Financing set for High Grove
The Domain Companies has secured financing for its $28 million retail and residential development at The Grove, Richard Carmouche’s mixed-use project east of the Mall of Louisiana.
The High Grove will take 14 months to build, with the first building completed in May 2013 and the second building two months later, said Lauren Crowell, spokeswoman for The Domain Companies.
The High Grove’s 192 residential units will include one- and two-bedroom apartments, as well as live/work spaces. Crowell said rents have not yet been set.
The apartments will be set above 25,000 square feet of retail space, mostly boutiques and restaurants lined with wide sidewalks and outdoor seating.
Crews began laying the streets, drainage, sewerage and other infrastructure for the $400 million development earlier this year. Plans for the 120-acre property approved by the city-parish Planning Commission call for three hotels, 900 residential units — including townhomes and assisted living — seven restaurants, 250,000 square feet of retail development and 400,000 square feet of office space.
The Domain Companies said kitchens in the apartments will feature hardwood cabinets, granite counter tops and a high-end appliance package, while bathrooms will feature granite counter tops and ceramic tile floors and tub surrounds. Each apartment will include a full-size washer and dryer and walk-in closets. Most will have a balcony or terrace area. On-site parking will be available in carports or garages.
The High Grove will also include a pool surrounded by green lawns, an outdoor fireplace, gas grills and furnishings, including day beds and lounges. An indoor/outdoor lounge area will include a media wall and seating for entertaining. Inside there will be a theater, tanning room, meeting room, chef’s kitchen, fitness center, cyber café and media center with Wi-Fi access.
The development will target LEED Silver Certification with environmentally sustainable design features.
The Domain Companies said $23 million of the financing for the High Grove comes through Oak Grove Capital of Dallas, backed by HUD’s 221D4 program, and $5 million of private equity.
According to HUD, the 221D4 program insures loans for multifamily properties geared toward moderate-income, elderly or handicapped residents.
The Domain Companies was founded by Matt Schwartz and Chris Papamichael in 2004, with offices in New Orleans and New York.
The contractor for the project is ICI Construction and the architect is Humphreys and Partners. Both are based in Dallas.