Creating Community

NOLA Part II

By Yardi Blog Staff on Jan 29, 2015 in People

Nowadays it seems like everybody wants a piece of prime bayou real estate. Some have just landed in the Crescent City. Others have yet to arrive, but are sure to come on down. And there are those who have been here since the early days of rebuilding after The Storm. One is The Domain Cos., a ten-year-old real estate company active in both the established New York real estate market, as well as in up-and-coming New Orleans.

Today we continue our two-part story about a company committed to creating sustainable communities that connect to the fabric of their city. One great example is The South Market District, a $250 million, five-phase, mixed-use, green, luxury project and the city’s first transit-oriented development.

Encompassing almost four city blocks, it would be easy to assume that The South Market District is another homogenous monolith development. This couldn’t be further from the truth. As Matt Schwartz told The Balance Sheet, South Market was designed by a variety of architects to look like it came together organically.

“In an effort to promote the sense of place throughout the district, we added unique features to each building to encourage activity and socialization.  For example, The Park will feature downtown’s first new public plaza in decades (Ed. occupying 2,200 square feet). The Paramount is set back from the street at the center to allow for more sidewalk dining, and The Beacon features a wide staircase off the sidewalk that’s accessible to the public, reminiscent of historic European buildings.  Furthermore, as a unique example of newly constructed multifamily in downtown, our product offers design, finishes and layouts superior to anything else currently in the market. “

Another element that allowed for South Market to differentiate itself from other projects was the possibility of reconfiguring Girod Street, which runs through the district. To increase walkability and maximize exposure for retailers, Domain closed a traffic lane on Girod Street and widened the sidewalk from seven feet to 20. The company also changed the zoning to allow the many sidewalk cafes to extend their operating hours.

Furthermore, while large-scale, mixed-use developments in urban areas generally start with a place-making concept, that is not the case with the District. As Schwartz puts it, “in New Orleans, the ‘place’ has already been made and continues to evolve.  Everywhere you turn you are confronted with the city’s rich history and culture.”

While Domain looked to honor the city’s history, it also kept an eye on the future. Keeping in line with Domain’s development mantra of maximizing green features, South Market’s “overall strategy and design is founded in “Smart Growth” principals, including walkable communities, community connections and transportation proximity” Schwartz declared. “The Paramount is targeted for LEED Silver certification and The Park includes features such as electric car charging stations, car sharing and bike sharing.”

Up the Great River

Domain’s commitment to green growth and quality living is also evident in The High Grove, the first LEED Silver-certified luxury apartment project in Baton Rouge, La. The $28 million, 192-unit project opened a year ago in The Grove TND to supply the market’s appetite for Class A multifamily, while also offering 25,330 square feet pf high-end retail space.

“The Baton Rouge market has also seen significant economic development post -Katrina.  The State Capitol, LSU, major healthcare facilities, a major port system and a strong foundation in energy and engineering help to form a solid economic base,” the Domain principal explained, adding that “the area has benefited as of late from a significant amount of industrial and manufacturing investment in the immediately surrounding parishes.  Despite the market’s strength, we saw a dearth of high-quality Class A multifamily product, particularly within the mixed-use environments that we create.”

As the premier product in the Baton Rouge market and thanks to its instant success, Domain has started a second development adjacent to The High Grove. Dubbed The Addison, it will feature 109 apartments, 30 townhomes and 7,500 square feet of retail. Just like The High Grove, The Addison will target “high caliber” retail tenants, top-of-the-market finishes and a bevy of green features.

Long-term commitment

Domain views itself as privileged to actively partake in moving forward New Orleans.

“Our work following Katrina kept us very close to the New Orleans community, enabling us to see how the city was evolving and recognize the opportunity for a development such as South Market,” Schwartz said. “In addition to our development work, we are active with most economic development groups and participate on the boards of a variety of non-profit and community organizations (Liberty’s Kitchen), for example).  We are invested in this community for the long term, which shapes how we look at every development or initiative we undertake. We pursue developments that have a lasting positive impact on our communities and improve the lives and livelihoods of those that live and work there.  We are passionate about the cities in which we work and challenge ourselves to continually find ways to make those communities stronger.  Our team is passionate about their work and our neighborhoods “

Check out Multi-Housing News and Commercial Property Executive for further Domain Cos. coverage, To read Part One of this post, click here.