‘The Standard’ at South Market has sold nearly every condo
Developers of one of New Orleans’ newest condominium complexes say it has sold nearly all of its residences.
The Standard, an $80 million building that opened in June 2018 at 1001 Julia St. with 89 units, is 99% sold, according to The Domain Companies. The development has more than $95 million in closed and pending sales and is the top-selling condominium project in the city, according to a news release. Company officials said they used total volume of sales to determine that it was the highest-selling development in New Orleans.
The remaining residence now on the market served as The Standard’s model unit and is listed at $1.28 million. The 11th-floor condo offers 1,859 square feet of living space with three bedrooms and three-and-a-half bathrooms and features white oak flooring, Sub-Zero and Wolf appliances and a parking spot.
The Standard opened with prices that ranged from $549,000 to $3.21 million. Residences offered 947 square feet to 3,496 square feet of space. Amenities include 30,000 square feet of indoor and outdoor space, which includes a heated saltwater pool, pool house and private cabanas, outdoor kitchens, fenced dog run, a clubhouse and a fitness center. There is also 24,000 square feet of ground-floor retail at the site.
The 15-story exterior and interior of the building were designed by architect Morris Adjmi, a native of New Orleans and founder of New York City-based Morris Adjmi Architects. The Standard’s exterior features a reflective metal façade, deeply-set windows and 20-foot high retail storefronts. The building’s interior doubles as an expansive art gallery displaying large-scale works by local, national and international artists.
Matt Schwartz, co-CEO of the The Domain Companies, said buyers have been a mix of locals and out-of-towners, with a higher percentage of those being local. He said the demographic of the building’s residents range from young professionals who work downtown and others who are looking to downsize or purchase a second home. A small number of units are rented out by the owners, he said.
Schwartz said the COVID-19 pandemic did not make much of an impact on the pace of sales but noted things slowed some as inventory at the development decreased.
“(Its success) speaks not only to the quality of design and product, but to the desirability of living downtown and the strength of a long-term downtown investment,” he said.
The Standard was The Domain Companies’ fourth project in its five-block South Market neighborhood, which encompasses an area across Loyola Avenue from the Superdome and Smoothie King Center. A fifth phase, The Odeon, opened its doors to residents in January and is said to be the tallest building constructed in New Orleans in the past 30 years.
The more than $100 million development, located at the corner of Loyola Avenue and Girod Street, features 271 studio, one-bedroom and two-bedroom units for rent, 200 parking spaces and 12,000 square feet of retail space. There are 30,000 square feet of amenities such as a pool deck and outdoor lounge with fenced dog run, furnished guest suites, a fitness center and an art collection.
Twenty-five of the structure’s floors are dedicated to residences, while the remaining four – including a double-height ground level – feature retailers and parking.
According to the website for The Odeon, rent for a studio apartment starts at $1,335 a month. One-bedroom units range from $1,685 to $2,930, and two-bedroom living spaces range from $3,085 to $3,510 per month. There are also six penthouse units that range from $5,500 to $7,500.
Schwartz said demand at The Odeon has been “very high, and leasing is exceeding expectations.” He added most retailers at South Market have either reopened or are in the process of reopening soon following last year’s COVID-19 lockdown.
Though developers have said they expected to announce a sixth development at South Market this year, Schwartz said there is no news to report.
The neighborhood is a $500 million investment in downtown New Orleans to provide a mixed-use, transit-oriented neighborhood combining luxury apartments with retail, restaurants and entertainment venues.
Completed projects include the $48 million mixed-used development The Paramount, the 124-unit The Beacon and The Park, which offers retail and a 445-space parking garage.