The Domain Cos.

KEY INNOVATION: mixed-use apartments and retail space
BIGGEST CLIENTS: renters of affordable-to market value housing
WHERE THEY'RE BASED: New York and New Orleans
TOP EXECUTIVES: Chris Papamichael and Matt Schwartz, co-founders and principals
YEAR INTRODUCED: 2003 in New York, 2005 in New Orleans

Located in the geographic center of New Orleans, Tulane Avenue may soon be the economic and social center as well.

At least that’s the plan of Chris Papamichael and Matt Schwartz, co-founders of The Domain Cos., the private development company responsible for inciting the “rebirth” of the Mid-City drag.

Shortly after Hurricane Katrina, Papamichael and Schwartz, graduates of Tulane University’s Freeman School of Business, began looking for an area to build mixed-used apartment and retail spaces.

“From a land planning perspective, it makes perfect sense to be on Tulane Avenue, with its access to everything and the high-density development that we’re doing,” Papamichael said. “We’re pioneering in that we are some of the first projects to get under way. With everything planned, you’re going to see Tulane Avenue transform very quickly over the next few years.”

The Domain Cos. is also working to renovate some of the area’s historic homes to polish up existing neighborhood structures.

Papamichael believes the product will appeal, and be accessible, to a wide range of people in New Orleans.

“Our product really hits a very broad income band, with the type of financing that we have. We have market-rate units, as well as affordable units, so it really hits a good cross section of the New Orleans population,” he said.

The Domain Cos. has four buildings under construction along Tulane Avenue, two of which will be completed and begin leasing at the end of this year; the other two, by early 2009.

Papamichael added that the company incorporates green building practices into all of its new and renovated buildings.

“We’re doing everything we can to make this a green building and energy efficient design. All of the appliances and lighting is Energy Star-rated,” he said.

In addition to its central location, Papamichael said Tulane Avenue was also appealing because of some of the other development planned in the area.

“The vehicle for economic growth in New Orleans moving forward, to diversify the economic base, is centered around everything that’s happening on Tulane Avenue,” Papamichael said. “Among all the developments between the medical centers, the potential criminal justice center that the city is working on, and everything else that is going on, there’s probably $2.5 (billion) to $3 billion of planned or under construction on Tulane Avenue.”