For the last two weeks, New Orleans has been the setting for the primetime television show “The Deed.” Hosted by Sidney Torres IV, the real estate mogul has assisted two New Orleans-based developers to date.
The first week, Torres assisted Nicole Webre with her Bakery Village development, located in the Irish Channel neighborhood. In the second episode, Torres partnered with developer and contractor Russell Frank in flipping a Treme home.
In Torres’ final week, the real estate mogul will mentor members of Verius Property Group.
Verius Property Group Enterprise is a New Orleans-based real estate development company. Under the enterprise company, VPG operates a construction and a housing management branch.
In 2010, Michael Meredith and Andre Lewis initially partnered to form VPG. The first property listed under VPG, bought in 2011, was a fourplex located in Chalmette.
After successfully taking advantage of a crucial housing grant, the duo began to purchase more properties. Fast forward to 2017, VPG enterprises has over 200 housing units under its portfolio, including townhouses, condominiums and single-family homes.
In the next episode of “The Deed,” VPG will work with Torres on an undisclosed property in New Orleans.
Working with Sidney Torres
In “The Deed,” Torres imparts critical knowledge, and utilizes his expertise to assist developers in growing their maturing developments.
“Sidney has a similar experience to us in our business,” Meredith said.
“He was able to share his transition from a mid-range developer to a large scale developer. He showed us how to structure a company, how to restructure debt, and to look ahead, and how to evaluate five year plans to propel our business,” he added.
Over the past six years, VPG has redeveloped several apartment complexes, turning “eye-sores” into thriving and diverse communities, according to Meredith.
Tackling new projects
While VPG has created several developments in New Orleans over the past six year, the company has come across challenges in growing as a developer in the New Orleans metro area.
“The hardest part of our job is building equity in the city. It is difficult to be at the table and to grab a piece of it, and to get inside of New Orleans network. We keep scratching at it and it paid off,” Meredith said.
Today, VPG is contracted on New Orleans’ largest town house complex, 37 Hundred, located at 3701 Bienville Street. Ironically, the property will be near the planned Sidney Torres IV’s Mid-City development.
Scoring this project in a rapidly developing area of the city was a breakthrough in transitioning from being aa mid-range developer to a large scale developer, according to Meredith.
[Correction: VPG will air Wednesday, March 22, 2017]
- Sidney Torres tours Irish Channel’s Bakery Village home [Curbed NOLA]
- What to know about Sidney Torres IV and The Deed [Curbed NOLA]
- Lafitte Greenway development secures tax break, affordable housing [ Curbed NOLA]