Construction is underway on a high-end apartment complex near Veterans Memorial Boulevard in Metairie that the developer says will be "like a five-star hotel" with a rooftop lounge and resort-like pool.
The 150-unit, five-story complex on Lake Villa Drive near Veterans is the latest in a spate of luxury apartment projects in Jefferson Parish in recent years.
Construction of the apartment complex, called Latitude, is scheduled to be finished by the end of the year, said Vimal Patel, CEO of Q Hotels, a LaPlace-based company that purchased the property in 2018. In addition to the lounge and pool, residents can also sign up for housekeeping and laundry services.
“It’s like a five-star hotel of apartments,” Patel said.
Q Hotels’ portfolio consists mostly of hotels, including Springhill Suites in Slidell, Fairfield Inn and Suites by Marriot in Kenner and Wyndham Gardens in Metairie. The company, however, recently purchased the Townebridge Apartments on the West Bank in Terrytown, Patel said.
The company initially intended to build a hotel on the Lake Villa Drive property, but pivoted to a multifamily housing project when the hotel industry took a downturn during the pandemic, Patel said.
“We decided to go all out and do a Class A luxury style apartment,” he said. Class A typically refers to nicer, more expensive properties with more amenities.
Luxury housing niche
Larry Schedler, a broker who focuses on multifamily market deals, said luxury projects like the Latitude serve a niche sector in the housing market: people who are renters by choice.
These renters, he said, choose to spend on the "bells and whistles" and amenities offered by luxury rentals rather than buying a home.
"The market is good right now in that people are reporting high occupancy, because, let's face it, homeownership is less affordable to people because of increased costs," he said.
The project follows two other luxury apartment developments in Jefferson Parish. The Metro at Clearview, a 270-unit complex on Veterans Memorial Boulevard in Metairie, is scheduled to open this year as part of a $100 million project to reform the 35-acre former Clearview Shopping Center into a mixed-use development. Rent starts at $1,450.
In Kenner, a 1st Lake Property near Ochsner Health Center on Loyola Drive broke ground last year. That project will include 260 high-end apartment units modeled similarly to the Bella Ridge apartments in Elmwood. Rent starts at $1,900.
The group that purchased the Esplanade Mall in Kenner touted a plan that included up to 800 rental units in their redevelopment of the shuttered mall into a "lifestyle center" with retailers and restaurants, but they listed the mall for sale again in February.
Amenities galore
The Latitude complex, at 3100 Lake Villa Drive just south of Veterans, will have units ranging from 740 square feet and one bedroom to 2,142 square feet with three bedrooms. All will have balconies.
The apartments will be equipped as “smart units” which allow residents to control the door lock, lights and thermostat from an app. Some units will be fully furnished for corporate rentals, Patel said.
The building will also have a gym, a three-story clubhouse with a private rooftop access, a "resort-inspired" pool with cabanas and grills, and a dog park, as well as a 3,000-square-foot retail space. Patel said the group hopes to find a tenant for the retail space that would serve residents, like a coffeeshop.
Rent has not been finalized, Patel said, but will likely start above $1,500. Construction is slated to finish before the end of the year, he said.