New Orleans · Est. 2015

Building into the
character of place

Hospitality, residential, and affordable housing development rooted in New Orleans and driven by historic preservation, creative capital structures, and long-term ownership.

Where heritage meets
modern development

Bates Development is a New Orleans-based, minority-certified real estate development firm specializing in the adaptive reuse of historic properties. We structure complex capital stacks combining federal and state historic tax credits, low-income housing tax credits, CDBG funding, opportunity zone incentives, and conventional debt to deliver projects that institutional developers overlook.

Our portfolio spans boutique hotels, short-term rentals, multifamily residential, condominiums, and affordable housing—unified by a commitment to building within the character of each site and neighborhood.

$85M+
Completed Development
2015
Founded
MBE
Certified Minority Business
NOLA
Native & Headquartered

Hospitality Development

Boutique hotels and short-term rentals with distinct identity, built to operate as owner-managed assets generating lasting revenue.

Affordable Housing

4% and 9% LIHTC transactions, CDBG, HANO vouchers, and PILOT programs. Experienced navigating Louisiana's housing agency landscape.

Historic Adaptive Reuse

Federal and state historic tax credit expertise. HDLC-compliant rehabilitation of contributing structures across New Orleans.

Capital Structuring

Creative layering of HTC, LIHTC, NMTC, tax-exempt bonds, opportunity zones, conservation easements, and conventional financing.

Portfolio

Selected projects

321 St. Charles Avenue — United Fruit Building
Pre-Development

321 St. Charles Avenue

Central Business District · New Orleans, LA

The former United Fruit Company building — where Sam “Banana Man” Zemurray once ran a tropical empire that coined the term “banana republic.” Built in 1920, this 10-story Spanish Renaissance landmark features an iconic terra cotta entrance crowned with carved cornucopias and a lobby paved in twelve kinds of marble. A 95,000 SF five-building complex on the St. Charles streetcar line and Mardi Gras parade route, now entering pre-development as a 129-room hotel. Seeking hospitality management partner.

129Hotel rooms
95K SFFive-building complex
c. 1920Historic landmark
210 St. Charles Avenue
In Development

210 St. Charles Avenue

Central Business District · New Orleans, LA

34-room boutique hotel in the former Dixie’s Bar of Music building at the historic Whitney Bank block. Bar on the ground level. Federal & state HTC-eligible. Joint venture with Allan McDonnel.

34Hotel rooms
HTCFederal & State
4 FloorsHistoric rehabilitation
The Gisele Hotel
Completed

The Gisele Hotel

Central City · New Orleans, LA

6-unit boutique hotel with spacious four-bedroom suites in a beautifully renovated historic building. Exposed brick, curated interiors, courtyard pool with checkerboard tile. Steps from the St. Charles Avenue streetcar line.

$4.6MTotal Development Cost
HTCState & Federal
OwnerDeveloper / Operator
Chef Tower Apartments
Completed

Chef Tower Apartments

Chef Menteur Highway · New Orleans, LA

42-unit affordable housing community in the former New Orleans Federal Savings & Loan building. Complex capital stack: 4% LIHTC, federal/state HTC, $2.75M CDBG from City of New Orleans, HANO housing vouchers, Finance Authority PILOT.

$14.8MTotal Development Cost
42 UnitsAffordable housing
Co-DevDeveloper / Owner
50 Unit Hotel & 8 Penthouse Units
Completed

50-Unit Hotel & 8 Penthouses

New Orleans, LA

50-unit hotel with 8 penthouse units and ground-floor commercial space. State/federal HTC and Opportunity Zone transaction with $46MM cost certification. Role: Consultant & Asset Manager.

58Hotel + penthouse units
$46MMCost certification
HTC + OZCapital stack
88 Unit Affordable Housing Lake Charles
Completed

88-Unit Affordable Housing

Lake Charles, LA

88-unit multifamily affordable housing development. 9% LIHTC awarded 2021 with $1.95MM HOME Funds from Louisiana Housing Corporation. $21.2MM total development cost. Role: Co-Developer & Owner.

88Affordable units
$21.2MMTotal development cost
9% LIHTCAwarded 2021
29-Unit Multifamily
Completed

29-Unit Multifamily & Penthouses

New Orleans, LA

29-unit multifamily residential with 7 penthouse condominium units and ground-floor restaurant. State/federal HTC and Opportunity Zone transaction with $46MM cost certification. High-end finishes including marble-clad bathrooms, frameless glass showers, and lighted vanity mirrors. Role: Consultant & Asset Manager.

36 UnitsResidential + condos
HTCState & Federal
OwnerDeveloper
Approach

How we build

Every project starts with a building others have passed on and ends with an asset we own and operate for the long term.

01

Source

Identify undervalued historic properties in high-potential New Orleans neighborhoods. Leverage deep local networks and off-market relationships for acquisition.

02

Structure

Layer federal and state historic tax credits, LIHTC, CDBG, opportunity zone incentives, and conventional debt into a capital stack that makes the deal work.

03

Build

Manage rehabilitation and new construction with HDLC compliance, historic preservation standards, and tight budget oversight from pre-development through CO.

04

Own

Long-term asset management, investor reporting, and—for hospitality assets—hands-on operation as owner-operators invested in performance and guest experience.

Team

The people behind the projects

Ryan Bates

Ryan Bates

Principal & CEO

New Orleans native. Morehouse College. Former JPMorgan Asset Management. $85M+ in completed development utilizing historic tax credits, LIHTC, and CDBG. VP Development at IDP Properties. Urban Development Fund board member.

Marcia Bates

Marcia Bates

Chief Investment Officer

Investment strategy, capital partnerships, and financial management. Oversees deal structuring, investor relations, and the financial architecture that makes complex transactions close.

“We build where we come from. Every project is a bet on New Orleans and on the idea that historic buildings deserve a future as vibrant as their past.”
Ryan & Marcia Bates
Louisiana MBE Certified
City of New Orleans DBE
LA DOTD Certified

Let’s build together

We partner with investors, municipalities, and operators who share our commitment to place-based development and long-term value creation.

We’re interested in

  • Joint venture partnerships
  • Historic properties for acquisition
  • Tax credit equity investment
  • Hospitality operating partners
  • Municipal development opportunities
650 Poydras St., Suite 1400
New Orleans, LA