[Southdowns]

RiverPlace construction set to start in early '07

The RiverPlace condominium project planned for downtown is on schedule for an early 2007 groundbreaking. Developer Richard Preis says his team spent the past 10 months regrouping to assess the rapid increase in construction costs that occurred post-Katrina and Rita and re-engineering the building in an effort to keep costs down. "When you're dealing with a $70 million to $80 million project, there are a lot of moving parts," Preis says. "We want to do this slow and right." There has been no final decision on how tall RiverPlace will be; at one point the tower was set to be taller than the state Capitol. But Preis says the 119-unit development will continue to have all the amenities promised earlier, such as a pool, fitness center and clubroom. "We're going to keep the Windsor Court atmosphere," he says. The team of builders, including Manhattan Construction, has been able to reduce costs while maintaining the quality of the building, Preis says. If all goes well, RiverPlace should open by late 2008-early 2009. Says Preis, "If this was an easy project, it would have been done 25 years ago. It ain't an easy project."