News > Blog > Green Coast and Iris Announce Plans for New Bywater mixed-income Building

Green Coast and Iris Announce Plans for New Bywater mixed-income Building

By Green Coast on 29 May 2018

A rendering of the 2930 Burgundy apartments. Murals from local artists will be installed in colored panels.
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A rendering of the 2930 Burgundy apartments. Murals from local artists will be installed in colored panels.

Green Coast and Iris Development are teaming up to produce a 70-unit apartment building (2930 Burgundy), which will include 2,000 square feet of ground-level retail space. In recent years, housing costs in Bywater have dramatically increased, and the developers want to attract priced-out former residents.

“It’s a great neighborhood and community, but it has lost some longtime residents, and we’re hoping this can help them come back,” says Green Coast President Will Bradshaw.

It’s not required by the city, but ten percent of the apartments will be based on 80 percent of the area’s average median income, and the remainder are priced at workforce rates for one and two-bedroom units.

Curtis Doucette, a managing partner at Iris and a member of Mayor Cantrell’s transition housing subcommittee, which focused on affordable housing, points out how the team’s planning process included seeking input from Bywater neighborhood organizations before finalizing plans, and ensuring affordability for many working residents.

“When you talk about workforce rate, price is obviously a critical part of it, but you also have to consider proximity to jobs and nearby transportation,” says Doucette. “Many people work in the neighborhood or close by, and there are seven RTA transit lines in Bywater.”

The new project also includes a familiar name: Crescent City Community Land Trust, an equity investor in the Bywater building. The nonprofit co-developed The Pythian with Green Coast and ERG Enterprises, which incorporates 25 affordable apartment units within the downtown historic mixed-use building. Executive Director Julius Kimbrough Jr. says CCCLT’s mission focuses on transit and employment-centered affordable real estate.

“2930 Burgundy presents both of these characteristics, and that’s why we’re financing the project,” Kimbrough says.

The new building will feature a number of amenities—a rooftop pool, off street parking and a fitness room—and is slated to begin construction later this year.

Categories: Development

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