NEW ORLEANS -- Some are calling it a major piece of recovery for New Orleans while others call the new $53 million complex home.

The development officially opened along Tulane Avenue on Tuesday during a ribbon-cutting ceremony for the Crescent Club.

The mixed-income complex was built in a part of town that some still consider dangerous and run-down.

"A lot has changed with these apartments. I like them. I think it'll change the neighborhood a lot," said Kaneshia Davis, a resident of Crescent Club.

Crescent Club is a 228-unit mixed housing complex with rents ranging from $550 to $2,000 depending on individual financial status.

Developers said the hope is to turn the area around and make it a place where people feel comfortable living and shopping.

Part of Tulane Avenue now includes businesses, but it's also scattered with abandoned buildings, dilapidated houses and empty lots.

The complex is the creation of two developers from New York who attended Tulane University.

"After (Hurricane) Katrina, we wanted to help the recovery. The first step was to identify an area where we could implement a comprehensive redevelopment plan," developer Matthew Schwartz said.

It's part of a $125 million multi-phase effort to revitalize Tulane Avenue. The developers said the area is full of promising ventures.

"The (Louisiana State University, Veterans Affairs), the Cancer Center, improvements to the Criminal Justice Center, we're excited about Tulane Avenue," Schwartz said.

This isn't the last project for these developers.

"We're adding retail space across the street," Schwartz said.

The retail area is across the street from the apartments. So far, there's a bank, a cleaners and restaurants are slated to go in.

The shops are scheduled to open at the end of next year. There will also be infrastructure improvements in the area such as new streets and sidewalks.