Carondelet Walk: Mixed-Use Building
Green, outdoor living just steps from Downtown New Orleans... Carondelet Walk offers the greenest living in New Orleans just steps from all of the best amenities in the city. Adorned with solar panels, a green roof, rooftop gardens, permeable pavement and the only wind power array in New Orleans, Carondelet Walk is the only luxury apartment building in New Orleans that makes sustainability and green energy a priority. Fronting the newly constructed Lafitte Greenway hiking and biking path, Carondelet Walk is within walking and cycling distance of New Orleans’ best outdoor activities including Bayou St. John, the River-to-Lake cycling path and all that City Park has to offer. With a fitness center, pool and bicycle repair station on-site you’ll never be without quality time outdoors. Flanked by the historic Treme, French Quarter and Mid City neighborhoods, the richness of food and music that New Orleans’ is most famous for, balanced with outdoor living that only Carondelet Walk can offer, make your next move an easy choice. Green Bean Coffee, an eco-conscious coffee shop, will be the commercial resident. The goal of The Green Bean is to provide the best quality energy conscious coffee to the New Orleans community as well as be continuously involved in the growth and revitalization of the Lafitte Greenway neighborhood. Following the theme of green outdoor living for our residential project, the coffee shop will include sustainable design and practices.
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LOCATION New Orleans, LA PROJECT TYPE Mixed-Use: Residential + Retail
BROAD ST.
ST. PHILIP ST.
DUMAINE ST.
ST. ANNE ST.
ORLEANS AVE.
ST. PETER ST.
TOULOUSE ST.
LAFITTE AVE.
ST. LOUIS ST.
CONTI ST.
BIENVILLE ST.
CANAL ST.
IBERVILLE ST.
N. WHITE ST.
SITE SIZE 29100 SF OWNER Carondelet Walk, LLC
N. DORGENOIS ST..
DEVELOPER RTB Development
N. ROCHEBLAVE ST.
DEVELOPMENT COST $16.5 Million
N. TONTI ST.
RETAIL SPACE 2900 SF
N. MIRO ST.
N. GALVEZ ST.
HOUSING UNITS 60 ZONING HU-MU: Historic Urban Mixed Use
$4.2 Billion in Investment since 2005
Site Context: Neighborhood Improvements Existing Amenities
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Fairgrounds
Recent or Proposed Development
McDonogh Elementary
Bayou St. John
YMCA
Broad St. Pharmacy Bayou Rd. Streetscape
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Rouses
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Esplanade Studios
Morris Elementary
McDonogh High
Post Office Movie Theater Bayou Beer Garden et
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Tulane Community Health Clinic
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Bell Arts Campus Willie Mae’s Broad Streetscape Wheatley Elementary Dooky Chase Faubourg Lafitte Carver Theater
Warren Easton High
Sacred Heart Apartments Chickie Wah Wah
ReFresh
Clark High
Soujourner Truth CC
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Rite Aid
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Treme CC
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Tulane Ave. Streepscape
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Success Prep.
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OP Courthouse
Mahalia Jackson
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Future VA Hospital Future LSU Hospital French Quarter LSU HSC
Bioinnovation Center
1201 Canal St. Apartments Cancer Research Center Tulane Hospital NO Public Library
BELL SCHOOL ARTSPACE
ESPLANADE STUDIOS
ReFRESH PROJECT
CARVER THEATER
The Bell School Artspace Campus, located on 1010 N. Galvez Street, was originally the Treme neighborhood’s main place for education, music training, and cultural development, but was abandoned since Hurricane Katrina. The five buildings on the campus will be restored both physically and as the school’s historic role as the center of the community. The first phase will transform the two largest buildings into 76 units of affordable live/work housing for low to moderate-income artists, cultural workers and their families. The campus band room will also be restored to create a 45,000 square foot green space for community recreation, athletic practice, marching band rehearsals and open air markets. During the second phase, two other structures will be renovated into affordable cultural space.
Esplanade Studios, located in Tremé, is the largest recording studio in Louisiana. The 14,000 square foot building, formally a 1920’s gothic revival church was home to a thriving congregation since 1847. The church’s large pipe organ that was donated by Andrew Carnegie remains in the building today. Studio owner Misha Kachkachisvili chose the site to relocate his existing studio in hopes to bring the blighted building back to life. Opened in 2013, Esplanade Studios is now the largest recording studio in the state.
The ReFresh Project is an innovative fresh food hub located on North Broad Street and Bienville Avenue. The ReFresh Project’s tenant partners include Whole Foods, Liberty’s Kitchen, The Goldring Center for Culinary Medicine at Tulane University, FirstLine Schools, Boystown, Broad Community Connections, Crescent City Community Land Trust, Sprout NOLA, Harambee Gardens of New Orleans, and Faubourg Farms. The goal of the project and its partners is to provide healthy and affordable food to the Broad Street neighborhoods, combined with community engaged programming, education and training designed to promote the health and wellness of the surrounding communities. The ReFresh Project will also serve as an anchor for workforce and economic development along the Broad Street corridor.
The Historic Carver Theater located on 2101 Orleans Ave, in the Faubourg Treme Neighborhood, is recognized by the National Register of Historic Places. Built in 1950, it was the first state-of-art theater for African Americans in New Orleans. In 2014, the 16,000 square foot theater was renovated and re-designed as a live performance entertainment venue focused on jazz, big band ensembles, stage plays, and other shows.
image source: globalsiteplans.com
myneworleans.com
hatchnola.org
tulane.edu
FAUBOURG LAFITTE
TULANE CLINIC
SACRED HEART APTS
STREETSCAPE PROJECTS
The Faubourg Lafitte is a housing community made up of 812 market rate and affordable homes and apartments. The new development is located on the site of the old Lafitte Housing project. The location is highly accessible to most parts of the city and provides an opportunity for former Laffite residents to return to their neighborhood. Faubourg Lafitte is more than just housing; the goal for the community is to stimulate growth of a healthy and diverse neighborhood with improved amenities, services, education, healthcare, and economic opportunities.
The Ruth U. Fertel/ Tulane Health Community Clinic, located on 711 N. Broad Street, was opened in 2012. Founded in the aftermath of Hurricane Katrina, the move has tripled the clinic’s space. The Clinic provides health services to all, regardless of insurance status. The Clinic’s mission is dedicated to improving the health of their New Orleans neighbors by providing high-quality, accessible community-centric care. The clinic works closely with community partners to provide additional service and education to the surrounding community.
The Sacred Heart Apartments, located on 3222 Canal Street, are currently under construction to be renovated as a mixed income housing complex. Before construction the building, once an old nursing home from the 1920’s, sat vacant since Katrina. The apartments will serve veterans with disabilities, the formerly homeless and tenants with incomes at of less than 50 percent of the area median income level. The project is scheduled to be completed by December 2014.
The Broad and Lafitte/ Bayou Road/ Tulane Avenue Streetscape projects are a few of the 25 streetscape projects planned by the city of New Orleans. The goal is to enhance the public area and trigger subsequent recovery and investment. Streetscapes enhance the area surrounding the actual roadway, but do not include roadway repair of reconstruction. The cost of these developments will be $600,000 for the Broad and Lafitte, $700,000 for Bayou Road, and $11 million for Tulane Ave. The scope of work for Broad and Lafitte will include planting trees and shrubbery, fresh crosswalk markings, repair to damaged curbs and sidewalks, connections to the Lafitte Greenway Corridor, new lighting, and new bicycle lane striping.
faubourglafitte.com
broadcommunityconnections.org
gchp.net
newcitynola.org
Existing Site Conditions Location The proposed project is located on the block bounded by Broad Street, Conti Street, North Dorgenois Street and St. Louis Street.
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The project site is situated in the TulaneGravier neighborhood of New Orleans, adjacent to the Lafitte Greenway.
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The site is located in the Mid-City Historic District and Lafitte Greenway Cultural District. Existing Uses & Structures rge
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Physical Features To the west of the site is Santos Automotive Center and to the north of the site is a vacant industrial building. North Dorgenois Street has wide sidewalks in excellent shape. The sidewalk on St. Louis Street is in disrepair—many sections are missing or broken. All surfaces on the block are paved, with the exception of some small strips of grass adjacent to the sidewalk.
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The project site is comprised of seven lots. Five of the lots were owned by Tulane Industrial Laundry, Inc. On these lots is a single story concrete block building that formerly housed the laundry facility. The building is in disrepair and of no architectural value. Two adjacent lots were added to the site.
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Zoning Analysis
Zoning The current zoning for site is Light Industrial. The proposed Draft Zoning is Historic Urban Mixed Use. We believe that the Draft Zoning Ordinance will be passed soon; therefore, we will follow the HU-MU zoning. The site is also located within the Lafitte Corridor Interim Zoning District. LI: The purpose of this district is to provide for a wide variety of light manufacturing, fabricating, processing, wholesale distributing and warehousing uses appropriately located near or adjacent to major thoroughfares or railroads for access. HU-MU: The HU-MU Neighborhood Mixed-Use District is intended for areas of mixed-use development that are close to residential neighborhoods. Lafitte Interim Zoning District: The purpose of this Lafitte Corridor Interim Zoning District is to prohibit the establishment of any use not authorized as permitted, accessory or conditional in the C-1A General Commercial District, and to further classify the sale of packaged alcoholic beverages as conditional within this Interim Zoning District.
Envelope Height • Allowable structure height is 40’. We are seeking a height bonus in return for providing affordable housing. Floor Area Ratio • Up to 5,000 SF of total floor area is permitted, we will need a variance • 1,000 SF of lot area per dwelling unit is required, the project will need a variance. Setbacks • no required front yard setback. • no required side yard setback. • 15 ft rear yard setback requirement Parking • 1 parking space per dwelling unit and 1 bike space for every 5 dwellings. • The first 5,000 ft of commercial space in HU-MU is exempt from parking requirements
Site Context: Present Land Use
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Broad St. Commercial Core:
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Golden Express Food Market, Delta World Tire, Durand’s Tuxedos, Advance Homecare Services, Calamari Auto Shop
ReFresh no
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Proposed Development Site Chinese Presbyterian Church N.
Iglesia de Dios el milagro
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Commercial Single Family Residential
Lafitte Greenway 1/16”=1’
Multi-Family Residential Industrial Church Infrastructure Blight
Lafitte Corridor
asla.org
The Lafitte Greenway is a linear park that will span 2.6 miles through the heart of New Orleans from upper Mid-City to Armstrong Park. The site was originally a shipping canal that stretched from Bayou St. John to the back of the French Quarter. The project was initiated by the local community, assisted by the Rails-to-Trails Conservancy, and funded by Disaster Community Development Block Grants and Louisiana Recreational Trails grants. Once completed, the Greenway will serve five of New Orleans’ core neighborhoods and include recreation fields, a multi-use asphalt path, lighting, storm water management features, crosswalks and bike racks. It is scheduled to be completed in Spring of 2015.
Site Context: Historical
1885 1885
1908 1908
The site was originally small scale residential. The Lafitte Greenway was formally the Carondelet Canal, which connected Bayou St. John with then back of town New Orleans. The canal terminated at present day Basin Street. It was an active shipping channel until it was filled in 1938. Carondelet Walk is the historic name for the eastern bank of the canal.
Program Analysis The project is majority residential with a commercial component. Amenities focus on the outdoors with a pool area, interior courtyard and green roof deck. The courtyard and roof deck overlook the Lafitte Greenway. The residential component is made up of 800 square foot one bedroom units and 1000 square foot two bedroom units. Six of these units are reserved for affordable housing.
1 BD APTS (800 SF): 12 2 BD APTS (100 sf): 48 LOBBY: 1400 SF COMMERCIAL: 3000 SF AMENITIES: 2500 SF ROOF DECK
64 ON SITE PARKING SPACES + 11 STREET SPACES
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15 BIKESHARE + 14 SECURE BIKE PARKIING
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Sustainable Site Plan
Representative Projects
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Property Address: List Price: Type: Total SF of Lot Allowable Footprint SF Proposed Footprint SF Proposed Residential Floor SF Total Building SF
Affordable 1BR 2BR
2610 St. Louis Sources & Uses
2610 St. Louis $750,000 All Residential 90%
5 Floors 4 Res Floors
Sources 1st Mortgage Required Equity Total Sources
29,100 26,190 20,740 18,006 90,030 72,024
Uses
1 # units 5 # units 6 # units
800 SF 1000 SF
800 5,000 5,800
$656/month $820/month
800 SF 1000 SF
8,800 43,000 51,800 57,600
$1,800/month $2,250/month
TOTAL
11 # units 43 # units 54 # units 60 # units 1 # units 1 # units
2900 SF
40,600
TOTAL Operating Expenses
$4,300/unit
232,200.00
Residential Income
$0.82 Per SF $2.25 Per SF $14.00 Per SF 7% $25/Apt.
Market Rate 1BR 2BR
Commercial
Pot. Commercial Income Residential Vacancy Other Income
$13,875,927 $2,689,887 $16,565,814
Acq. Hard Cost ‐ Parking Hard Cost ‐ Residential Soft Cost Reserve Account Total Uses
$60/SF $145/SF 35% 6 months
$750,000 $1,244,400 $10,443,480 $3,655,218 $472,716 $16,565,814
2610 St. Louis Year 10 Sale Projected Sale Year Year 11 NOI Cap Rate Projected Value Less Cost of Sale Net Sale Proceeds Repayment of OLB Available Proceeds for Dist.
2610 St. Louis IRR Calculation Year 0 1 2 3 4 5 6 7 8 9 10 IRR
CF ($2,689,887) $181,987 $215,810 $250,647 $286,529 $323,488 $361,556 $400,765 $441,151 $482,749 $11,449,969 21.64%
EOY 10 $1,515,157 6.5% $23,310,107 4%
($932,404) $22,377,703 ($11,453,328) $10,924,375
• Pre-Tax IRR of 21.64% • Equity Distribution of 10% on initial investment • Remaining returns to go to RTB Development
Community Engagement The Carondelet Walk project relies heavily on the success of the Laffite Greenway, and the greenway needs investments like ours to attract people to the area. In order to ensure that both development projects succeed, we need work together. Carondelet Walk will propose to pay $50,000 grants paid out over 10 years to each of the Friends of Lafitte Corridor, for maintenance to the greenway that fronts the property, and Broad Community Connections, for community investments. Friends of the Lafitte Corridor • $50,000 grant paid over 10 years for maintenance of the greenway. • Mission: Friends of Lafitte Corridor seeks to revitalize the Lafitte Corridor by working to build, program and promote the Lafitte Greenway as a great public space. Broad Community Connections • $50,000 grant paid over 10 years for investments in the community. • Mission: Broad Community Connection’s mission is to revitalize Broad Street from Tulane Avenue to Bayou Road as a vibrant commercial corridor, bringing together the surrounding neighborhoods and promoting their economic, residential, and cultural development. Broad Community Connections was founded and received its 501(c)(3) designation in 2008 in order to address long-standing community revitalization needs that were only exacerbated in the aftermath of Hurricane Katrina. The organization was deliberately constituted to be as inclusive, equitable, and expansive as possible, and the composition of its Board of Directors and the range of BCC’s programming continues to reflect that aspiration.
APPENDIX
Parking Plan
Scale: 1/32”=1’ N. Dorgenois St.
Alternative Financing Property Address: Type: Total SF of Lot Allowable Footprint SF Proposed Footprint SF Proposed Residential Floor SF Total Building SF
Affordable 1BR 2BR
2610 St. Louis Sources & Uses
2610 St. Louis Mixed Use 90%
3 Floors 2 Res Floors
Sources
29,100 26,190 20,740 18,006 54,018 36,012
1st Mortgage LIHTC Required Equity Total Sources
800 SF 1000 SF
0 0 0
$656/month $820/month
800 SF 1000 SF
7,200 22,000 29,200 29,200
$1,800/month $2,250/month
TOTAL
9 # units 22 # units 31 # units 31 # units
6000 SF
84,000
TOTAL
1 # units 1 # units
Operating Expenses
$4,300/unit
133,300.00
Residential Income
$0.82 Per SF $2.25 Per SF $14.00 Per SF 7% $25/Apt.
Commercial
Pot. Commercial Income Residential Vacancy Other Income
$963,169 $9,414,628
Uses
0 # units 0 # units 0 # units
Market Rate 1BR 2BR
$8,451,458
Acq. Demolition Hard Cost ‐ Parking Hard Cost ‐ Residential Soft Cost Reserve Account Total Uses
$4/SF $60/SF $145/SF 35% 6 months
$750,000 $82,960 $1,244,400 $5,221,740 $1,827,609 $287,919 $9,414,628
Alternative Financing
2610 St. Louis IRR Calculation
2610 St. Louis Year 10 Sale Projected Sale Year Year 11 NOI Cap Rate Projected Value Less Cost of Sale Net Sale Proceeds Repayment of OLB Available Proceeds for Dist.
EOY 10 $922,842 6.5% $14,197,567 4%
($567,903) $13,629,664 ($6,975,918) $6,653,747
Year 0 1 2 3 4 5 6 7 8 9 10 IRR
CF ($963,169) $110,844 $131,444 $152,662 $174,517 $197,028 $220,214 $244,096 $268,694 $294,030 $6,973,872 30.65%
Price Comps.
AMERICAN CAN COMPANY APARTMENTS
American Can Apartments Location
New Orleans, LA
Address
3700 Orleans Ave
Total Square Footage
335,000 sq. ft.
Retail
19,000 sq. ft.
Number of Units
268
Types of Units
1,2,3, bedroom luxury for lease
Price per Units: 1 Bed 1 Bath
$1060
$1.85/ SF
2 Bed 2 Bath
$1560
$1.57/ SF
3 Bed 2 Bath
$2500
$1.67/ SF
Year Built
1900
Year Rehab
2001
Walk score
84
Amenities:
Olympic style pool, Fitness center, Conference/ entertainment room, Dry-cleaning pick-up and delivery, Grill/picnic area, On-site gated parking, On-site storage
Price Comps.
THE PARAMOUNT
The Paramount Location
New Orleans, LA
Address
611 O’Keefe St.
Total Square Footage Retail
22,000 sq. ft.
Number of Units
268
Types of Units
1,2 bedroom luxury for lease
Price per Units: 1 Bed 1 Bath
$1500
$2.53/ SF
2 Bed 2 Bath
$2600
$2.67/ SF
Year Built
2014
Year Rehab
New Construction
Walk score
93
Amenities:
Concierge, pool, fitness center, resident lounge
Price Comps.
UNION LOFTS
Union Lofts Location
New Orleans, LA
Address
334 Carondelet St.
Total Square Footage
44,279 sq. ft.
Retail
9,450 sq. ft.
Number of Units
33
Types of Units
1,2,3, bedroom luxury for lease
Price per Units: 1 Bed 1 Bath
$2265
$2.75/ SF
2 Bed 2 Bath
$2710
$2.83/ SF
3 Bed 2 Bath
$3515
$2.87/ SF
Year Built
1927
Year Rehab
2007
Walk score
95
Amenities:
club house, fitness center, hot tub
Price Comps.
THE MARITIME
The Maritime Location
New Orleans, LA
Address
800 Common St.
Total Square Footage
125,000 sq. ft.
Retail
11,211 sq. ft. + 11.325 sq. ft. Office
Number of Units
105
Types of Units
1,2 bedroom luxury for lease
Price per Units: 1 Bed 1 Bath
$1425
$2.41/ SF
2 Bed 2 Bath
$2725
$2.45/ SF
Year Built
1893
Year Rehab
2010
Walk score
98
Amenities:
pool, fitness center, resident lounge, sun deck, steam rooms
AMLI PARKSIDE
AMLI Parkside Location Address Total Square Footage Retail Number of Units Types of Units Price per Units: Studio - 580 sq. ft. 1 Bed 1 Bath - 718 – 780 sq. ft. 2 Bed 2 Bath - 1087 – 1249 sq. ft. Year Built Year Rehab Walk score Amenities:
Atlanta, GA – Historic Fourth Ward Park 660 Ralph McGill Blvd NE 377,099 sq. ft. building + 166,452 parking No 301 Studio, 1,2,3, bedroom luxury urban living $1155 $1270 -$1326 $1622 - $1802 2009 – New construction 62 Resort-style pool, 24 hour fitness Center, Conference room, Resident clubroom, Covered garage parking, Private patios and balconies
THE MURALS AT LYNLAKE
The Murals at LynLake Location Address Total Square Footage Retail Number of Units Types of Units Price per Units: Studio - 557 – 630 sq. ft. 1 Bed 1 Bath - 750 – 1009 sq. ft. 2 Bed 2 Bath - 973 – 1416 sq. ft. Year Built Year Rehab Walk score Amenities:
Minneapolis, MN – Midtown Greenway 2833 Lyndale Ave S 44,068 sq. ft. – lot size 7,000 sq. ft. 109 Luxury Mixed Commercial – Residential $1175 $1195 $1325 – $1625 $1800 - $2300 2006 – New construction 93 Private balconies, Fitness Center, Roof-top terrace, grill, fireplace, Heated garage parking, Party room, billiards, fireplace
Existing Site
Market Study Tulane/Gravier Neighborhood People and Household Characteristics Population Total households Age 0‐5 6‐11 12‐17 18‐34 35‐49 50‐64 65‐74 75‐84 85‐and older Households by type Total households Female (no husband) with children under 18 Male (no wife) with children under 18 Married‐couple family with children under 18 Nonfamily households with children under 18 Households with no people under 18
Housing and Housing Costs Occupancy Status Total housing units Occupied housing units Vacant housing units Renters and Owners Total occupied housing Owner occupied Renter occupied Average Rental Costs (2010 dollars) Average rental costs Average gross rent
2010 3,649 1,222 2010 8.2% 5.9% 5.9% 42.1% 18.7% 14.9% 2.8% 1.1% 0.5% 2010 1,222 20.9% 3.4% 5.4% 0.6% 69.7%
2010 1,878 65.1% 34.9% 2010 1,222 13.7% 86.3% 2008 ‐ 2012 $633 $778
Income and Poverty Average household income (2012 dollars) Employment Total number of workers living in the neighborhood $1,250 per month or less $1,251 ‐ $3,333 per month More than $3,333 per month
2008 ‐ 2012 $28,974 2011 751 29.3% 53.3% 17.4%
Transportation No vehicles 1 vehicle 2 or more vehicle Type of transportation, workers 16+ Car, truck, or van Public transportation Bicycle Walked Other means Worked from home Travel time to work, workers 16 + Average travel time to work (minutes) Less than 30 minutes 30 ‐ 44 minutes 45 ‐ 59 minutes More than 60 minutes
2008 ‐ 2012 35.6% 45.8% 18.6% 2008 ‐ 2012 65.8% 20.8% 0.0% 7.1% 5.1% 1.3% 2008 ‐ 2012 21 73.8% 13.1% 8.8% 4.3%