Lincoln Avenue Communities Embarks on Historic Rehabilitation of Tivoli Place in New Orleans
Lincoln Avenue Communities (LAC), renowned for developing affordable housing with a mission-driven focus, has achieved a significant landmark in its portfolio. The acquisition and planned rehabilitation of Tivoli Place in New Orleans represents a momentous step forward for the company, marking its debut into the utilization of Historic Tax Credits and its inaugural project within Louisiana.
The commitment of more than $35 million to renovate this century-old edifice not only underscores LAC’s dedication to community betterment but also preserves a vital piece of history in the vibrant Warehouse District. Tivoli Place holds a distinguished place on St. Charles Avenue, sharing its location with iconic city landmarks such as the former city hall and the Mississippi River.
LAC’s strategic renovations are designed to support sustainable living while appreciating the architectural heritage. From new central heating and cooling systems, plumbing upgrades, and enhanced unit finishes to raising ceiling heights, the company ensures improved living standards for its residents. The introduction of new community facilities such as a media room, library, and fitness center will enrich resident experiences significantly.
The overhaul extends beyond mere aesthetics and comfort, addressing key sustainability targets with measures like water and power consumption reduction fixtures, as well as the integration of solar panels. Importantly, these renovations promise to bolster the structure’s resilience—a crucial aspect in the face of escalating environmental challenges.
A safe haven for seniors, Tivoli Place offers 163 units dedicated to affordable housing for those earning between 20-60% of the Area Median Income. LAC’s approach extends to address special needs households, setting aside housing units and renewing a vital 20-year Housing Assistance Payment contract to sustain long-term affordability.
“I am thrilled to witness the historic Tivoli Place transform into a paragon of attainable, resilient homes, thanks to the collaborative efforts of LAC and our financial partners. This project fosters a future where everyone has a home, an ethos shared profoundly by Boston Financial,” expresses Roy Faerber, Senior Managing Director at Boston Financial. Reflecting on the integrated social programs and preventative health care screenings on-site, residents of Tivoli Place can anticipate a nurturing and supportive environment.
With financing through a quilt of partnerships, including Boston Financial, Capital One, JP Morgan Chase, and more, this restoration exemplifies effective collaboration in the pursuit of community advancement.
Capital One’s Dan Miller highlights the project’s significance for the larger landscape, asserting, “the rehabilitation of Tivoli Place underscores Capital One’s commitment to helping solve the affordable housing gap at scale.” This endeavor is not just a preservation of architecture; it’s a fortification of the community fabric with accessible housing and healthcare, woven by the collective efforts of all involved parties.
As LAC and its partners forge ahead, Tivoli Place stands as a beacon symbolizing the impact and potential of thoughtful investments in the multifamily sector for creating sustainable, community-minded housing solutions.