$80M Construction Begins On The Standard At South Market District
NEW ORLEANS – The Domain Companies announced it has secured financing for an $80 million condo building called The Standard in the South Market District. The project started construction this month and will feature 89 one- to three-bedroom, for-sale condominiums and 24,000 sf. of retail space.
The Standard will join The Paramount, The Park and The Beacon as the fourth addition to the South Market District development.
Domain Companies Matt Schwartz said, “The Standard will propel the incredible momentum of the South Market District and Downtown New Orleans. The Standard is the next step in Downtown’s progression, one that will build on the neighborhood’s excellence through world-class architecture, amenities and services unlike anything in New Orleans today. With the Standard, we are creating the finest residential building in New Orleans by any measure. We’re excited to offer an unparalleled ownership opportunity in the heart of Downtown.”
The building’s exterior and interiors have been designed by internationally-renowned architect Morris Adjmi, a New Orleans native and founder of New York City-based Morris Adjmi Architects. With The Standard, Adjmi has combined his passion for historic New Orleans architecture with a global perspective to create a spectacular addition to Downtown, Domain Companies reps said.
“I sought to capture the spirit of New Orleans without mimicking its past,” Adjmi said. “The industrial architecture and vibes of the Warehouse District inspired the design, but the building has its own rhythm. We worked to reimagine and reinterpret these elements into something entirely unique and modern.”
Pre-leasing for The Standard’s retail space has launched and company reps are looking to fill the space with a mix of art galleries, service-based and traditional boutiques, and unique food and beverage offerings. Atlanta-based Terremark Partners is providing retail leasing and consulting services for South Market.
Woodward Design+Build is the general contractor for the project. Financing for The Standard includes a construction loan from Bank of the Ozarks and a mezzanine loan from iStar, both arranged by HFF. Equity capital for The Standard was provided by UrbanView Capital, The Domain Companies and Woodward Interests.
The Standard is scheduled for completion in early 2018, with the sales office opening late September 2016.