Location: New Orleans, LA
Date Built: 1927
Original Use: Hotel
New Use: Service Enriched Senior House
The iconic, 12-story, 92,000 gross square foot Pontchartrain Hotel was the tallest commercial building in New Orleans when it was built in 1927. Over the years, it has been used as both an apartment building and hotel. The former ground-floor Bayou Bar and Caribbean Room restaurant contained murals by a significant local artist and had been popular landmarks since WWII.
The hotel was acquired by the current owners in 1987 and operated as a hotel until 2007. Although the property experienced some flooding during Hurricane Katrina, it was the following months of dampness, lack of utilities, and vandalism that caused the extensive interior deterioration of the building. The interior demolition and abatement were completed prior to closing, and full-scale rehabilitation began upon closing in September 2008.
The building has been converted into service-enriched housing for seniors, some of whom have been displaced by Hurricane Katrina or are unable to move into appropriate housing because of damage to other senior facilities in the area. There are 15 studio units, 63 one-bedroom units and 6 two-bedroom units. Services include three meals per day, recreational activities, scheduled transportation, housekeeping, laundry, emergency response throughout the building and a wellness program. The facility is operated by an affiliate of the developer and is associated with Touro Infirmary, a 150-year old non-profit hospital and healthcare provider located about 10 blocks away in the Garden District.
Summary of Costs
- Acquisition: $4,800,000
- Rehabilitation: $8,390,046
- Soft Costs: $7,322,257
- Total Developemnt Cost: $20,512,333
- Total Per Unit Cost: $244,194
Sources of Financing
Bank Loan: $8,423,796
Federal Historic Tax Credit Equity: $2,763,887
State Historic Tax Credit Equity: $2,423,941
New Markets Tax Credit Equity: $2,847,849
Other Equity: $1,934,824
Total Sources of Financing: $20,512,333