News and Updates: April 27, 2006

925 COMMON LUXURY APARTMENTS IN CBD NOW LEASING

New Orleans, LA—925 Common, the first new residential property in the Central Business District to come on line post Katrina, is now leasing with occupancy scheduled for mid-June. Located at the corner of University Place and Common Street, the 14-story development includes 102 one- and two- bedroom luxury apartments plus six penthouses. The building also contains 11,500 square feet of street level retail space and a 200-car garage.

Apartments range from 725 to 1,250 square feet, with ceiling heights from 10 to 14 feet. They are finished with stainless steel appliances, granite countertops, washers and dryers, and include individually-monitored alarm systems, high-speed internet connections and wi-fi. Rents begin at introductory rates of $1495, with a projected move-in date in June.
Fully-furnished corporate units are also available in all floor plans. These units are equipped with fax/copier machines, bedding, towels, dishware, glasses, silverware, counter-top appliances, etc. According to co-developer Marc Blumberg, “Corporate residents will find these apartments a welcome alternative to a hotel room. All the comforts of home will be provided, making it easy for them to move in and go to work.”

The building’s amenities are similar to those offered at high-end Manhattan apartments including 24-hour alarm system, valet parking, a doorman, porter, concierge services, a business center, housekeeping and a fitness center. In-building parking will be available on the lower floors on a reserved and valet basis. Both monthly contract and daily parking will also be available.

Even more amenities are planned for the future. “Once the Fairmont Hotel reopens, 925 Common expects to offer its residents access to a variety of hotel services provided on an a la carte basis such as room service, catering, concierge, etc.” said Blumberg.

Latter & Blum Property Management, Inc. is serving as the property manager and residential leasing agent for the project and Marc Blumberg of Palmetto Partners, Inc., is handling the retail leasing.

“There is great housing demand in New Orleans for the numerous locals who want to return,” Maureen Clary, CPM, Executive Vice President of Latter & Blum Property Management, said. “925 Common is in the heart of the CBD, convenient to the financial and medical district and our universities. It’s also an ideal site for corporations needing to house short- or long-term employees involved in our rebuilding efforts.”

925 Common, formerly the original Shell Building, is a prime example of the International style of architecture that became so popular in the 1950s. “We’ve designed the apartments to provide all the conveniences of contemporary living while preserving the historic features of the building,” said Blumberg. “Original features such as the large windows offer many views of the city.”

New retail space will be available on both sides of 925 Common. Approximately 7,500 s.f. fronts University Place, adjacent to the Fairmont Hotel and directly across from the Orpheum Theater. Approximately 4,000 s.f. will be accessed at the building entrance on Common Street. Both bays are divisible. Planned retail uses include a full service restaurant, coffee shop, bank or ATM, newsstand, dry cleaner or other amenity/service oriented retailers. In addition to the 108 residential units contained within the building, another 1,200 hotel rooms are located within a few steps of the property.
The Shell Building, designed and constructed by August Perez and Associates in 1952, is the first International style building in Louisiana to be named to the state historical registry, and one of a small number making it to the national historic registry. Its open floor plan forms a “V” at the sharp intersection of Common Street and University placing it in close proximity to theaters, shopping, the French Quarter, public transportation and many of New Orleans finest restaurants and attractions.

The architect and designer for the redevelopment is Rozas-Ward Architects. The contractor is Carl E. Woodward, LLC. Both firms are based in New Orleans.

The total project is 353,000 square feet, with 249,000 square feet in the redevelopment area and 104,000 square feet leased to the Fairmont Hotel containing approximately 170 of their guestrooms and suites plus the architecturally famous barrel ceiling International Ballroom. Pullman Bank of Chicago is the construction lender for the $30 million+ project. Chevron is the historic tax credit partner.

925 Common is owned by Belmont Commons LLC, led by Manny Organek of Boca Raton, FL, and Marc Blumberg of Atlanta, GA. The two have been involved in real estate investments in the state since 1988.