News and Updates: August 30, 2006

NEW ORLEANS CELEBRATES FIRST RESIDENTIAL DEVELOPMENT TO OPEN POST KATRINA
Historic Landmark Opens as 925 Common

New Orleans (August 30, 2006)—The historic Shell Building located at 925 Common opened today with all of the fanfare one would expect from the first residential development to open in the New Orleans Central Business District (CBD) following Hurricane Katrina.

Highlighting the true flavor of the city, 925 Common opened with a brass band parading along Common Street, signature martinis and the famous Lucky Dog cart.

On the heels of the first anniversary of the largest natural disaster in U.S. history, the opening of 925 Common stands as a concrete symbol of rededication and development in New Orleans.

Listed on the National Register of Historic Places, 925 Common was renovated from an outdated, mostly unoccupied office building into 108 state-of-the-art luxury apartments, 11,500 sq. ft. of retail space and parking garage.

Developers Manny Organek of Boca Raton, FL, and Marc Blumberg of Atlanta, GA, have invested more than $30 million into the renovation, working with local firms such as Rozas-Ward Architects and Carl E. Woodward, LLC, to preserve and maintain the historic integrity of the building.

James Dugan, executive director of the Louisiana Landmarks Society, said he is most excited about the project because it is a great example of adaptive reuse.

“Not only did the developers preserve the architectural character of the building, they converted the interior into residential use—a commodity that is of high demand in New Orleans downtown.”

“By addressing a critical need, the building serves a functional, as well as historic purpose. Its adaptive reuse into apartments, rather than hotels or retail space, is a welcome trend,” Dugan said.

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.

Downtown Development District Executive Director Kurt Weigle said the building’s close proximity to theaters, shopping, the French Quarter, and many of New Orleans finest restaurants and attractions should help bring a much needed shot in the arm to downtown businesses.

“Residents of 925 Common will have the opportunity to enjoy world-renowned cultural and culinary attractions, located steps away from their front door,” Weigle said.

Blumberg and Organek have been involved in real estate investments in Louisiana since the late 1980s. They are currently planning other projects in the “go zone” in order to economically revitalize the region.

925 Common is a 14-story, 353,000 square foot development with 102 one- and two- bedroom apartments plus six penthouses. The building also contains 11,500 square feet of street level retail space, a 200-car garage and offers direct access to the Fairmont Hotel.