue and Girod Street. The development also includes:
- The Paramount, a $48 million apartment building with 209 units and ground-level shops and restaurants, including Willa Jean and Company Burger.
The Domain Cos., which developed The Ace Hotel, also plan a hotel development for the 6-story building at 546 Carondelet St. The company hasn’t released details on what that will include, but early plans filed with the city appear to show a 67-room hotel with commercial space on the corner of Carondelet and Poydras streets.