News and Updates: October 27, 2005

CORPORATE HOUSING NOW AVAILABLE FOR COMPANIES PLANNING TO REBUILD NEW ORLEANS

New Orleans, LA –As part of rebuilding New Orleans, the historic Shell Building on Common Street in the Central Business District (CBD) is being redeveloped into luxury apartments by Belmont Commons L.L.C. led by Manny Organek of Boca Raton, FL, and Marc Blumberg of Atlanta, GA.

The 14-story, 353,000 s.f. development to be named 925 Common, will have 102 one- and two- bedroom apartments plus six penthouses. The project also contains 11,500 s.f. of street level retail space, a 200-car garage and offers direct access to the Fairmont Hotel.

“It is important to the New Orleans recovery efforts to bring additional, scalable housing options to the area,” Marc Blumberg said. “We have sped up completion of 925 Common in order to provide a larger scale housing opportunity to the companies and organizations involved in the rebuilding effort. We believe that our tenants will find it very advantageous to house large groups of employees or contractors under one roof.”

The apartments will range from 725 to 1,250 square feet, with ceiling heights from 10 to 14 feet. Fully-furnished corporate units are available in all floor plans. The apartments are finished with stainless steel appliances, granite countertops, washers and dryers, and individually-monitored security systems. High-speed internet connections, wi-fi and fax/copier machines are provided for each unit. Units will be equipped with bedding, towels, dishware, glasses, silverware, counter-top appliances, etc. According to Blumberg, “Our residents will find everything necessary for them to easily move in and go to work. When they return to 925 Common, they will find the comforts of home, not just a hotel room.” Each apartment has large windows, offering many views of the city.

Latter & Blum Property Management is serving as the property manager and residential leasing agent for the project, while Palmetto Partners, Inc., Mr. Blumberg’s brokerage affiliate, is handling the retail leasing. Pre-leasing begins in November, with occupancy projected in the first quarter of 2006.

“We are so excited to be a part of such a unique project,” Maureen Clary, CPM, Executive Vice President of Latter & Blum Property Management, said. “It is exactly what New Orleans needs. 925 Common is in the heart of the CBD and convenient to the medical district and the French Quarter, making it an ideal site for corporate users with existing businesses in the area or for those involved in long term rebuilding efforts such as the hospitals, Superdome, convention center, infrastructure or other major projects.”

The building’s amenities are similar to those offered at high-end Manhattan apartments including 24-hour security, valet parking, a doorman, porter, concierge services, a business center, housekeeping and a fitness center. In-building parking will be available on the lower building 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, housekeeping, catering, concierge, etc.” said Blumberg.

New retail space will be available on both sides of 925 Common. Approximately 7,500 s.f. fronts University Street, 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 $20 million project. Chevron is the historic tax credit partner.

Marc Blumberg and Manny Organek are no strangers to Louisiana. The two have been involved in real estate investments in the state since 1989.