CJ Peete/Harmony Oaks Construction Begins

January 6, 2009 | McCormack Baron Salazar

Construction has begun on the $172 million Harmony Oaks project to redevelop the C.J. Peete public housing site in New Orleans, LA.

The C.J. Peete HOPE VI Housing Redevelopment project is being developed by Central City Partners (a team made up of St. Louis-based companies McCormack Baron Salazar and KAI Design & Build), in partnership with the Housing Authority of New Orleans (HANO) and the New Orleans Neighborhood Development Collaborative (NONDC), a non-profit organization dedicated to increasing the availability of quality affordable housing in New Orleans’ Central City neighborhood. A groundbreaking ceremony was held on January 7, 2009 to mark the start of construction.

McCormack Baron Salazar Executive Vice President, Vince Bennett said, “Realizing the transformation of the C.J. Peete site in a troubled financial time demonstrates the significance of public private partnerships. The ability of our team to bring in nationally recognized financial partners such as Goldman Sachs and negotiate a complicated leveraged transaction with HANO, state and local funders and navigate numerous tax and regulatory requirements in 60 days was incredible. Moreover, this development will serve as a catalytic spark in the revitalization of the neighborhood and will support families who were displaced by Katrina.  The importance of this development goes beyond bricks and mortar to transform the lives of community and public housing residents.”

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