Construction is underway on a project to transform a long-vacant midcentury modern landmark on Canal Street in Mid-City into affordable housing for seniors.

The $18 million Canal Crossing project will create 49 income-restricted apartments for residents aged 55 and over inside the 70-year-old building at 2640 Canal St., which was built for IBM and later housed local offices of the American Red Cross.

Groundbreaking took place in September, and demolition of the building’s interior is underway. The project is expected to be completed by next summer.

Ryan Bates, CEO of New Orleans-based Bates Development, is behind the project, in partnership with Georgia-based IDP Properties. It is being financed, in part, through a combination of historic and low-income housing tax credits, a loan from

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