KEY TAKEAWAYS: HRI launches $26M redevelopment of historic Touro Shakspeare site Project will deliver 52 affordable apartments for seniors Funding includes state and federal disaster recovery support Full completion expected in early 2027   HRI Communities has begun full-scale renovatio n of the long-vacant Touro Shakspeare building in Algiers, launching a $26 million redevelopment that will convert the historic former almshouse into 52 affordable apartments for low-income seniors. The New Orleans-based developer marked the start of construction this week following the completion of stabilization work last fall and the closing of project financing in December. Once finished, the 72,000-square-foot building will provide one-bedroom units for residents age 62 and older earning no more than 50% of the area median income. The project revives a landmark that has stood empty since Hurricane Katrina forced the evacuation of its residents in 2005. Built in 1933 as a senior care facility, the property suffered years of deterioration and structural damage before the city-funded stabilization phase addressed safety issues, including asbestos abatement, roof replacement and structural bracing. “This moment represents years of perseverance and partnership,” said Josh Collen, president of HRI Communities. “With stabilization behind us, we are proud to officially begin the transformation of Touro Shakspeare into high-quality, affordable homes that honor the legacy of this historic site and serve the community it was always meant to support.” City, state and housing officials joined HRI Communities at the groundbreaking ceremony, underscoring the project’s role in addressing New Orleans’ affordable housing shortage for seniors. The redevelopment is supported by multiple public and private funding sources, including a $5 million PRIME-3 Community Development Block Grant–Disaster Recovery loan from the Louisiana Office of Community Development. “Today marks a true turning point, moving from stabilization to full renovation and renewal,” said Gina Campo, executive director of the Office of Community Development. “These disaster recovery investments are ensuring lasting community benefit, particularly for low-income seniors.” The redevelopment will include restoration of the building’s historic chapel for use as a community room, landscaped courtyards and fountains, and major upgrades such as new elevators, windows and building systems. Resiliency features include a FORTIFIED roof, storm-rated windows and doors, backup power and flood-resistant construction designed to meet federal and state standards. All apartments will remain deeply affordable under a 99-year ground lease with the city, with rents capped at 30% of a resident’s income. The Housing Authority of New Orleans will provide project-based Section 8 voucher assistance. Councilmember Freddie King III, whose district includes the site, said the project directly addresses housing stability for older residents while preserving an important piece of the city’s history. “By providing high-quality, affordable homes for seniors on fixed incomes, Touro Shakspeare directly addresses the city’s affordability needs while reinforcing housing stability as a core community value,” King said. Landis Construction is serving as the design-build contractor, with HCI Architecture as architect of record. Full project completion is expected in early 2027. HRI Communities specializes in mixed-income and affordable housing and is known for the adaptive reuse of historic buildings. Since 1982, the company and its affiliates have completed 117 projects representing more than $4 billion in investment nationwide. ...read more read less