Private developers and investors are renovating more than 2,600 of New Orleans East’s approximately 7,000 apartments, according to the Times-Picayune. They also own about half of the area’s 4,700 units scheduled for future renovation.
The only hitch? Lenders and insurers don’t share investors’ bullish view of the area’s redevelopment.
With concerns about the slow pace of recovery and the still-flawed levee system still lingering, investors will have a tougher time securing the funding and protection necessary to pull all these projects off.