KB Home and Shaw Group to build 75 homes in River Garden

New Orleans CityBusiness, Mar 27, 2006 by CityBusiness Staff Reports

Baton Rouge-based Shaw Group plans to partner with KB Home and HRI Properties Inc. of New Orleans to build 75 homes for HRI in its River Garden development. This partnership is separate from KB Home and Shaw's previously announced deal to develop thousands of homes on the West Bank of Jefferson Parish.

As part of the River Garden development, KB Home and Shaw will build 15 affordable homes on lots owned by HRI. The Housing Authority of New Orleans and HRI will market the homes to buyers who meet strict criteria, with preference given to former residents of the St. Thomas housing facility and first-time homeowners. The subsidized homes are expected to cost between $130,000 and $140,000. River Garden is the name given to the Hope IV redevelopment of the former St. Thomas Housing Project neighborhood. In addition, KB Home/Shaw will buy approximately 60 residential lots from HRI in the same River Garden area, which will be used for market-priced homes, expected to cost between $280,000 and $450,000. The new homes will be designed with an eye toward traditional New Orleans architecture.