Apartment, condo construction feeds city's pent-up demand

GREYSTAR CAPITAL Partners LP has seen surprising demand for its 703-unit luxury Saulet apartments under construction in the Lower Garden District, having rented 249 units as of mid-August.

The Houston company's development is one of the biggest in the history of the local apartment market, and its luxury features will compete with units nearby in the highpriced Warehouse District.

Greystar has built 322 units with another 80 units nearing the end of construction. Original projections called for all construction to wrap up by the end of next year, but now the target is June. "We are ahead of plan tight now," says Kevin Hemenger, marketing director.

Of the 249 units leased, 193 were occupied as of midAugust, he says. The complex has also finished building its fitness center and day spa.

Hemenger says around 60% of the renters are locals and die rest are persons who have relocated to New Orleans. The locals come mainly from the Harahan/River Ridge area and die Warehouse District, with a few from die north shore, Hemenger estimates that possibly a third of the renters are former Warehouse District residents.