Finally, a development that's not overpriced luxury condos. French Quarter Apartments Limited Partnership, a duo of California based subsidiaries of AIG Global Real Estate of New York, are moving forward with their plans to turn 939 Iberville St. into market rate apartments. The VCC architectural board is currently reviewing renovation plans for the former Maison Blanche annex site.
If all goes according to plan, 939 Iberville will open in two years and with $20M sunken into it for improvements. Extensive interior renovations, as well as the addition of a rooftop penthouse and cooling towers mark the biggest changes. Though French Quarter Apartments Limited Partnership was approved for a waiver that allows for greater density, it appears their plans for smaller units have changed.
Units will range from one to three bedrooms, with an average size of 1,300 square feet. The group is currently looking at three floors of residential spaces, starting on the third floor. In all, 16 penthouses will be available on the fifth floor, with 61 units evenly distributed from the third to the fifth floor.
· $24 Million, 89 Unit Multifamily Conversion Coming to French Quarter [Canal Street Beat]
· Coming Attractions [Curbed NOLA]