KEY TAKEAWAYS: HRI Communities closes financing for 50-unit Esplanade Delille Apartments. Project includes mixed-income housing, retail space, and sustainable design standards. Completion of final replacement units under Choice Neighborhoods Initiative. Construction begins this month, with ear ly 2027 completion targeted. HRI Communities has closed financing for a mixed-income, mixed-use apartment development on Esplanade Avenue, clearing the way for construction of a long-planned project that will add new housing and neighborhood retail near some of New Orleans’ most historic communities. The New Orleans-based developer announced this week that financing is in place for Esplanade Delille Apartments, a 50-unit residential project planned for a vacant, city-owned site at 1141 Esplanade Ave. The development is a partnership with New Orleans Restoration Properties and is expected to begin construction this month, with completion targeted for early 2027. The project is notable for completing the final one-for-one replacement housing requirement tied to the Iberville-Tremé Choice Neighborhoods Initiative, a federally supported effort to redevelop former public housing while preserving affordable options for displaced residents. “Esplanade Delille builds on years of planning and neighborhood partnership to bring thoughtful, community-oriented development,” said Josh Collen, president of HRI Communities, adding that the project will deliver the final replacement units required under the U.S. Department of Housing and Urban Development program. Once completed, the development will include three buildings totaling about 52,000 square feet. A primary structure along Esplanade Avenue will house 40 apartments above two ground-floor retail spaces, while two smaller camelback-style buildings will add five units each. Retail space will prioritize local small businesses, including minority- and women-owned enterprises, according to the developers. The unit mix is designed to serve a range of incomes. Of the 50 apartments, 37 will be affordable to households earning 60% of area median income or less, including 15 project-based voucher units. Twelve of those units will serve as official Choice Neighborhoods replacement housing. Thirteen apartments will be offered at market rates. The project is being developed on land controlled by the New Orleans Redevelopment Authority, which is leasing the site and providing a $500,000 subordinate loan. Additional financing includes 9% Low-Income Housing Tax Credits from the Louisiana Housing Corporation, a $6.5 million loan from the City of New Orleans, construction financing from First Horizon Bank, and permanent financing from Boston Capital Finance. Finance New Orleans is providing a payment-in-lieu-of-taxes agreement, and the Housing Authority of New Orleans will supply operating subsidies for the voucher units. The buildings are designed to meet Enterprise Green Communities standards and FORTIFIED Multifamily Gold certification, emphasizing sustainability and disaster resilience. Planned amenities include off-street parking, bicycle storage, a fitness center, community meeting space and landscaped outdoor areas. Landis Construction will serve as design-build contractor, with HCI Architecture as architect of record. Developers said the project will bring new life to a long-vacant site while reinforcing housing stability and economic opportunity in one of the city’s most culturally significant neighborhoods. HRI Communities is a subsidiary of HRI Properties and focuses on mixed-income and workforce housing developments nationwide. The company and its affiliates have completed more than $3.9 billion in real estate projects since 1982, according to the firm. ...read more read less