Dive Brief:
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Developer and real estate investment firm The Domain Companies is planning a $100 million, 29-story residential tower in New Orleans' mixed-used South Market District project, according to The Times-Picayune.
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Odeon, which will be sited on a current parking lot, will be the tallest new tower to rise in the city's Central Business District since 2010. Construction is slated to begin later this year.
- A spokeswoman for the developer said a second building is planned for the site. The buildings would be the fifth and sixth, respectively, for the South Market District. Other buildings there include the $48 million Paramount, which will include 209 apartments. Financing for an $80 million luxury condo building, The Standard (top image), was secured in August.
Dive Insight:
Transit-oriented developments, like the South Market District, located in or near urban centers have grown in popularity, offering residents quick access to multiple modes of transportation from a relatively contained, resource-rich site.
In December, construction started on the 71-unit Gateway North project in Lynn, MA. The project is set to deliver housing for low- and middle-income residents near public transit that can connect them to Boston-area job centers. Meanwhile, in Washington, DC, developer Comstock Homes is teaming up with Stratford Capital Group on a TOD project containing 110 workforce housing units near a key Maryland station on the region's Metro rail system.
A recent study from the Urban Land Institute Washington noted financial benefits for local governments to support transit-oriented housing projects. In its review of 10,000 TODs and non-TODs in the Baltimore-Washington metro area, the group found that the former generated significantly more tax revenue than the later, and that TOD residents tended to have a higher median household income on a per-unit basis.
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