New development fills an old space in New Orleans

NEW ORLEANS - Tractors and workers pump new life into an old piece of property in New Orleans. It's one of a string of development "rebirths" around town.

The grounds of an old church in the 200 block of Academy Road will be changed into a brand new development of high-end homes.

Construction foreman Ronald Dunshee with Kass Bros. Inc. said within the next month, passers-by should be seeing the shells of new homes.

"You'll see beautiful homes in the $400,000 to $600,000 range," he said.

It will be called The Oaks at Lakewood South, a Landcraft Home Development. President Joseph Scontrino said he's excited about being part of redeveloping the city. The development will sit on 7 acres, which is like gold in the city of New Orleans, where finding any new development is tough.

"You always have to have something torn down to build something new and to have enough to land to build several houses at a time is extremely rare," said Terez Harris, of Keller Williams.

With a shortage of land and housing stock, Harris said investors are snapping up opportunities whenever and wherever they can. An example is the new South Market development on Girod between Loyola and O'Keefe. Domain Companies began securing the parking lots in the neutral ground after Katrina. The old area around the new medical complex in Mid-City is suddenly new again.

"That's causing people to want to be in that area for the V.A. Hospital coming, and that's causing prices to increase in that neighborhood, as well," Harris said.

For more information contact Terez B Harris