INNOVATORS Gold Award - New Orleans City Business

INNOVATOR
The Domain Cos.
Key innovation: mixed-use apartments and retail space
Biggest clients: renters of affordable-to market valuehousing
Where they’re based: New York and New Orleans
Top executives: Chris Papamichael and Matt
Schwartz, co-founders and principals
Year introduced: 2003 in New York, 2005 in New
Orleans
LOCATED IN THE geographic center of New Orleans,
Tulane Avenue may soon be the economic and social center
as well.
At least that’s the plan of Chris Papamichael and Matt
Schwartz, co-founders of The Domain Cos., the private
development company responsible for inciting the
“rebirth” of the Mid-City drag.
Shortly after Hurricane Katrina, Papamichael and
Schwartz, graduates of Tulane University’s Freeman
School of Business, began looking for an area to build
mixed-used apartment and retail spaces.
“From a land planning perspective, it makes perfect
sense to be on Tulane Avenue, with its access to everything
and the high-density development that we’re
doing,” Papamichael said. “We’re pioneering in that we
are some of the first projects to get under way. With
everything planned, you’re going to see Tulane Avenue
transform very quickly over the next few years.”
The Domain Cos. is also working to renovate some of
the area’s historic homes to polish up existing neighborhood
structures.
Papamichael believes the product will appeal, and be
accessible, to a wide range of people in New Orleans.
“Our product really hits a very broad income band,
with the type of financing that we have. We have marketrate
units, as well as affordable units, so it really hits a
good cross section of the New Orleans population,” he
said.
The Domain Cos. has four buildings under construction
along Tulane Avenue, two of which will be completed
and begin leasing at the end of this year; the other two,
by early 2009.
Papamichael added that the company incorporates
green building practices into all of its new and renovated
buildings.
“We’re doing everything we can to make this a green
building and energy efficient design. All of the appliances
and lighting is Energy Star-rated,” he said.
In addition to its central location, Papamichael said
Tulane Avenue was also appealing because of some of the
other development planned in the area.
“The vehicle for economic growth in New Orleans
moving forward, to diversify the economic base, is centered
around everything that’s happening on Tulane
Avenue,” Papamichael said. “Among all the developments
between the medical centers, the potential criminal
justice center that the city is working on, and everything
else that going on, there’s probably $2.5 (billion) to $3
billion of planned or under construction on Tulane
Avenue.”•
— Leah Bartos
PHOTO COURTESY BEUERMAN MILLER FITZGERALD
The Domain Cos. partners Matthew Schwartz, left, and Chris Papamichael stand on the site of the Crescent Club, a 228-unit apartment
complex on Tulane Avenue.
New Orleans CityBusiness 15A