The lakefront Westgate Apartments is a real-estate deal made in the Midwest that’s being touted as a boon for residents of the city of New Orleans.
But for many New Orleanians, it’s an eye-popping sight.
The building’s new owner has promised to create jobs and attract new residents.
But that’s about to change.
The building, which is a former condominium on the site of a former motel and now an upscale luxury condo complex, is set to go up next month in the Westgate neighborhood of New York City, and a $1 billion renovation is set for completion by the end of the year.
The Westgate development, which includes a luxury apartment tower, is just one of several such luxury developments underway in the area, many of which have sprung up in recent years.
The New Orleans development is one of the largest, with a total estimated value of $2.6 billion, according to data compiled by Bloomberg.
The average condo in the city has a $400,000 median price.
The buildings are also often called luxury towers, because the apartments have higher ceilings and other features that make them more luxurious than other homes in the neighborhood.
The project is the latest to go forward in New Orleans, a city that has seen its population decline by more than half over the past five decades, according the U.S. Census Bureau.
That has put a strain on the city’s housing supply, which has seen the number of homes sold decline nearly 35 percent over the last decade.
New Orleans is also one of just two major U.N. cities to report a shortage of housing units in 2017.
The city is also struggling with an aging population and a severe shortage of rental housing, which can make it difficult to attract people to buy a home.
In 2017, New Orleans residents were estimated to be at the median age of their cities population of 56.5 years.
That means that people who moved into the city for work could have to live with the cost of housing, a factor that makes it harder to sell their homes, according a report by the New York-based nonprofit New York Communities for Change.
“We are at a tipping point where the city can’t maintain the rate of population growth we’ve seen in the past 25 years,” said Paul J. Gorman, a New Orleans real estate analyst.
“And we’re going to be left with very little supply, so the question is, how are we going to keep up the pace of growth?”
The building at Westgate will be the latest in a string of luxury condo developments in the New Orleans area.
The new development is part of a series of condominiums that are being built at the site where the former motel, now a luxury condo tower, once stood.
The Westgate building is being built by New Orleans developer New Orleans-based Westgate Realty, which plans to convert the former Motel and the former Convenience Mart into a residential and commercial complex.
It’s a new twist on a trend that began in New York and has spread across the country in recent decades.
As housing prices have increased, so have the number and quality of condos and apartments being built.
In recent years, the number one destination for developers looking to build luxury condominium complexes has been the city, and the area where they’re building has seen a massive growth in the number, types and size of units they’re planning.
In New York, developers have been building luxury condo complexes with prices that range from about $1 million to $2 million per unit, according Bloomberg.
In recent years New York has also seen an explosion in the use of luxury condos, particularly in the boroughs of Manhattan and Queens.
In the city alone, the New Yorkers have added more than 6,000 luxury condos to their housing stock, according Toensing Real Estate, which tracks luxury condos.
In addition, the use and construction of luxury apartments has skyrocketed in recent months, with some neighborhoods seeing an increase of more than 100 percent.
The new Westgate apartment project is a mixed-use complex that includes two towers, one with three floors and one with two floors.
The project is expected to add more than 4,000 housing units, according to a news release from the developer.