Tax Credits for HRI Properties
Since its founding in 1982, HRI Properties has completed more than 70 large-scale projects in 16 states totaling more than $2.5 billion. The company has a national portfolio of 1,500 apartments and 2,200 hotel rooms. Sabiston has been instrumental in securing tax credits for HRI’s recent endeavors in New Orleans
225 Baronne Street
The 225 Baronne Street office tower sat vacant for over 10 years. In 2015, Sabiston Consultants successfully helped HRI Properties secure a Restoration Tax Abatement from the City of New Orleans for their redevelopment of 225 Baronne Street. HRI Properties used the tax credits to finance a $100 million conversion of the property, and it re-opened in 2015 as a mixed-use development featuring the Aloft Hotel and a luxury apartment complex named The Strand.
The vibrant Aloft Hotel features 188 guest rooms and includes an outdoor Splash pool, 24-hour fitness center, 2,500 square feet of meeting space, free Wi-Fi and the WXYZ Lounge.
The Strand luxury residential apartments, named after the original Strand Theatre, occupy floors 18 through 30 of the building and boasts stunning views, an above-deck pool, fitness and health center, and in-building access and parking for residents.
In 2015, Sabiston Consultants assisted HRI in successfully negotiating a Payment in Lieu of Taxes (PILOT) from the City of New Orleans for property located at 317 N. Rampart Street. This negotiation also included the first Project Labor Agreement in New Orleans. The PILOT and Project Labor Agreement include a 35% DBE goal, 40% local resident employment requirement, and local business criteria.
The property is currently being developed into a $30 million, 207-room Homewood Suites extended-stay hotel, hoping to tap into the new market established by the recently-opened billion-dollar medical corridor. HRI will establish a hospitality industry workforce development program for residents of nearby Iberville public housing, just across the street from the hotel site.