Developer Darren Aschaffenburg has announced revised plans for the transformation of the former Metairie Towers condominium complex on Metairie Road, which he purchased for $24.5 million on Thursday. Originally intending to convert the building into 219 apartments, Aschaffenburg now plans to maintain it as a condominium complex with 160 larger units.
The reimagined project will feature an eighth-floor addition, 12 luxury penthouses, and upgraded exterior elements. The property will also be gated and staffed with around-the-clock security. Aschaffenburg, who grew up in Old Metairie but is now based in Dallas, emphasized that the renovated building will be a “beacon of class and elegance” in the area, offering amenities typical of a Class A property.
The renovation, estimated to cost between $45 million and $50 million, is expected to take nearly two years to complete.
Aschaffenburg’s revised vision for the 1970s-era building, now renamed The Tower Residences of Old Metairie, comes more than six months after his proposal was chosen over several others. Initially, Aschaffenburg planned to use historic building tax credits to finance the apartments, but he found the restrictions limiting. He ultimately opted to convert the building into condos, believing it was the best long-term solution.
“We were going to use historic building tax credits because the building is right at 50 years old and could have qualified,” Aschaffenburg explained. “But they really tie your hands, and I don’t like having my hands tied. I wanted to do it right, right out of the gate.”
Located in a desirable part of Jefferson Parish, the site is within walking distance of a church, supermarket, and retail district—key factors that drew interest when it was initially listed for sale nearly a year ago. Aschaffenburg believes the neighborhood’s upscale appeal will attract buyers for the condos, which will range from 900-square-foot, one-bedroom units priced at approximately $600,000, to expansive 2,500-square-foot, three-bedroom units and penthouses priced in the millions.
The previous owners of Metairie Towers condos have been given the right of first refusal to purchase the newly renovated units. While Aschaffenburg expects some former residents to return, he acknowledges that many have moved on since Hurricane Ida displaced them over three years ago. “We don’t expect the building to fill up with past owners,” he noted.
The deal is a positive development for the building after several tough years. In 2021, the seven-story complex, largely occupied by elderly residents, was severely damaged when Hurricane Ida tore off its roof. Efforts to restore electricity and water services later led to flooding, exacerbating the storm’s damage. Meanwhile, disputes between the Metairie Towers Condominium Association and insurers over repair costs, along with asbestos issues in the building’s sheetrock and pipes, further delayed recovery.
In October 2022, the condo association secured a bank loan to begin asbestos remediation, though residents were told it would be at least another year before they could return. By early 2023, a majority of owners decided to sell the building, which officially went on the market last fall. Several lawsuits involving past owners, the condo association, and insurers are still pending.
“I feel terrible for the people who have been displaced and for the neighborhood that has had to look at this eyesore,” Aschaffenburg said. “Our plan is to get this rolling as soon as possible.” He aims to begin construction by January, marking a fresh start for the complex and the surrounding community.
