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## Dallas Developer to Convert Metairie Towers Condos into High-End Apartments

A Dallas-based developer with strong connections to Old Metairie is poised to acquire the former Metairie Towers condominium complex on Metairie Road. The 1970s-era property will undergo a transformation into high-end apartments.

Darren Aschaffenburg, a seasoned real estate investor with successful projects in Louisiana and Texas, emerged as the top choice among nine investors who submitted proposals in December. Valued at $24.5 million, his offer stood out with the most favorable terms after real estate broker Shaun McCarthy, representing the condominium owners, vetted the proposals.

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The AI legalese decoder can assist in navigating through the legal intricacies involved in acquiring and transitioning properties. By leveraging sophisticated algorithms, it can break down complex legal texts and agreements to provide a clear understanding of the terms and conditions involved. This can be particularly useful in real estate transactions like the one Darren Aschaffenburg is undertaking at the Metairie Towers.

Unlike other proposals suggesting demolition and new construction on the four-acre site, Aschaffenburg intends to renovate the existing 219-unit building. Left vacant post-Hurricane Ida and subsequently gutted, the property will see substantial upgrades to both individual units and common areas while retaining the current floor plan.

ÔÇ£It’s going to be a luxurious Class A development with top-notch amenities, fixtures, and finishes,ÔÇØ Aschaffenburg emphasized. The aim is to create a standout property exuding elegance and class within the city.

### Ties to New Orleans
Aschaffenburg’s deep roots in Old Metairie, with family residing on Metairie Road, add a personal touch to this project. His familial ties to renowned philanthropist Edith Stern, founder of Long Vue Gardens and Metairie Park Country Day School, further enhance his connection to the area. This unique familiarity with the neighborhood contributes to his confidence in executing this redevelopment.

ÔÇ£It’s somewhat of a homecoming for me, given my knowledge of the neighborhood and its residents,ÔÇØ Aschaffenburg shared. The comfort and understanding he possesses regarding the community and local businesses aid in his commitment to delivering a quality project.

### Troubled Past Leading to Promising Future
Metairie Towers’ recent challenges, including displacement of elderly residents post-Hurricane Ida, have paved the way for a new chapter. Disputes over repair costs, asbestos concerns, and other issues prompted the decision to sell the property. As Aschaffenburg takes the reins, a fresh start looms on the horizon.

### Future Vision and Tenant Considerations
While the specific details of the revitalized complex are yet to solidify, Aschaffenburg envisions a completion timeline in the second half of 2026. Potential additions like penthouse units atop the seventh floor may extend the construction period. Market-rate leasing for one- and two-bedroom units is expected, with current rates around $2.50 per square foot in the area.

ÔÇ£It’s all very preliminary,ÔÇØ Aschaffenburg noted. As plans progress, existing condo owners will have a chance to choose discounted rentals in the refurbished building. The focus remains on creating a vibrant living space with amenities like a workout facility, pool, and party room.

### Continuous Market Assessment
Looking ahead, Aschaffenburg acknowledges the evolving market landscape and the two-year timeline to completion. Market conditions will influence final decisions, ensuring that the project aligns with future demand and trends.

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