David Carimi's condominium project is making history in one of the oldest neighborhoods in New Orleans. Officials are calling Colonial Condominiums the largest condo project in the Treme neighborhood's history. The $10 million, 49,000- square-foot project will contain 30 luxury units and a penthouse in the historic community on the outskirts of the French Quarter. People have been renovating in Treme for a long time now but this represents the first large-scale condominium development in the area, said Elliott Perkins, acting deputy director for the Historic District Landmarks Commission. Perkins and other observers say Carimi's project is just one example of the wave of redevelopment in Treme, where African slaves gathered as far back as the 1700s to perform voodoo rituals and preserve traditions from their native continent, according to the Greater New Orleans Community Data Center. Treme and other neighborhoods on the fringes of the French Quarter are catching the interest of developers like Carimi. The proximity to the French Quarter, the city's most popular tourist destination, is a key marketing point Carimi uses to sell his condos. But it's not just condos popping up in Treme. Once-blighted historic houses are also being refurbished throughout the community for rentals and primary residences. Last year, the HDLC approved 195 certificates for construction facades in Treme, which is almost as many as the 212 granted for the nearby historic Faubourg Marigny community, Perkins said. The Marigny, everyone knows, is an active historic district. Treme is nearing the same numbers, Perkins said. Treme is bounded by North Claiborne Avenue, Esplanade Avenue, North Rampart Street and St. Louis Street, roughly a nine-block by six-block neighborhood. About 10 months ago, Carimi paid $2 million for the 39,000- square-foot, 1926-era building at 1301 N. Rampart St. and the 2 acres of land it sits on. The vacant building was originally occupied by the Colonial Home Furnishing Co. Carimi plans to add a 10,000-square-foot fifth floor for penthouse and outdoor space. Carimi plans to start $8 million in construction in two months. Perkins said the HDLC is waiting for Carimi to submit final construction documents. The condos, selling at an average of $326 a square foot, would range in size from 553 square feet to 1,226 square feet. Prices range from $179,000 to $414,900. As of April 6, Carimi said he already has 10 sold. Adolph Bynum Sr., 64, who owns the 1200 block of St. Claude Avenue, wonders whether Carimi's prices are too high for the area. It'd be very hard for me to say whether he could or not (at these prices), Bynum said. Carimi doesn't think his prices are too high. I think that the prices are relative to what the area is bringing, Carimi said. Some people are interested in buying the condos as investment property that they would later sell, he said. According to the University of New Orleans Real Estate Market Data Center, condos selling in the Central Business District and Warehouse District range from $173 to $453 a square foot at an average asking price of $253 a square foot. The average price for a condo selling in central New Orleans in 2004 was $225,598. And to be honest with you, our numbers that we've done internally, they make sense with the appreciation rates in the French Quarter, Carimi said. In this area, you're looking at an average of ... 18 (percent), 20 percent annually, which is tremendous. Bynum agrees property values have been going up in Treme. A home that sold for $35,000 in 1995 now demands $85,000 to $100,000, he said. Marie Marcal, president of the Esplanade Ridge and Treme Civic Association, said Treme is undergoing the most redevelopment she's ever seen. Marcal is taking part by renovating a home at 2223-25 Barracks St. to rent. One of her neighbors is also renovating two houses to rent in Treme. There's just a lot of money to be made. That's why they're doing it, Marcal said. The public perception is Treme can be dangerous and crime ridden. Bynum said Treme is safe except for some still very raw pockets near Claiborne and Orleans avenues. Treme, just outside the Central Business District, abuts the Iberville Housing Development. The New Orleans Police Department sees Treme as an area of growth, said Capt. Marlon Defillo. Treme in our estimation is being revitalized with a number of people moving into Treme. And what they're doing is renovating old homes to move in, Defillo said.