Darren Aschaffenburg, a local real estate investor and developer, officially has the keys to the 50-year-old Metairie Towers Condominiums at 401 Metairie Road, which has sat dormant since suffering damage from Hurricane Ida in 2021. Aschaffenburg plans to breathe new life into the three-wing building, transforming units into upscale condominiums and adding an additional floor to one wing that will become an eighth-floor penthouse with an additional “sub penthouse” on the floor below. The new building will be called Tower Residences of Old Metairie, Aschaffenburg announced. The high-density seven-story building, constructed in 1973, currently comprises 219 one- and two-bedroom units and mostly housed senior citizens. Aschaffenburg plans to lower the density to create more spacious living units with upscale finishes, fixtures and appliances. The projected completion date will be Fall 2026. Permits still need to be approved by Jefferson Parish officials. Aschaffenburg has developed projects for more than 35 years throughout the Southeastern United States. He grew up in Old Metairie and his great-grandmother, Edith Stern, founded Long Vue Gardens and Metairie Park Country Day School. Following the announcement on Oct. 4 that the sale had officially closed, Aschaffenburg shared with New Orleans CityBusiness more details of his plans to redevelop the property: Density will be lowered to 160 units The renovation will expand the size of units to a minimum of 900 square feet for a one-bedroom unit to around 2,500 square feet for a three-bedroom unit. There will be 1, 2 and 3-bedroom units, in addition to an added penthouse. Laundry will be moved to within units rather than being at the end of each hall as they are currently. A penthouse will add an eighth floor to the building The building’s zoning allows a height limit of 65 feet. Plans include adding terraces to the top floor units. A first-floor amenity wing Plans include a state-of-the-art fitness center, yoga studio, community lounge, game room and vending area. Oasis-style pool Plans include transforming the existing pool outside the property into an oasis-style pool with lush landscaping, a grilling area and fire feature. New Orleans-based Albert Architecture will take the lead on the project Aschaffenburg said Richard Albert, head principal, has been a longtime partner on previous development projects. Major updates to the interior include bringing all building elements up to code, adding hurricane-proof windows, removing induvial A/C units and placing HVAC compressors on the roof out of sight. There are also plans to add backup generators to the building. The property will be fenced and gated For maximum security, plans include adding a gate and fence and 24-hour security around the entire site. Units will be for sale before construction is complete Current owners will have first right of refusal to purchase the condominiums. Once all units are sold, a condominium association will take over running the building. Aschaffenburg said signage and a website for the new name, The Tower Residences of Old Metairie, will go live in mid-October and there will be opportunities to pre-sell units and “early bird” specials for interested future owners. Shaun McCarthy, principal of McCarthy Group Realtors, served as the exclusive listing agent for the marketing and sale, representing Metairie Towers Condominium Association. The 219-unit development was listed in October 2023. Nine offers came in – four from out of state developers and five from local developers. Five offers proposed maintaining the structure and redeveloping the building, while four wanted to demolish the building and start over, said McCarthy. The association stated that Aschaffenburg made the highest offer with also the most favorable terms. “This redevelopment (needed) to be done by someone local who appreciates the area and will put blood, sweat and tears into it, and do it right by the community. That is how I sold my proposal, and I am humbled and excited to receive the bid,” said Aschaffenburg. “We feel very blessed to have been given this opportunity and we understand it’s a huge responsibility to do it right. We’re going to shoot (to be) a beacon of class and elegance in the heart of Old Metairie.” McCarthy adds, “Darren’s vision and offer serve the buyer, the seller, and the Old Metairie community well. For all parties involved, mission accomplished.”