Retail, office space is part of the deal

Saturday, November 18, 2006

By Greg Thomas

The 110-year-old Latter & Blum building, which is listed on the National Register of Historic Buildings, was sold Thursday to a group that plans to convert the property in a 108-apartment complex with office and retail space.

Maritime Building LLC, led by local architect Marcel Wisznia of Wisznia & Associates, purchased the building at 800 Common St. for an undisclosed sum and will embark on a $34 million conversion that could involve the addition of a 12th floor.

Wisznia said he will seek permission from the Historic District Landmarks Commission for the additional floor, where four large apartments, two imperial pools, a fitness center, sauna and hot tub would be installed. The HDLC's recommendation must also be approved by the Central Planning Commission and then the City Council.

Floors three through 12 will contain apartments, which will rent for as much as $2 per square foot, a rate that is in line with post-Katrina inflation of rents. Warehouse District rents on average have risen to between $1.50 and $2 per square foot, up from about $1.35 per square foot before Katrina, because of limited housing supply and the fact that so many apartments are being converted into condominiums, said Shaun Talbot, a broker of with Talbot Realty Group.

Wisznia said he is working out a lease deal for parking for the apartments.

Meanwhile, Hancock Bank has signed a 10-year lease for space on the ground floor of the building at the Carondelet Street entrance. Donald Zornman, senior vice president for Hancock, said the space will give the bank a high-profile location and become its flagship and headquarters.

Wisznia said additional square footage is available for retail lease on the ground floor, and the second and third floors will be converted into office space. Wisznia will be using historic district tax credits and new market tax credits, which are designed to encourage mixed-use development.

The building, which was constructed between 1893 and 1895, was known during its heyday for its rooftop restaurant venue, which offered good views of the Central Business District. Wisznia said that when the building was constructed, it was the first high-rise construction in New Orleans .

It's made of brick, steel and concrete and decorated medallions of pelicans, eagles and Roman profiles.

The building was sold by F&F Maritime Ltd..

This is the third project that Wisznia as acted as both architect and developer on, and he predicts 75 percent of his firm's future work will probably follow the same course. The conversion is expected to be complete by 2008. The general contractor will be Carl E. Woodward LLC.

Latter & Blum Realtors Inc. will relocate to the former Barriere Construction building 430 Notre Dame in the Warehouse District, a site the real estate company purchased seven months ago. Rich Stone, president of Latter & Blum's commercial division, said they expect to make little if any changes to the historical industrial building they will move into, which was built in the early 19th century and carries the highest rating as a protected building from the Historic District Landmarks Commission. About 80 workers will move to the new headquarters.

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Greg Thomas can be reached at gthomas@timespicayune.com or (504) 826-3399.