The Domain Cos. have secured financing for an $80 million, 15-story condo building in the developer’s expanding downtown South Market District.
The developer said Monday (Aug. 29) construction has begun on the 89-unit building called the Standard, which will be Domain’s fourth building in South Market District. The Standard will be next to the recently built Beacon apartment building and add 24,000 square feet of retail space along O’Keefe Avenue and South Rampart and Julia streets.
“The Standard will propel the incredible momentum of the South Market District and downtown New Orleans,” said Matt Schwartz, The Domain Cos. principal, in a news release. “The Standard is the next step in downtown’s progression, one that will build on the neighborhood’s excellence through world-class architecture, amenities and services unlike anything in New Orleans today. With the Standard, we are creating the finest residential building in New Orleans by any measure.”
The building is designed by architect Morris Adjmi, a New Orleans native and founder of New York City-based Morris Adjmi Architects. In the release, Adjmi said he “sought to capture the spirit of New Orleans without mimicking its past.”
It will be the mixed-use South Market District’s first venture into for-sale condos. The Beacon and Paramount buildings at South Market house more than 330 upscale apartment rentals. The Park building houses Arhaus furniture store and CVS, among other retailers, along with a parking garage.
Domain hasn’t said how much the condos in the Standard will cost. Plans for the building include an art gallery in the lobby to add to Julia Street’s Gallery Row and 30,000 square feet of outdoor space with a pool deck and pool house, gardens and landscaping that includes grass and water lilies, according to the release.
Construction is scheduled to be finished in spring of 2018.
Domain’s downtown projects also include the Ace Hotel on Carondelet Street.