Enhanced Capital recently helped support the renovation of a vacant, historic 10-story tower in New Orleans. Built in 1964, Bristow Tower sits on the campus of Ochsner Baptist and once provided housing for hospital employees. The building is on the National Register of Historic Places. However, it has sat mostly empty since 1995; the few ground-level offices used after then were wiped out by Hurricane Katrina.
Developers Greg Ensslen and Chris Bellone, along with Woodward Interests and Valentino Investments, teamed up to breathe new life into the tower, reviving the building as the Alder Hotel, which is set to open in 2017.
The project will bring new accommodations to an area long overlooked for hotels, The Times-Picayune wrote. “Most of the hotel investments pouring in from across the country over the past five years have focused on the French Quarter, the Warehouse District and the Central Business District,” according to the newspaper. In addition, the project will support expanding services at Ochsner Baptist, the article said.
For the project, Enhanced Capital helped the development team realize value from state historic rehabilitation tax credits. You can read the full article here.