Warehouse District $70M condo tower construction to begin this year, developer says
A 16-story, $70 million condo tower on Annunciation Street in the Warehouse District will begin construction later this year after developers settled a marathon fight with neighbors over the building’s height.
Spectrum Capital, based in Jackson, Mississippi, said Wednesday (April 19) the company is moving forward with the project branded Eleven Hundred Annunciation, named after the building’s Warehouse District address near the elevated Pontchartrain Expressway. A previous incarnation of the project, known as the Tracage, was in the works going back to 2006 with a 24-story design.
The project was temporarily sidelined while weathering the turbulent national economy in 2008. After the City Council approved a 16-story design in 2014, developers faced litigation from a few neighbors opposed to its scale.
Warehouse District targeted for high-rise hotel, condos
Both buildings are proposed for Annunciation Street near the Pontchartrain Expressway.
“The path is now clear for us to bring Eleven Hundred Annunciation to the Warehouse District,” said Jason Voyles of Spectrum Capital, developer on the project, in a news release. “This exciting project offers a rare opportunity by combining one of New Orleans’ most prolific historic neighborhoods with all of the luxuries and conveniences of new construction.”
In an interview, Voyles said construction of the 86-unit building will last between 20 and 22 months and should begin by the end of the year. Spectrum is in talks with a possible tenant for all of the retail space on the street level, he said. The potential tenant, which he declined to identify, would “service the needs of the neighborhood as well as the owners at Eleven Hundred,” Voyles said.
South Market District plans 29-story, $100 million tower
It would mark the tallest new construction residential project in the Central Business District since 2010.
The size of the condos will range from one-bedroom, 750-square units to four-bedroom, 3,000-square-foot units. Prices for the condos weren’t available Wednesday. “We believe in New Orleans, and we think this is a perfect location for a condominium project that will be unlike any other in the New Orleans area,” Voyles said.
The building includes four lower levels of parking and a rooftop with a pool and fitness center.
Spectrum said in the release that Wednesday’s announcement “follows the resolution of legal matters that had delayed a past project on the site.” The neighboring Lengsfield Lofts condo association, led by residents Josh Rubenstein and Russ Herman, had sued over the project.
Spectrum Capital is now the sole developer; previous partners T.J. Iarocci and Rob Tatum dropped out. Trapolin+Peer Architects designed the building, and Talbot Realty is marketing the condos.http://www.nola.com/business/index.ssf/2017/04/warehouse_district_condo_tower.html#incart_river_index