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Darren Aschaffenburg, an area actual property investor and developer, formally has the keys to the 50-year-old Metairie Towers Condominiums at 401 Metairie Street, which has sat dormant since struggling harm from Hurricane Ida in 2021.

Aschaffenburg plans to breathe new life into the three-wing constructing, remodeling items into upscale condominiums and including an extra flooring to at least one wing that may grow to be an eighth-floor penthouse with an extra “sub penthouse” on the ground beneath.

The brand new constructing will likely be known as Tower Residences of Previous Metairie, Aschaffenburg introduced.

The high-density seven-story constructing, constructed in 1973, at the moment includes 219 one- and two-bedroom items and principally housed senior residents.

Aschaffenburg plans to decrease the density to create extra spacious dwelling items with upscale finishes, fixtures and home equipment. The projected completion date will likely be Fall 2026. Permits nonetheless have to be accepted by Jefferson Parish officers.

Aschaffenburg has developed tasks for greater than 35 years all through the Southeastern United States. He grew up in Previous Metairie and his great-grandmother, Edith Stern, based Lengthy Vue Gardens and Metairie Park Nation Day College.

Following the announcement on Oct. 4 that the sale had formally closed, Aschaffenburg shared with New Orleans CityBusiness extra particulars of his plans to redevelop the property:

Density will likely be lowered to 160 items

The renovation will broaden the scale of items to a minimal of 900 sq. toes for a one-bedroom unit to round 2,500 sq. toes for a three-bedroom unit. There will likely be 1, 2 and 3-bedroom items, along with an added penthouse. Laundry will likely be moved to inside items relatively than being on the finish of every corridor as they’re at the moment.

A penthouse will add an eighth flooring to the constructing

The constructing’s zoning permits a peak restrict of 65 toes. Plans embrace including terraces to the highest flooring items.

A primary-floor amenity wing

Plans embrace a state-of-the-art health heart, yoga studio, neighborhood lounge, recreation room and merchandising space.

Oasis-style pool

Plans embrace remodeling the present pool outdoors the property into an oasis-style pool with lush landscaping, a grilling space and fireplace characteristic.

New Orleans-based Albert Structure will take the lead on the challenge

Aschaffenburg stated Richard Albert, head principal, has been a longtime associate on earlier improvement tasks. Main updates to the inside embrace bringing all constructing parts as much as code, including hurricane-proof home windows, eradicating particular person A/C items and inserting HVAC compressors on the roof out of sight. There are additionally plans so as to add backup mills to the constructing.

The property will likely be fenced and gated

For max safety, plans embrace including a gate and fence and 24-hour safety across the whole web site.

Items will likely be on the market earlier than development is full

Present house owners can have first proper of refusal to buy the condominiums. As soon as all items are offered, a condominium affiliation will take over working the constructing. Aschaffenburg stated signage and a web site for the brand new title, The Tower Residences of Previous Metairie, will go dwell in mid-October and there will likely be alternatives to pre-sell items and “early hen” specials for future house owners.

Shaun McCarthy, principal of McCarthy Group Realtors, served because the unique itemizing agent for the advertising and sale, representing Metairie Towers Condominium Affiliation. The 219-unit improvement was listed in October 2023.

9 affords got here in – 4 from out of state builders and 5 from native builders. 5 affords proposed sustaining the construction and redeveloping the constructing, whereas 4 wished to demolish the constructing and begin over, stated McCarthy. The affiliation acknowledged that Aschaffenburg made the best provide with additionally probably the most favorable phrases.

“This redevelopment (wanted) to be finished by somebody native who appreciates the realm and can put blood, sweat and tears into it, and do it proper by the neighborhood. That’s how I offered my proposal, and I’m humbled and excited to obtain the bid,” stated Aschaffenburg. “We really feel very blessed to have been given this chance and we perceive it’s an enormous duty to do it proper. We’re going to shoot (to be) a beacon of sophistication and magnificence within the coronary heart of Previous Metairie.”

McCarthy provides, “Darren’s imaginative and prescient and provide serve the customer, the vendor, and the Previous Metairie neighborhood nicely. For all events concerned, mission completed.”