NEW ORLEANS – On Oct. 24, HRI Communities and New Orleans Restoration Properties announced that they have closed financing on their joint venture development of the St. Bernard Circle Apartments located at 1431 St. Bernard Avenue. The developers said they will immediately move forward with construction overseen by Landis Construction Co. The $22 million project will develop a new apartment community on a location identified as an important “development node” by the New Orleans Redevelopment Authority, the Housing Authority of New Orleans and the City of New Orleans. The site is across the street from the Circle Food Store.
“My administration and partners are aggressively working to ensure all New Orleanians are provided with opportunities for reliable, sustainable and affordable housing,” said Mayor LaToya Cantrell. “The Office of Housing Policy and Community Development is continuing these efforts through a $41 million investment in subsidies that will fund 14 housing construction projects, as well as $32 million from various funding sources that will go toward development gap financing.”
“We are thrilled to immediately begin construction on the St. Bernard Circle Apartments. This long underutilized but notable location is begging for reinvestment, and we have some exciting plans in store that will offer beautiful, new mixed-income housing opportunities, with a priority on resiliency, sustainability and preserving local culture” said HRI Communities President Josh Collen.
Read the full Biz New Orleans piece: https://www.bizneworleans.com/developers-close-financing-for-st-bernard-circle-apartments/
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