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HRI Closes on Financing, Third Iberville Rebuild Phase Begins

It's been over a year since we checked in on the demolition of the Iberville projects and their subsequent reconstruction as a mix of public, workforce and market rate housing, but the $600M project has soldiered on and the third and final phase is set to begin just as phases one and two are ending thanks to $22.8M that HRI Properties just closed with U.S. Bank. All told, 880 units will be available, with 227 of those units move-in ready by March. It comes as a relief that more public housing (304 units) and workforce housing (261 units) will be available to both underserved residents and those who earn less than 60 percent of the median family home income in New Orleans. Also a relief? Former Iberville residents get first dibs. The remaining 315 units are market rate and therefore desirable to the many medical professionals who will be eying areas near the burgeoning BioMedical District. Retail space will also be available, though there's been little information on what all will fill the 4,000 square feet of commercial space.
· Phase three of Iberville rebuild underway [NOLA City Business]
· Checking In On The Iberville Demo and Development [Curbed NOLA]
· Coming Attractions [Curbed NOLA]