NEW ORLEANS – HRI Communities (HRIC) today announced the financial closing for the renovation phase of the Touro Shakspeare redevelopment, marking a major milestone in the full rehabilitation of the long-vacant historic almshouse in Algiers. The $26 million renovation follows completion of the City-funded stabilization scope finalized in September 2025.
The closing on the renovation financing enables the start of full redevelopment work that will transform the 72,000-square-foot building into 52 affordable one-bedroom apartments for low-income seniors, fulfilling the original philanthropic intents of benefactors Judah Touro and former Mayor Joseph Shakspeare, who championed the establishment and funding of the almshouse in 1862 and 1882 respectively.
“This next phase represents years of perseverance, planning, and partnership to bring this important building back into service for the people it was always meant to serve,” said Josh Collen, President of HRI Communities. “With stabilization complete and financing secured, we are ready to begin the important historic preservation work that will ultimately deliver high-quality, resilient homes for New Orleans seniors while honoring the site’s irreplaceable character.”
“Leveraging local, state, and federal dollars, along with private partnerships to bring more affordable and sustainable housing units online has always been a priority of my administration,” said Mayor LaToya Cantrell. “We are grateful to HRI and other housing partners for stepping up to the plate to invest in our most vulnerable population, our seniors. Preserving, restoring, and returning the Touro-Shakspeare almshouse, a true historical treasure and senior care facility damaged during Hurricane Katrina, ensures the architectural legacy lives on and honors our culture while building upon the future of New Orleans. Today’s financial closure is a testament to this commitment, a significant milestone in strengthening our communities for generations to come, and a Glimmer of Hope for Algiers.”
“Renovating Touro Shakspeare into affordable housing for seniors is a big win for the community. As we continue to grow the West Bank, it’s crucial to build the infrastructure needed to support that growth. We’re excited for more wins ahead as we focus on community development, not only in Algiers, but across the city,” said Freddie King III, New Orleans Councilmember District C.
A Once-Blighted Landmark Moves Toward Full Renewal
Constructed in 1933 to replace a previous campus in Uptown, the Touro Shakspeare Home operated as an almshouse and senior care facility until Hurricane Katrina forced the evacuation of all 120 residents in 2005. Since then, the building’s vacancy and deterioration, including significant structural failure, required extensive stabilization and remediation before renovation could safely proceed.
Stabilization, completed in September and funded by a $6 million subordinate loan from the City of New Orleans, addressed critical life-safety and structural issues, including asbestos abatement, selective demolition, roof installation, structural bracing, and removal of severely compromised building elements.
With structural stabilization now complete, the renovation phase will convert the historic structure into a modern, resilient, senior housing community. Planned improvements include:
• 52 one-bedroom apartments for residents 62 or older, earning no more than 50% of the Area Median Income
• Restoration of the building’s historic chapel as a community room
• Open-air courtyards, refurbished fountains, and shaded green space
• New building systems, windows, elevators, and energy-efficient upgrades
• Robust resiliency features, including a FORTIFIED roof, storm-rated windows and doors, backup power, and flood-hardy construction designed with FEMA, HUD, LHC, OCD and Enterprise Green Communities best practices in mind
Historic Preservation, Community Need, and Long-Term Affordability
The redevelopment maintains Touro Shakspeare’s historic purpose: serving New Orleans’ lowincome elderly residents. All units will be reserved for senior households, with rents capped at 30% of resident income under a 99-year ground lease with the City of New Orleans. All units will have project-based Section 8 voucher subsidy through the Housing Authority of New Orleans (“HANO”).
The Project is financed through a complicated structure combining:
• Low Income Housing Tax Credits (LIHTCs) through the Louisiana Housing Corporation (“LHC”), which resulted in equity investment funding by First Horizon Bank, the Project’s Investor Member.
• Privately placed tax-exempt bond debt issued by the Louisiana Housing Corporation and purchased by Boston Capital Finance.
• Federal and State Historic Tax Credits, which resulted in investment proceeds from First Horizon Bank and Stonehenge Capital, respectfully.
• PRIME-3 CDBG-DR loan from LHC and the Louisiana Office of Community Development
• City of New Orleans subordinate debt that supported the stabilization work.
• Payment in Lieu Of Taxes (“PILOT”) from the Finance Authority of New Orleans (“FNO”), which supports stable financial operations and provides long-term underwriting certainty to capital partners.
“We are excited to be working with HRI Communities on this conduit multifamily bond. I’ve shared a working relationship with Josh, Chris Clement and Carey Slocum for over 15 years and have been fortunate to finance many of their developments over that course of time. We are appreciative of the opportunity to provide this financing,” said Sean Curry, Partner and Director of Originations and Investments of Boston Capital Finance, LLC.
“We are so excited to be partnering again with HRI to help make a lasting impact in one of the many communities that we serve,” said Amanda Ward, LIHTC Director, First Horizon.
“The Touro Shakspeare project exemplifies the LHC mission in providing safe, affordable, energy-efficient housing to Louisiana senior citizens,” said LHC Executive Director Kevin Delahoussaye. “Through our partnership with the Office of Community Development, we were able to award sufficient funds through our PRIME 3 program, which was created to assist recent hurricane-impacted areas in recovering in the rental housing market. We are excited to see progress being made in New Orleans.”
“This project shows what is possible when local, state, and federal partners stay committed to a shared goal. Restoring Touro Shakspeare is an investment in our seniors, in our neighborhoods, and in the history we are determined to protect,” Louisiana Office of Community Development Executive Director Gina Campo said. “We are proud to support a redevelopment that will deliver safe, resilient, and affordable homes for generations to come.”
“The Touro Shakspeare redevelopment represents a powerful step forward in our commitment to providing safe, stable, and dignified housing for New Orleans seniors,” said Marjorianna Willman, Executive Director of HANO. “The Housing Authority of New Orleans is proud to support a project that blends affordability, historic preservation, and long-term resilience. This investment honors the legacy of this site while ensuring our elders have a place they can truly call home.”
“Stonehenge is excited to partner with HRI Communities on the transformational redevelopment of the Touro Shakspeare building. This project provides much needed affordable housing to our community, while preserving a historic landmark on New Orleans’ Westbank. The Touro Shakspeare rehabilitation serves as a great example of the public-private partnership that is possible through the Louisiana historic tax credit program, and we are proud to play a part in this meaningful development,” said Patrick West, Vice President of Stonehenge Capital.
“Finance New Orleans is proud to support the long-term financial stability of the Touro Shakspeare project through an Affordable Housing PILOT. This development stands out for its commitment to affordability, its provision of community services and amenities, and its incorporation of holistic resilience best practices. We appreciate the opportunity to collaborate with HRI’s dedicated and thoughtful team, and we congratulate HRI and all project partners on reaching this important milestone for community revitalization in Algiers,” said Sydney Shivers, Director of Housing Policy and Programs with Finance New Orleans.
Landis Construction will again serve as the Design-Build Contractor for the renovation phase, with HCI Architecture as Architect of Record. Construction is officially underway, with full project completion expected in early 2027.
“Having completed the critical stabilization work, we are excited to now begin the full transformation of this landmark building. The Touro Shakspeare project combines complex historic preservation with modern resilient design to create homes that will serve New Orleans seniors for generations to come. Our team is honored to help bring this building back to life and restore its original mission of caring for our community’s elders, said Christian Generes, President of Landis Construction.
“The recent stabilization effort afforded the design team greater insight into the existing historic fabric allowing us to appropriately integrate the new design and amenities, including storm resilience and energy efficiency features, into the historic structure. This rehabilitation highlights a determination to both preserve and sustain an exceptional living environment for its next senior residents,” said Roger Freibert, President of HCI Architecture, Inc.
“This project proves once again that historic preservation and affordable housing are not mutually exclusive. That’s why the PRC has for years worked to make sure programs like the Historic Tax Credit remain in place. It also reminds us that historic preservation is a solution to the affordability crisis. This project is a win-win for everyone involved, said Kristin Palmer, Executive Director of the Preservation Resource Center.