With sleek restaurants, art galleries, retail shops and a full-service grocery store, the downtown area – especially the South Market District – is attracting renters and buyers. Residential buildings like The Paramount are satisfying the demand with high-end perks such as an art-filled lobby, espresso bar and concierge service.
Kurt Weigle, president and CEO of the Downtown Development District of New Orleans, does not see the influx in residents slowing down any time soon.
“As you create more amenities, this becomes an attractive place for people to live,” he said, noting that 98 percent of the residential units are occupied.
“What has happened with the strong demand is that rents have increased and the sales price of condominiums has increased,” he said. “As that happens, it becomes an even more attractive environment for developers.”
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