When Hurricane Katrina slammed New Orleans and left much of the city under feet of water, it destroyed 80,000 rental homes. While many wondered about finding shelter, Tulane alumni Matt Schwartz and Chris Papamichael began to think about how their development partnership, the Domain Companies, could help revitalize the city.

After recruiting fellow Tulane alumnus Justin Ginsberg and the capital he controls in the affordable housing portion of New York's Centerline Capital, the three made plans to redevelop segments of Tulane Avenue in Mid-City. The project, which includes three apartment complexes and the renovation of 20 other small buildings, is set for completion at the end of this year.

Director of Communications for the Mid-City Neighborhood Organization Brenda Napolitano explained the importance of the project.

"The development will provide affordable housing, which is something we don't have now," she said. "[Domain Companies'] track record is for nice developments. A nice development will attract good tenants. They don't have to be wealthy, but productive members of society deserve a nice, clean place to live, and the city doesn't provide that."

Joel Devine, the executive director of the Partnership for the Transformation of Urban Communities at Tulane, agreed.

"It strikes me as an excellent opportunity to increase our stock of much needed affordable housing," he said.

With the completion of their project, the partners envision a renewed urban district safe and close enough for residents to walk downtown. Specifically, Schwartz noted that a mix of housing types, as well as retail and cultural outlets, would revitalize the community.

"Their style of development is very much a holistic picture," Napolitano said. "They are injecting investment into the surrounding community and want to bring up the entire neighborhood."

The Domain Companies spent approximately $30,000 to renovate St. Patrick's Park, Napolitano said. Just this week, she saw children playing there for the first time since Katrina.

Devine also looks forward to the long-awaited renewal of the Tulane Avenue neighborhood, claiming the project "will contribute toward the sorely-needed revitalization of Tulane Avenue - a situation that long predates Katrina."

In a way, Katrina was the impetus for starting the development that the Domain Companies had been eyeing for awhile.

"We had been following the market, and it made a lot of sense [to start a project after Katrina]," Schwartz said. "New Orleans kind of missed out on major downtown revitalization that many downtowns experienced in the decade before Katrina. With recovery funds, the city was able to undertake economic initiatives they would not have before."

Tulane Avenue was the right place for redevelopment, not only because it dead-ends into downtown and the medical corridor, but also because it is has access points to most of the local and regional thoroughfares in the city.

As Tulane alumni, all three men have an extra vested interest in the city and its renewal. Schwartz explained that wherever his company engages in urban redevelopment projects, building partnerships with local organizations is crucial.

"In order for projects to be successful, there needs to be a network with the community," he said.

However, in New Orleans, their involvement with the community has been more extensive. Schwartz specifically cited involvement with Young Artists Young Aspirations, Café Reconcile, Sweet Home New Orleans and the Tipitina's Foundation.

"New Orleans has a special meaning to us," he said. "We have gone above and beyond what we do in other cities."

Devine also looks forward to the long-awaited renewal of the Tulane Avenue neighborhood, claiming the project "will contribute toward the sorely-needed revitalization of Tulane Avenue - a situation that long predates Katrina."

In a way, Katrina was the impetus for starting the development that the Domain Companies had been eyeing for awhile.

"We had been following the market, and it made a lot of sense [to start a project after Katrina]," Schwartz said. "New Orleans kind of missed out on major downtown revitalization that many downtowns experienced in the decade before Katrina. With recovery funds, the city was able to undertake economic initiatives they would not have before."

Tulane Avenue was the right place for redevelopment, not only because it dead-ends into downtown and the medical corridor, but also because it is has access points to most of the local and regional thoroughfares in the city.

As Tulane alumni, all three men have an extra vested interest in the city and its renewal. Schwartz explained that wherever his company engages in urban redevelopment projects, building partnerships with local organizations is crucial.

"In order for projects to be successful, there needs to be a network with the community," he said.

However, in New Orleans, their involvement with the community has been more extensive. Schwartz specifically cited involvement with Young Artists Young Aspirations, Café Reconcile, Sweet Home New Orleans and the Tipitina's Foundation.

"New Orleans has a special meaning to us," he said. "We have gone above and beyond what we do in other cities."