NORF Companies Commences Renovation of Former Warwick Hotel into New Tulane Medical School Student Housing
NORF Companies, along with Hernandez Consulting & Construction and Albert Architecture hosted a formal renovation commencement ceremony 11:30AM, September 2, 2020, at the project site, 1315 Gravier St. Speakers included President Michael Fitts (Tulane University), Mayor LaToya Cantrell (City of New Orleans), and Cullan Maumus (NORF Companies).
“This project symbolizes the future of Tulane and the future of New Orleans in so many ways,” said Tulane University President Michael Fitts. “We would not be Tulane in any way, shape or form without New Orleans. This project is bringing Tulane symbolically to a new level and is the beginning of the expansion into our downtown campus.”
The university plans to fill 154 apartments of the renovated building with graduate students, researchers, physicians, faculty, and other affiliates of its expanding downtown campus. The project will also add ground-floor retail space including a full‐service restaurant, coffee shop, grab-and-go food options, patio space, and lounge seating. Renovation of the long-dormant building began in March with demolition, abatement and construction slated to complete no later than August 2021.
“We are more than committed to assuring that we will be a partner in redeveloping the city of New Orleans, particularly in the Central Business District,” said City of New Orleans Mayor LaToya Cantrell. “I want to thank all of you who have stood your ground with Tulane. I cannot think of a better time in the midst of a pandemic, where we are putting our healthcare professionals first,”
This 120,000 square foot New Orleans landmark is located across from City Hall and will add to the redevelopment of a significantly historic neighborhood. Hernandez Consulting & Construction is the general contractor on the project. Albert Architecture & SCNZ are the architects of record.
“We are proud to be renovating this historic property and know it will be a great addition to Tulane as well as the city,” said NORF Development Director Cullan Maumus. “As a Tulane alum and New Orleanian, I’m proud to be part of this project.”
Since 2013, New Orleans Redevelopment Fund Companies (NORF Companies) has eradicated blight in New Orleans with the successful redevelopment of over 50 historic tax credit-earning projects. Earlier this year, NORF Companies closed a $45 million financing to convert the old Warwick Hotel into a mixed-use student housing. The investment consists of a construction financing facility provided by Hancock Whitney Bank and a bridge loan for Historic Tax Credits by Midland State Bank. Tulane University has signed a long-term lease with NORF on the 12-story building located at 1315 Gravier St., adjacent to Tulane University School of Medicine. NORF recently closed on its third private equity real estate investment fund, NORF 3 Opportunity Zone Fund and this project represents the largest Qualified Opportunity Zone Fund project in New Orleans to date.