5th floor Company, a New Orleans-based firm, acquired the international style Commerce Building ¬in 2013 with plans to renovate it into a modern multi-use development. During the design stage, the developers and Eskew+Dumez+Ripple Architects, presented preliminary programming ideas and engaged in design discussions with the approximately 70 community members in attendance at the DDD Design Resource Center.
Developers have recently closed on financing for the $30 million development that included a U.S Department of Housing & Urban Development loan and began construction in November 2014. The eight-story, 180,000 square foot building located on the corner of Laurel and Third Street will include 93 residential units, a rooftop restaurant, fitness center, on-site covered parking, and bottom floor retail. One, two, and three bedroom residential units ranging from 603 to 1,500 square feet will be available for rent upon completion. Construction is expected to be complete within the first quarter of 2016.