Construction Begins on ‘Large Format’ Hotel in Warehouse District
NEW ORLEANS – Urban Properties Development, a New Orleans-based commercial real estate developer and project manager, has partnered with Align Venture Capital to redevelop 757 St. Charles Avenue into The Hotel Perle, a boutique, large-format hotel.
The existing three-story structure was originally built as a hotel in 1920 and renovated into an office building by the Blitch-Knevel architecture firm in 1985. Urban Properties Development is planning a full renovation of the office building into a large-format hotel featuring 11 suites and a 2,000 square feet café/bar concept on the ground floor. Construction began in late April.
The hotel development includes 11 unique large-format suites, ranging in size from 1,400 to 1,800 square feet, including three-, four-, and five-bedroom units. The units will feature chef’s kitchens, hardwood floors, exposed brick, en-suite washer/dryers, central HVAC and luxury bathrooms. Common area amenities will include an outdoor amenity deck with a pool and bar, 40 covered parking spaces, Wi-Fi and a private terrace fronting St. Charles Avenue.
Michael Bucher, partner and managing director at Urban Properties, led the acquisition and is managing the renovation.
“Urban has been working on this project since 2019,” he said. “Our firm is grateful to the former ownership and our current partners at Align for seeing this unique opportunity and believing in our vision. Hotel Perle is a hotel for groups and will be the first-of-its-kind, luxury large-format style hospitality in the Warehouse District.”
Rome Office is the architecture firm on the project, Ryan Gootee General Contractors is the contractor, and New York City-based Ward & Gray is the interior designer. MC Bank provided the construction financing and Align Venture Capital, the Urban Venture Fund and other local investors provided the equity and mezzanine financing.
Urban Properties Development will handle the project management of the renovation, along with overseeing property and asset management of the completed development. The hotel operator has not been announced. The project is slated for completion in Spring 2024.