St. Bernard Project Bringing More Revitalization to Broad Street
June 30, 2015
The St. Bernard Project, Inc. is moving forward on a $7 million commercial development project on Toulouse Street in the Broad Street corridor.
The St. Bernard Project, Inc., a Louisiana non-profit corporation, is serving as project developer and sponsor of the revitalization efforts. The development is currently in the first phase of a two- phase development plan for the property, which will include commercial office space and house the organization’s corporate headquarters.
The development project will also include construction of a warehouse, which will house a disaster recovery training laboratory. The training laboratory will teach green construction techniques and provide construction job training to area residents. The St. Bernard Project, Inc. focuses on disaster recovery and community resilience, with a core focus on ensuring affordable urban housing options exists for low- to moderate-income individuals.
The project is funded with federal new market tax credits, commercial bridge loans, sponsor equity, and state-administered Community Development Block Grant funds provided to the project in the form of a Project-Based Opportunity Program loan from the State of Louisiana, Office of Community Development.
Fishman Haygood attorneys Megan Riess and Chris Wootten represented The St. Bernard Project, Inc. in the development deal.
This is the second structured finance deal that Fishman Haygood has assisted with in the Broad Street corridor. The firm also represented the New Orleans Redevelopment Authority in the $20 million ReFresh Project, a development project that renovated the formerly-vacant Schweggman’s building at Broad and Bienville streets. Whole Foods opened in February 2014 at the location.