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Developers propose $30M Bywater mixed-used development

Fifteen percent of units will be reserved low income residents

2930 Burgundy Street
via City of New Orleans OneStop

Developers Iris Development Co. and Green Coast Enterprises announced plans to build a five-story, mixed-used development in the Bywater. The $30 million complex, designed by Rozas-Ward Architects, will replace a warehouse located at 2930 Burgundy Street.

Based on the site plans submitted by the developers via New Orleans OneStop, the development will have 108-space parking garage and 60 bicycles spaces on the ground floor; over 2,500 square feet of retail space; and roughly 5,000 square feet of community spaces, which also includes a roof deck.

The development will house 105 units, ranging from studios to three-bedrooms. The ground floor site will have over 42,000 square feet. Each resident floor will have anywhere between 24,000 and 29,000 square feet of space.

Nola.com reports that the developers will set aside roughly 15 units for low income residents. The developer expects to price affordable apartments at $300 to $1,000, which will be locked in for at least 50 years. Regular-priced apartments may range from $1,300 to $3,000, depending on its size.

The developers are expected to present their site plan to City Hall later this year.

A few days ago, Zumper ranked New Orleans No. 17 as the city with the most expensive rent. In its analysis, one-bedroom units in New Orleans averaged $1,330/month and two-bedroom units at $1,600/month.