Apartments slated on Poydras corner

Wednesday, December 06, 2006

By Greg Thomas

Developer Brian Gibbs has acquired a parking lot at the corner of Poydras and O'Keefe streets and plans to build a 37-story residential tower on the site.

Doing business as 930 Poydras LLC, Brian Gibbs Development LLC and his father's firm, Gibbs Construction LLC, combined known as the Gibbs Family Trust, paid $3.12 million for the land and plans to spend $60.7 million planning and building the tower.

The site is situated on the upriver, riverside corner of the intersection and is across the street from 909 Poydras St. , the former LL&E office tower.

Gibbs said he plans to seek $55 million in Gulf Opportunity Zone Act Bonds, or tax-exempt bonds intended to raise capital to help businesses rebuild. His request will go before the State Bond Commission on Dec. 21.

The New Orleans Industrial Development Board, which would be the issuer, has already recommended the bond commission approve the application.

Bond Commission debt analyst Shane Turner said Tuesday that he wasn't finished reviewing Gibbs' application but that it probably would be forwarded to the full commission with a staff recommendation for approval.

Gibbs will also use New Market Tax Credits, where an investor buys credits based on the value of the project and can deduct them from the corporation's income taxes.

Capital One has agreed to buy the credits, Gibbs said, and to sell the bonds.

The project will create 300 construction jobs, and construction could begin in May and wrap up by December 2008.

Although renderings were not released, the project calls for 37 stories, the first eight floors of which will be devoted to 509 parking spaces. A narrower tower would rise from the ninth floor, the roof of which will hold a large pool. Townhouses will cover the broader garage roof. The 10th floor and 11th floors of the tower are actually a glass-enclosed tenant lounge with some apartments beginning on the 11th floor.

The 10th floor also would have two-story townhouses along the riverside edge.

Beginning at the 11th floor, 27 stories would be built containing nine apartments each. A 38th floor is a roof-party lounge for tenants.

The area has no height limitations.

Also planned is 6,000 square feet of street-level retail. The garage entrance and exit will be on O'Keefe, and a pedestrian exit will be located at Poydras.

Rents would run about $1.84 per square foot, Gibbs said. Average square footage is 814 feet, with an average rent of about $1,500.

The architect for the project is Eskew+Dumez+Ripple, and the general contractor will be Gibbs Construction. Bobby Talbot of the Talbot Realty Group represented Gibbs and the seller of the parking lot, the Solomon family.

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