January 15, 2026

Historic Touro-Shakspeare Landmark Moves Forward On $26M Redevelopment in Algiers

HRI Communities closes financing to launch redevelopment of historic Touro Shakspeare site

HRI Communities has broken ground on the $26 million rehabilitation of the historic Touro-Shakspeare property in Algiers, transforming the long-vacant former almshouse into 52 affordable apartments for low-income seniors.

Originally built in 1933 and vacant since Hurricane Katrina, the 72,000-square-foot landmark is being restored through an adaptive-reuse redevelopment led by HRI Communities, in partnership with the City of New Orleans, Louisiana Housing Corporation, Housing Authority of New Orleans, Finance New Orleans, and other local agencies, alongside financing support through federal and state Low-Income Housing Tax Credits, historic tax credits, and disaster-recovery resources. The project team also includes development, design, construction, and preservation partners working together to ensure the historic structure is preserved while modernized for resilience, accessibility, and long-term affordability. Once complete, the redevelopment will provide stable, deeply affordable housing for seniors age 62 and older while revitalizing a long-blighted historic property on the West Bank.

Finance New Orleans is proud to support the project through an Affordable Housing PILOT, a financing tool that helps reduce operating costs so developments can remain affordable for residents over the long term. By combining local public investment with state housing programs, tax credit equity, and private capital, the Touro-Shakspeare redevelopment demonstrates how coordinated partnerships can unlock complex projects that preserve historic assets and expand housing access. “Projects like Touro-Shakspeare show how thoughtful public investment can help bring historic buildings back into service while ensuring seniors have access to safe, stable, and affordable homes,” said Sydney Shivers, Director of Housing Policy and Programs at Finance New Orleans. “Our role is to help make these developments financially sustainable so they can continue serving residents and strengthening neighborhoods for decades to come.”