NEW ORLEANS— The redevelopment of an old-growth forested swath of land in southeast Louisiana has become the catalyst to $8 billion in residential projects in the area, creating the world’s largest undeveloped area of land.
New Orleans’ booming rental market is pushing developers to put their money where their mouth is and to find ways to revitalize an area that has been under pressure from the city’s housing crisis.
The city’s Office of Housing is overseeing the $8,769,000 investment.
The project, called Woodbridge Woods, will be built on an 18-acre tract of land owned by the city and administered by the New Orleans Housing Authority.
The city will provide $1 million to $1.5 million in incentives to developers who will take the land for affordable housing and other uses.
The first phase of the project will include a hotel, a park, and a grocery store.
The development, known as Woodbridge Wood, will include five buildings with an estimated cost of $6 million each.
The buildings include the city-owned hotel, the Woodbridge Gardens, which is being developed as a mixed-use community of apartments, office space, and shops.
A fourth building is being built to replace the city building.
The Woodbridge Village will be the largest development of its kind in New Orleans.
Woodbridge Wood is one of three projects in New York City that are under construction that will create housing.
A developer is looking to build 1,500 units in a project that will include more than 10,000 affordable units.
New Orleans is a major financial and political draw for developers, but it has struggled to get a handle on its housing problems.
According to the U.S. Census Bureau, more than 6.5 percent of New Orleans residents are living below the poverty line, and almost 2.6 percent are living in poverty.
As of the end of July, the city was still housing a population of 790,000, about 10 percent below the rate of 2000.
At the end for the first quarter of 2019, the Housing Authority was on track to deliver 8,500 new affordable housing units, up from 6,800 units in the previous quarter.
One of the key elements of the WoodBridge Wood development is that it will include an upscale hotel, retail shops, a grocery, and apartment buildings.
It will be a mixed use, with one or two single-family homes and a larger complex that will house office and commercial space.
An estimated $6.7 million has been set aside for the project, which will include tax incentives to build the hotel, parking, and other amenities.
“It’s going to be a very big building,” said Joe Gagliardi, a developer who is in charge of the development for the city.
Gagliathan said he has invested $100 million in the project.
In New York, developers are working on two other projects: a hotel in Queens and a condo development in the Bronx.
Another developer in the neighborhood, the West End Development Company, is working on a $2 billion hotel and residential development on a large piece of land near the corner of North Avenue and West Street in Lower Manhattan.
Developers are also working on development in a vacant lot next to the New York Aquarium.
But in New Jersey, developers say they’re struggling to find affordable housing for people who can’t afford to rent in the city or have other housing problems, and are hoping for more funding.
State Senator Linda Kelly, a Democrat from Jersey City, told the Associated Press that the state’s housing department had been trying to help developers in her district.
Kelly said the agency has been pushing developers in New Brunswick to provide more affordable housing, but she said she was told that a $200,000 grant was not being applied.
She said she had not seen the new Woodbridge plan, and would be speaking with the developers.