Construction has begun on a more than $17-million, 72-unit apartment complex at 750 S. Jefferson Davis Parkway near Tulane Avenue.

It's the latest project in the Mid-City/Tulane Avenue corridor for The Domain Cos., which has offices in New Orleans and Metairie.

All told, the company's total investment in the area is more than $120 million, with more than 500 housing units under construction or planned.

The apartment complex, The Meridian, "will provide high-quality housing at rents targeted to New Orleans' workforce," Domain said in a news release.

Rents will range from $550 and $650 a month for one- and two- bedroom apartments.

The four-story Meridian will include covered first-floor parking, 40 one-bedroom and 32 two-bedroom units, a management office, clubhouse, equipped computer training center and exercise facility.

Construction is scheduled to be complete by the end of this year.

Last year, Domain began construction of two other developments, The Preserve and The Crescent Club, totaling $100 million in Mid- City and involving 411 units of mixed-income apartments and neighborhood retail. The company is also building more than 30 single-family homes and commercial developments in the neighborhood.

"Now is the time to invest in New Orleans and in Mid-City," said Matt Schwartz, principal of Domain. "The potential for this area is unlimited. First-class, mixed-use developments are rising up and down Tulane Avenue, and homes and commercial structures are being renovated throughout the surrounding neighborhoods.

"Our latest development is alongside the planned criminal justice center and is less than a half-mile away from Xavier University and the proposed medical corridor, all of which employ large numbers of households in need of high-quality housing options."

For The Meridian, New York-based Centerline Capital Group will provide $15.7 million in tax credit equity through housing tax credits allocated by the Louisiana Housing Finance Agency. Also, Centerline will provide a $1-million permanent mortgage loan through Freddie Mac, and the group's permanent mortgage will take out a $1- million construction loan being provided by Bank of America.

Woodward Design + Build will build the complex. Designs for the structure meet Louisiana Green Building Standards, Domain said.