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City Issues RFP for Piazza d’Italia Adjacent Sites

19 May 2015, 1:26 pm

By Eliza Theiss, Associate Editor

42 Tchoupitoulas St. and 545 South Peters St

The city of New Orleans and the city’s public benefit corporation, Canal Street Development Corp. (CSDC), have issued a request for proposals (RFP) for the redevelopment of a two-lot site adjacent to Piazza d’Italia, one of New Orleans’ famed urban public plazas.

The city is interested in proposals from experienced real estate developers. Projects must feature plans to integrate the site into the area’s land uses. That includes first-class commercial or mixed uses, such as luxury residential, retail or other professional office uses featuring entertainment components and related amenities. Proposals also need to include a component that will address the area’s parking needs, as both lots for the targeted site are surface parking lots: 542 Tchoupitoulas St. currently operates a 150-car parking lot, while 545 S. Peters St. serves as a 28-car surface parking facility.

The development of the site will go through a multi-phase process similar to the redevelopment of 2 Canal St. (the former World Trade Center). Selected RFPs will go through a second round to determine the preferred developer based on the strength and quality of the proposed project, financial feasibility, disadvantaged business enterprise (DBE) track record and project goals. This will be followed by a negotiation with the CSDC in order to maximize the city’s return on investment, followed by a lease and development agreement for the site. The deadline for RFPs is June 30.

A similar route was followed in the redevelopment of 2 Canal St. A final lease and development agreement for the 670,000-square-foot former World Trade Center was signed earlier this month. Developers Carpenter/Woodward have leased the property under a 99-year term and will embark on a $364 million adaptive reuse project that will convert the vacant CBD property to a 350-key Four Seasons Hotel and 76 luxury condos.

Image credit: Google Maps

$3.2M Baker’s Row Condos Get City Council Approval

12 May 2015, 4:59 am

By Eliza Theiss, Associate Editor

Baker’s Row

Baker’s Row, the eight-unit condominium complex proposed on the former site of Hubig’s Pies, has cleared its next-to-last hurdle, with the New Orleans City Council approving redevelopment plans, reported The Times-Picayune. Following the council’s unanimous vote allowing a higher-density use, the developers now only need the approval of the Historic District Landmarks Commission.

Set to rise at 2413-2417 Dauphine St. in the historic Fabourg Marigny neighborhood, the project is being developed by Michael Bosie and Kyle Resmondo of MK RED at a cost of $3.2 million, reported The Times-Picayune. The project will consist of two two-story, four-unit buildings. The 1,500-square-foot units are expected to sell for $500,000. Amenities will include a 40-foot, single-lane lap pool; eight off-street parking spaces; a communal outdoor kitchen; private courtyards and balconies; and contemporary finishes, according to multiple sources. According to Canal Street Beat, the developers have closed on the site, purchasing it for $770,000 from Pie Dauphine LLC.

The development team also includes Titan of LA Inc. as general contractor, David O’Riley of O’Riley Engineering as project engineer and John Dalton as architect, according to papers filed with the city.

Rendering via One Stop App

CBL, Stirling Announce Additional Tenants for 635K SF Fremaux Town Center

5 May 2015, 8:23 pm

By Eliza Theiss, Associate Editor

Fremaux Town Center Phase II – aerial view

CBL & Associates Properties Inc. and Stirling Properties have announced 12 additional tenants for the 285,000-square-foot second phase of Fremaux Town Center. The 12 new retailers are joining a rapidly expanding tenant roster that already includes Red Robin, Francesca’s, Zales, Aveda and anchor tenant Dillard’s. The upscale department store chain is set to gain 128,000 square feet. Set to open in October 2015, Fremaux Town Center Phase II was more than 70 percent leased when construction commenced in August 2014.

The newly announced tenants are Off Broadway Shoe Warehouse (17,024 square feet), Forever 21 Red (16,900 square feet), Pier 1 Imports (9,000 square feet), Victoria’s Secret (7,226 square feet), Buckle (5,000 square feet), Charlotte Russe (5,000 square feet), LOFT (4,905 square feet), Bath & Body Works (3,090 square feet), Torrid (2,800 square feet), Journeys (2,175 Square feet), Claire’s (1,204 square feet) and Which Wich (1,267 square feet).

Fremaux Town Center Phase I opened a little over a year ago, bringing 350,000 square feet of retail space to the Greater New Orleans area, with a varied tenant roster including many national retailers new to the city and state. The fully leased and occupied Phase I is home to Michaels, T.J. Maxx, Dick’s Sporting Goods, Kohl’s and LA Fitness. Upon completion, Fremaux Town Center will comprise 635,000 square feet of retail space. The shopping destination is located on 80 acres on the corner of I-10 and Fremaux Avenue in Slidell. Due to its high-visibility location, Fremaux Town Center is expected to become a regional shopping destination.

Click here for further New Orleans market data.

Image credit: Stirling Properties

Texas Partnership Snaps Up $13M Chalmette Mall

29 Apr 2015, 4:43 am

By Eliza Theiss, Associate Editor

The Mall

Retail continues to be a hot asset class for New Orleans, with new developments, reopenings and sales dotting the local real estate landscape. One of the hottest new retail deals in in the New Orleans metro area, worth $13 million, was recently brokered by The Stevens Realty Group Inc. The Metairie, La.-based real estate services provider negotiated the $13 million sale of The Mall, a 138,782-square-foot shopping center in Chalmette, La., between Ray Peacock, acting though local entity 8700 West Judge Perez LLC, and a Texas-based partnership identified as Chalmette Management LP, reported Biz New Orleans. Kenny Hurst, CCIM brokered the sale. The Mall’s new owners have contracted The Stevens Realty Group to search for additional shopping centers on the market in the region.

Located about six miles from the French Quarter and 15 minutes from downtown New Orleans, the Chalmette mall includes 673 parking spaces and features a mix of local and national retailers. National tenants include Big Lots, IHOP, Payless ShoeSource, T-Mobile, Aaron’s, Save-A-Lot, ACE Cash Express, Churchill Downs and Hibbett Sporting Goods. Local tenants include multiple restaurants and retailers.

Seller Ray Peacock purchased the property in 2007 for $1.5 million, financed through First NBC Bank. The mall underwent a comprehensive redevelopment the following year. The property hit the market three-and-a-half years ago. Its asking price a year ago was $14.5 million.

Click here for further New Orleans market data.

Image courtesy of The Stevens Realty Group via Facebook

$3.6M Renovation Returns Historic St. Roch Market to Neighborhood

21 Apr 2015, 2:23 pm

By Eliza Theiss, Associate Editor

Mayor Mitch Landrieu at St. Roch Market grand opening

While New Orleans still has a shortage of retail options, more and more shopping centers and grocery stores are opening or reopening as part of the city’s continued post-Katrina recovery. One such location is St. Roch Market, a much-anticipated 8,600-square-foot retail center on Claude Avenue that recently reopened with a grand ceremony attended by Mayor Mitch Landrieu, city and state officials and FEMA.

Originally built in 1875 as an open-air market and fully enclosed during a 1915 renovation, the historic St. Roch property served its neighborhood in one form or another until Hurricane Katrina damaged the property. Following the storm, the property sat empty and blighted until the summer of 2012, when the city of New Orleans kicked off a $3.6 million renovation process. The $3.6 million renovation was designed by Lee Ledbetter & Associates and APC and constructed by Lathan Construction, with public assistance funding from FEMA and Community Development Block Grant Disaster Recovery assistance. The refurbishment was completed in early 2014, when the property was delivered as a “white box” to increase its reuse options.

St. Roch Market

New Orleans-based commercial real estate company Corporate Realty Inc. was then hired by the New Orleans Building Corporation (NOBC), the city’s public benefit corporation, to locate a tenant that would not only lease the property at fair market value but also open a business at the location that was economically viable and would serve the neighborhood’s needs. The choice was Bayou Secret LLC, which envisioned turning St. Roch into a fresh-food retail hub that would satisfy the surrounding neighborhoods’ needs while also creating much-needed jobs. Serving the St. Roch, St. Claude, Marigny, Seventh Ward and Bywater neighborhoods, St. Roch Market will feature 13 individual vendors and offer a range of fresh and prepared foods, including specialty foods and ethnic cuisine such as Creole, Korean and Nigerian. Vendors include both gourmet and affordable options.

Access further New Orleans market data.

Images courtesy of Mayor Mitch Landrieu – City of New Orleans via Facebook


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