Money Makers
Andrew Valenti, Reporter//October 19, 2021//
Part of Economy Iron Works property to become apartment-style hotel
Andrew Valenti, Reporter//October 19, 2021//
Developers have floated ideas throughout the years to revitalize the Economy Iron Works property at 635 S. Peters St. and an adjacent five-story warehouse at 315 Girod St. in the Warehouse District.
The most recent attempt came in 2018 when owners looked at renovating the historic building on Girod Street and demolishing the structures facing South Peters Street into apartments, a parking garage and ground-floor commercial space, but those plans fizzled.
Now, work on a hospitality concept is expected to wrap up at the five-story building on Girod Street by the end of the year.
Mint House New Orleans-Riverside will offer 15 apartment-style accommodations that resemble a short-term rental but have the amenities of a hotel. Units range from studios, one and two-bedrooms and include a full kitchen, workspace and an in-suite laundry.
Space in the accommodations vary, with a one-bedroom unit averaging 650 square feet, studios at 400 square feet and two-bedroom suites offering 800 to 1,200 square feet. Rates range from $150 to $300 per night.
Amenities at the site include a fitness center, rooftop lounge area and pre-stocked groceries based on a grocery list guests can send staff. Each unit also has a MIRROR, a device that allows people to work out with access to live fitness classes and trainers from across the country.
Guests download Mint House’s app and use it for digital check-in and check-out, concierge service, recommendations on local attractions and food service delivery. Mint House founder and CEO Will Lucas said guests can buy a daily or monthly pass to use at the company’s properties nationwide. The monthly pass gives the buyer preferential treatment and discounted stays.
With remote work and work-from-home models for companies becoming a larger part of employees’ daily lives due to the COVID-19 pandemic, Lucas said the monthly pass is designed for the working professional who is untethered to a specific location.
“It allows people to travel and experience things while still doing their full-time jobs,” he said.
Economy Iron Works was founded in 1922 and grew into a marine repair business by the 1950s. The company expanded its portfolio into the construction, oil and commercial fields over the years. It still owns the property at 635 S. Peters St., according to the Orleans Parish Assessor’s Office.
Although the exterior of the property still sports graffiti, Lucas said he still expects a completion date by the end of the year but added there were some delays and supply chain issues resulting from Hurricane Ida.
A construction permit issued in June 2020 lists the value of the work at $2.5 million. An entity known as 315 Girod Standuke LLC purchased the five-story structure on Girod Street from 315 Girod LLC, managed by Economy Iron Works president Robert Barbalich Jr., in 2019 for $10, meaning the purchase price was not disclosed. The Secretary of State’s Office lists Metairie resident Walter Baudier III as the manager of 315 Girod Standuke LLC.
Lucas said Mint House has entered into a revenue sharing agreement with the property owner.
The pandemic crippled the hotel industry, as leisure and business travel and conventions were severely impacted by stay-at-home mandates and other restrictions put into place to help curb the spread of the virus. Lucas said activity was not affected as badly at Mint House properties, which were able to maintain an 80% occupancy rate. This was due in large part to flexible booking, more spacious accommodations and the digital nature of staying at the properties, he said.
“You really don’t have to come face-to-face with anyone to access the vast majority of our amenity suites,” Lucas said.
Mint House is based in New York and has 19 properties in 10 markets. The company said it plans to add 3,000 units across 30 markets within the next year.
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