Bringing Back a Landmark

1 September 2011

Once again, Woodward Design+Build and HRI Properties are teaming up to bring another New Orleans landmark back into commerce. The Hibernia Bank Building at 313 Carondolet will house the Capitol One Bank branch in the first floor’s ornate lobby, while new office and apartment space will be renovated on the other floors.

Hibernia Building to be converted into apartments

28 August 2011

An icon of the New Orleans skyline — the Hibernia Building — has been sold to a joint venture with plans to convert it into 175 apartments.

The building once housed regional banker Hibernia Corp. before the company was purchased in late 2005 by McLean, Va.-based Capital One. Capital One plans to maintain a branch banking office on the ground floor. The renovation also will include two floors of office space — part of which will be used by HRI Properties.

The Hibernia Building once was Louisiana’s tallest building.

The joint venture said the acquisition was financed by a loan from Whitney Bank, which was acquired earlier this year by Hancock Holding Co. The developers said they are working with Capital One on the construction financing.

“We could not be more proud to be owners and soon tenants of arguably the most recognizable building in downtown New Orleans,” said HRI President Tom Leonhard.

Leonhard said HRI intends to make the building its flagship property. Capital One is currently working on a $1.7 million renovation of the Hibernia building branch.

In addition to the apartments, plans call for a 15th-floor rooftop deck including a swimming pool and a fitness center.

Leonhard also said Capital One will continue the tradition of lighting the white tower nightly and in holiday colors such as red and green for Christmas and purple, green and gold for Mardi Gras.

New Orleans-based HRI said that over the past 29 years, it has completed 54 large-scale apartment, condominium and hotel projects. Woodward Interests LLC is a unit of New Orleans-based Woodward Design-Build, a design and construction company.

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