A construction permit has been granted for the third phase of the Elysian, the mixed-income, multifamily development in Downtown East.
According to the permit, an 11,600-square-foot, three-story apartment complex will be built at 750 Canal Street, at Spanish Town Road. Construction for the 12-unit building is estimated to cost nearly $1.7 million.
In February, the Louisiana Housing Corp. approved another $1.1 million in bonds for the project, which is being developed by the Gulf Coast Housing Partnership. Some $5.5 million in bonds have been purchased by JPMorgan Chase Bank since December for the project.
With the total development slated to cost $10 million for 42 total units on two sites, additional permits will need to be granted by the city-parish.
As previously reported by Daily Report, 50% of the units will be leased at market rate, while the other half will be reserved as affordable units. There are also plans for an Elysian IV.
The Planning Commission unanimously approved the plans for the third phase of the development in October.
The first two phases of the Elysian each consist of 100 units in four-story buildings on Spanish Town Road, next to where Elysian III will be built, comprising a mixture of both market-rate and affordable units.
Dyke Nelson’s DNA Workshop is the architect on the project.
