In an audacious move, the New Orleans Redevelopment Fund has bought an historic property in old Houston intent on restoring the property.
The move is being done to take advantage of financial incentives to redevelop blighted properties.
The Main Street Square Historical District was constructed around 1895.
Since then, the area has become run down and blighted, ripe for redevelopment.
NORF plans to restore the building into a 20-unit residential property with mixed use commercial tenants on the ground floor.
“We had a strong investor fundraise in the low eight figures that will enable NORF to continue its strategy of impactful investments in blighted properties that are transformative to neighborhoods,” Cullan Maumus, development director of NORF told New Orleans City Business. “In partnering with our investors, we are fulfilling our vision in providing positive returns for our partners and our community. We were very impressed with the considerable interest we had from potential OZ investors that we are already in the works for a new NORF 4 Opportunity Zone Fund.”
According to Maumus, NORF is eyeing a distressed property in San Antonio.
NORF is also using Opportunity Zones closer to home.
The Warwick Hotel, which sits on Duncan Plaza and is almost directly across from City Hall, is being renovated into a 12-story apartment building for Tulane University.
NORF has also purchased an empty lot adjacent to the hotel property for high rise construction.
Another piece of property on Galvez Street is being converted into food hall for the neighborhood around the development.