New dentist office to come on the corner of Highway 25 and Regina Coeli Road

The corner of Highway 25 and Regina Coeli Road will soon be home to a new dentist office. The 2.2-acre parcel recently sold in March for $5.95 per square foot and plans are proposed for McMath
Construction to build a 4,770-square-foot facility. The improvement will not occupy the entire tract as it also extends to the corner of Privette Boulevard and the remaining land will be reserved
for at least two other future medical office buildings according to the owner. This area near the Highway 25 and Ronald Regan Highway intersection is becoming a target area for new
development given the amount of land available as well as other announced developments such as the new Franco’s Gulf Center within the Covington Commons Premiere Multi-Use Development
across Highway 25 as well as a proposed 244-unit multifamily apartment complex on the adjacent southwest corner on Regina Coeli Drive and Privette Boulevard.

 

Sergio     sergio 2

20th Annual NAPMW Crawfish Cook-Off 1st Place Winners – Murphy Appraisal Services

20th Annual NAPMW Crawfish Cook-Off 1st Place Winners – Murphy Appraisal Services team of Dina McCarty, David Laballe and Chris Smiroldo.

 

Crawfish

Final New Orleans flood insurance maps show lower rates for many

New flood insurance maps for New Orleans, expected to be made final Wednesday (March 30) by the Federal Emergency Management Agency, promise dramatically lower premiums for many property owners within the upgraded hurricane levee system. The maps remove thousands of properties from Special Flood Hazard Areas, which require flood insurance.

But the head of New Orleans’ floodplain management program urged homeowners and businesses that will now be located in the so-called X zones, which don’t require flood insurance, to continue buying the federally-backed policies anyway. That’s in case there’s another Hurricane Katrina in the city’s future.”While you may not be required to have it, please, please have flood insurance,” said Jared Munster, who also serves as City Hall’s Safety and Permits director. He said the cost of flood insurance in areas rated X is substantially cheaper than in areas that are more at risk of flooding, “a small expense for what could be a catastrophic occurrence.”

FEMA plans on Wednesday to send city officials a letter declaring the maps final. The City Council then has six months to adopt the maps. Munster said he expects the council to vote in June or early July on the maps and on some related changes to ordinances governing new construction.

Approval by FEMA follows almost three years of negotiations between the federal agency and city officials over the mapping process. The talks centered on how FEMA’s laser-based LIDAR mapping process handled some of the city’s more complicated geographic areas.

After the council approval, any changes in insurance rates are likely to go into effect at the policyholder’s next renewal date. Individual homeowner or business challenges of the map changes would then be made through their insurance companies.

A FEMA spokesman said an appeals and comment period, similar to what is ending in New Orleans on Wednesday, should begin for the proposed St. Bernard Parish flood map in the late spring and for the Jefferson Parish map in the early summer. Officials in those parishes have also been meeting for several years with FEMA officials over their concerns about the agency’s mapping process.

In Jefferson, officials have working with the agency to account for some levees that do not meet the federal agency’s 100-year protection requirements. Congress had ordered the agency to consider the risk reduction that these levees provide.

In New Orleans, the final Digitial Flood Insurance Risk Map shows in green the properties within the levee system that have changed from a Special Flood Hazard Area to a non-hazard area. The greening is a direct result of the completed reconstruction of the hurricane levee system by the Army Corps of Engineers since Katrina struck in 2005, FEMA and city officials say.

While thousands of property owners will benefit from greening and lower premiums, some will pay more. The maps indicate that dozens of properties, including many in Lower Coast Algiers, will be newly required to buy flood insurance.

The levees are designed to protect the city from storm surges caused by a hurricane with a 1 percent chance of occurring in any year, a so-called 100-year hurricane. As a result, FEMA was able to review areas within the system for the potential of flooding in a rainfall event that has a 1 percent chance of occurring in any year.

When Hurricane Katrina hit, its storm surge was considered the equivalent of a 250-year event along levees in St. Bernard Parish, which it topped, and a 150-year event along the Lake Pontchartrain lakefront, where some topping occurred. As much as 80 percent of New Orleans flooded in Katrina’s aftermath, with most flooding resulting from failures of levees and floodwalls.

As part of the improved protection system, the corps also added “resiliency” to its design of earthen and concrete portions of the levees. It has said the system will protect against failure of levees and floodwalls from a 500-year event, which would be created by a hurricane with a 0.2 percent chance of occurring in any year.

In presentations explaining that additional level of protection, however, the corps said some areas of the city would see flooding of as much as 5 feet of water, because surge would top levees in some locations, depending on a storm’s direction. And recent reviews by both the corps and the Southeast Louisiana Flood Protection Authority-East of the completed levee system’s ability to withstand topping from hurricanes has concluded that some locations already are low enough to be topped by some 100-year storms.

Munster said his department is reviewing how to adjust New Orleans’ building code’s requirements for elevation to match the new flood maps. At present, City Hall requires new construction to be built at least 18 inches above grade, but that does not always mean the building would be above the base flood elevation required by the flood map.

City officials might consider a change to require new construction to be built 1 foot above the base flood elevation in the flood maps. That’s already a standard that’s required by many mortgage lenders for new construction. If the change were approved, the regulation would be in effect only for new construction.

Munster said New Orleans’ building code allows older structures that are being renovated to be grandfathered in, unless the renovations involve more than 50 percent of the structure. He said 774 new construction projects were permitted in 2015.

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Epic Piping

Epic Piping, the fastest growing turn-key industrial pipe manufacturing group in the world is building a new pipe fabrication plant on Frost Road (Highway 63) in Livingston, Louisiana. Epic primarily services the power, chemical, refining, offshore, and oil and gas industries with carbon steel, chrome moly, stainless steel, duplex steels, nickel based alloys, and jacketed piping. The new facility contains 268,000 square feet on 77 acres and is estimated to cost $45.3 million. The plant will be air-conditioned and feature robotic equipment to optimize production. The plant will provide 560 direct new jobs at an average pay of $56,000 per year. The facility is expected to go online in April of 2016.

Scott Guidry

Scott 2

13th annual Hammond Blues and BBQ Fest

Murphy Appraisal Services and 10/12 Properties participated in the 13th annual Hammond Blues and BBQ Fest on March 25-26 in Hammond, Louisiana. The BBQ team helped raise money for the various charities in the “Tips-2-Taste” contest as a corporate sponsor.

Pictured on the front row (L-R): Scott Guidry, Jamie Vicaro, Haley Hernandez, Dawn Sinagra; Top Row (L-R): Leigh Ann Fazio, Steven Murray, Ashton Ray, Sergio Mesa, and Brantley Ray.

 

BBQ

Our Men In Kilts 2016 Contestant of the Day – Ronald McDonald House Charities of Greater New Orleans.

Our Men In Kilts 2016 Contestant of the Day – Ronald McDonald House Charities of Greater New Orleans. To vote for Rick and see all of our contestants visit https://kilts2016.rmhc-nola.org/. Your vote helps us help the families of sick kids!

 

Rick Ronald McDonald

Condominium Market in French Quarter Continues to Rise

Sales of condominiums in the French Quarter are at an all-time high.  The chart and table below shows average condominium pricing on a price per square foot basis from 2000 to 2015. After rising rapidly from 2000 thru 2005, the market saw a downturn during the Post-Katrina era followed by the economic downturn. However, starting in 2013, the market began to enjoy rapid gains – 8% in 2013, 12% in 2014 and 14% in 2015.

Recent data suggests that rising prices continue into 2016 with sales in the last twelve months averaging $519.98 per square foot, up 3.08% in less than three months and up 15.58% over the same period a year ago. Those properties that have been renovated in the last three years are showing values even higher with an average of over $550.00 per square foot.

 

William 5William 7

Topgolf Considering New Orleans and Baton Rouge Region for Expansion

Topgolf, a new age golf driving range and entertainment concept which began in Dallas, TX, is considering the New Orleans and Baton Rouge market as a possible location for expansion.  The company announced on March 16th they are considering smaller and mid-size markets for expansion locations. In addition to New Orleans and Baton Rouge, Topgolf also announced other regions under consideration: Huntsville, Ala.; northwest Arkansas; Providence, R.I.; Ft. Myers/Naples, Fla.; Greenville, S.C.; Albuquerque, N.M.; McAllen and El Paso, Texas and more.  This decision is following successful openings in Oklahoma City and Virginia Beach proving the concept is viable in less densely populated areas than originally targeted.

According to Topgolf, players hit golf balls containing computer microchips that track each shot’s accuracy and distance while awarding points for hitting targets on the outfield. Each venue offers a food and beverage menu, music, games, climate-controlled hitting bays and hundreds of HDTVs.  (www.topgolf.com)

Brantley K. Ray

 

brantley

New French Truck Coffee Space on Dryades

In January 2015, 4536 Dryades Street was just another old residential double that are so commonly found in Uptown New Orleans. Fast forward thirteen months and the property is now the newest location of French Truck Coffee. Local developers Ben Jacobson and Casey Burka acquired the property and soon began a renovation to convert it from its historical use to a single tenant commercial space. Shortly thereafter the exterior was painted that unmistakable shade of yellow associated with French Truck Coffee and the secret was out. The new space opened in late February and is already a popular spot for coffee drinkers and lunch goers.

The location of the new French Truck Coffee space is noteworthy but is far from the only real estate activity to occur in the neighborhood. Since March 1, 2014, an MLS search indicates a total of 46 home sales in the relatively small area bound by St. Charles Avenue, Freret Street, Valence Street and Napoleon Avenue. A drive of the neighborhood will reveal home renovations in progress on almost every block. With the nearby Freret Street re-development making most of the headlines, the addition of the new French Truck Coffee location is a welcome addition to this up and coming neighborhood.

-Blake Ridings

 

Blake mapBlake

The development of a new student-housing apartment complex has begun outside of the South Gates of LSU

Park7 Group, a student housing development and management firm based out of New York, acquired the ±2.62 acres in four separate transactions in May of 2015 for a total purchase price of $9,325,000.  At the time of sale, the site was partially improved with older apartment buildings.  The biggest bulk of the site was a ±1.5 acre vacant parcel purchased from Dantin Bruce Development for $4,950,000; Dantin Bruce Development owns the 333 Flats Development across Easy Boyd Drive.  The Park7 Development will have an address of 222 East Boyd Drive and is bounded by West Parker Boulevard, Swire Avenue, and Dodson Avenue.  The development will be a ±560,442 square foot, six-story student housing complex that will be comprised of 280 units, three inner courtyards, pool and party deck, outdoor kitchen, fitness center, and a theater and game room; it will also include a parking garage with over 700 parking spaces.  The construction costs are estimated to be $41.6 million; the new development is projected to be open for the fall 2017 semester.  The student housing development has been on the rise in the recent years.  A driving factor of the new developments is the increasing enrollment at LSU.  The fall 2015 enrollment was 31,527 students, a 2% increase since the year before, which includes the fourth largest freshman class at 5,624 students.  The overall enrollment is the largest enrollment at LSU since fall 2004.

 

-Katherine Harang-Bourgeois

Kat

Redevelopment of Pythain Building Is Underway

Originally built in 1909 by Samuel L. Green, the site was considered to be the first formal settings where jazz was played. Subsequently, the property was used in the 1940’s as a wartime hiring office and dancehall for soldiers and sailors before their deployments to World War II. In 2015, Green Coast Enterprises and the Crescent City Community Land Trust teamed up to revitalize the building while retaining the original architecture. The property will be renovated to accommodate 69 apartments, of which 30% will be affordable housing, while the bottom three floors will be finished for retail and office uses. According to sources within StudioWTA, the architecture firm heading the project, the preliminary stages of demolition have begun. Additionally, the site has received a plethora of federal and state historic tax credits as well as being added to the Register of Historic Places.

-Zac Blechman

zac

The Revivalist: Young Hotelier Ben Weprin Has An Eye For An Aged Luxury Gem: “Pontchartrain Revival”

The Revivalist: Young Hotelier Ben Weprin Has An Eye For An Aged Luxury Gem:

Resurrection is a time-honored tradition in New Orleans, and the city’s latest renaissance is happening now at the Pontchartrain Hotel, a 106-room, 88-year-old property in the Garden District.

The flags above its awnings still droop and its Venetian-style plaster façade has faded from its former glory. It’s what a Realtor might market as a fixer-upper, one with plenty of character. Back in the day the Manning family used to go to the Pontchartrain for holiday dinners, Archie suiting up his boys in jackets and ties. Tennessee Williams lived in the hotel while writing A Streetcar Named Desire; the city’s green trolleys still rumble past on St. Charles Avenue.

The man responsible for renovating the Pontchartrain for a June 2016 opening couldn’t be more excited at its potential. “Dude, the history of New Orleans is amazing,” says Ben Weprin, 37, winding through the construction consuming the hotel’s interior. “New Orleans is just f–king cool. Lil Wayne grew up around here!”

Weprin, founder of Chicago-based AJ Capital Partners–”AJ” stands for “adventurous journeys”—is one of the hottest young hotel developers in the country. He specializes in buying a run-down gem and giving it a new shine, a task undoubtedly made easier by his irrepressible midwestern optimism. Armed with $800 million in equity raised from the likes of billionaire John Pritzker, he has successfully rejuvenated resorts and hotels in the Caribbean, Miami, Napa Valley and, of course, Chicago. AJ Capital’s portfolio contains 18 hotels, including the iconic Malliouhana in Anguilla and the more reasonably priced Graduate hotels (upscale lodging in much-visited college towns). “He’s aggressive and knows what he wants,” says Pritzker, who was an executive at his family’s Hyatt Hotels H -2.10% before launching the Joie de Vivre, tommie, Alila and Thompson boutique hotels. “There’s no stopping Ben if he wants something.”

Weprin needed to think that way when he got started–in the fourth quarter of 2008 (the characters “Q408″ partially form AJ Capital’s official logo). After working as a real estate broker and for Chicago developer and restaurateur Larry Levy, Weprin set out to raise his own capital to buy luxury resorts, figuring the crash would make them less expensive. And if the properties had the right provenance, he reckoned, people would eventually return. He scraped together funds from “whoever would invest in me,” he says, even hitting up his childhood dermatologist (who contributed a small amount).

Much of Weprin’s time has been spent in Chicago. There he has renovated and reopened three hotels: the Soho House Chicago, Hotel Lincoln and the Chicago Athletic Association, which as its name suggests was once a private men’s club. He has a schmaltzy line about what he does–”We’re not owners; we’re stewards”–but he does tend to look at a new property with a preservation architect’s gaze, thinking first about what he can save and second about what he should add. He’s careful not to apply a distasteful amount of gloss, sneering at the Hiltonesque idea of interactive TV with a video about the hotel’s amenities and history.

At the 241-room Chicago Athletic Association, a magnificent Venetian Gothic landmark overlooking Millennium Park, he made sure to keep the majestic original ballroom while installing an energetic rooftop restaurant, Cindy’s, and, appropriately enough, a game room.

Weprin has approached the Pontchartrain similarly. In November New Orleans chef John Besh signed on to oversee the hotel’s four dining areas, including the famed Caribbean Room. “We’re bringing it all back,” he says, breezing out of the once and future Silver Whistle coffee shop on the first floor, where politicos fueled by blueberry muffins ruled the Crescent City. (Weprin swears he has the original recipe and that those pastries will return, too.) “It’s going to look just like it did in 1927.” Across the hall bags of concrete on the floor of the Bayou Bar mark the progress of its restoration. The murals above the bar are staying. They depict a sleepy view of life on the bayou: boats, fishermen, shacks. On the roof Weprin is putting in an entirely new bar: New Orleans is long on places to get a drink but short on boozy aeries.

“There are a lot of excuses to have a few more in this city,” says Cooper Manning, Eli and Peyton’s brother, joining Weprin in a completed guest room. Manning, an oil and gas executive, is one of Weprin’s investors, as well as a close friend. (The bar at the Graduate hotel in Oxford, Miss., where Archie, Eli and Cooper attended Ole Miss, is named The Coop.)

Weprin has designed each room at the Pontchartrain to feel homey, a rejection of cookie-cutter chic at other boutique hotels. The room’s white linens, green rug and scarlet bedside bench form a pleasant, playful contrast, and the drink service program offers guests the opportunity to have craft cocktails made in-room.

“It has the same feeling as staying at someone’s house,” Manning says.

“Your bohemian aunt’s house,” says Weprin.

“Where you can have a Scotch,” adds Manning.

“Right, the aunt who gave you your first Scotch at age 14.”

Rick 4Rick 1Rick 2Rick 3

Juban Road Widening Project

The DOTD is nearing the right of way acquisition phase of the Juban Road widening project. This project will run from Cassle Road (located just north of the Juban Road and I-12 interchange) +- 0.90 miles north to the Florida Boulevard (Highway 190) intersection where a roundabout is planned. Juban Road is currently a two lane road with open ditch drainage. Upon completion the roadway will be four lane with a curb and gutter system, turn lanes, a center median and shared bike/pedestrian sidewalks. The DOTD has held several public meetings and the project has been favorably received. The right of way acquisition process is slated to begin within the next two to three months.

 

Juban

Tangipahoa Parish Neighborhood Walmart Closings

According to a statement released by Walmart on January 15, 2016, 154 of its stores will be closing throughout the United States. This news comes after a review of the company’s global portfolio last quarter and will include 269 stores world-wide. The list of closures include eight in Louisiana, of which two are Neighborhood Walmart Centers that serve the Kentwood and Independence communities. According to an interview with Walmart Today, an online blog for the company, Walmart’s President and CEO, Doug McMillon explains that the plan behind the store closures “is focused on winning with stores, deepening [Walmart’s] digital relationship with customers and enhancing capabilities through technology and data, a next generation supply chain and talent.” The closures include all 102 of the company’s Walmart Express stores, 23 Neighborhood Markets, 12 Supercenters, 6 discount stores, and 4 Sam’s Clubs. Based on the available information to the public, the closings have little to do with the performance of the individual stores, but are rather a consolidation of the company’s assets to increase overall profitability through supply-chain management.

The two Tangipahoa Parish stores were opened in 2015 and employed approximately 30 people each. The two stores are set to officially close their doors on January 28, 2016.

A full list of the store closings can be found at www.walmart.com

-Steven Murray

 

Walmart

A new Smoothie King development is coming to Covington in early 2016

A new Smoothie King development is coming in early 2016 to the east side of Highway 190 in Covington! The 24,200-square-foot site just north of 14th Avenue and next door to Tropic Express Car Wash has been recently demolished of all previous improvements which have been home to Ferris Commercial Mowers Lawn & Saw Shop for many years. Dirt work for the proposed 1,200-square-foot standalone building has already begun.  The free standing building will feature a drive-thru window, 16 parking spots, and an interior retail/sales area.  Mr. Frank Nuccio with F & C Blending, LLC recently closed on the property for $700,000.  The remaining improvements were demolished and the sales price equates to $28.93 per square foot.   Demolition costs were minimal.  This land sale is now the highest value indicator to date for the heavily traveled thoroughfare.

-Sergio Mesa

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Premier Waterfront Residential Subdivision Opening in Covington

Premier Waterfront Residential Subdivision Opening in Covington

Phase 1 of River Club subdivision in Covington is nearing completion. This development includes a 150.97 acre tract of land located in the southeastern quadrant of Highway 21 and Interstate 12. It has frontage along the west side of the Tchefuncte River and accesses East Brewster Road via River Chase Drive. The subject is next to the River Chase retail outlet that includes Target, Sam’s Club, and other major retailers.

River Club is being developed in multiple phases with a total of 203 single-family lots. The lots will vary in size with the main amenity being waterfront lots along a canal leading to the Tchefuncte River. Phase 1 will include 25 waterfront lots (125’ x 250’), 16 estate lots (100’ x 150’), and 14 deluxe lots (60’ x 120’). Other amenities include a gated entrance, a marina with a gazebo and pier, and a large amount of greenspace for recreational use. The streets are concrete with underground drainage and utilities as well as decorative street lights and signs. Additional information may be found at www.riverclubcovington.com.

Scott

102 Unit Apartment Complex Purchased for Renovations in Baton Rouge

Sherwood Park Apartments sold for $1.53 million in June of 2015 to 126 Florida Boulevard, LLC – a realty group represented by Mr. Kevin O’Brien. The complex is located at 13045 and 13047 Florida Blvd., between the intersections of North Sherwood Forest Drive and North Flannery Road. The 102 unit complex (78,888 rentable SF) was only 19.6% occupied (20 units occupied) at the time of the sale. According to the selling broker, Mr. Beau Box, the group plans on renovating the entire complex.

 

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WYES Downtown Abbey Party

Murphy Appraisal Services was happy to sponsor WYES Downtown Abbey Party on the Northshore Sunday night.  Lori Murphy and Susan Villere served as chairwomen of the event.   A great party and a tremendous success.

 

Rick and LoriLori

Irish Channel Values Are Tipping

Irish Channel Values Are Tipping

Extending from Louisiana to Jackson Avenue and Magazine to Tchoupitoulas Streets, the Irish Channel is one of the older developed suburbs of the New Orleans market. It was initially developed during the 19th century and was home to working class immigrants of all backgrounds. While primarily residential in nature, the neighborhood had a number of commercial, mixed use, and industrial properties scattered throughout it, especially along the Tchoupitoulas Street corridor.

As the city’s footprint expanded and population subsequently declined, this neighborhood suffered greatly. Recent years, however, have a seen a great resurgence of this neighborhood. The chart below summarizes pricing in this neighborhood over the last ten years. As indicated, after a brief spike following Katrina, values slumped during 2009 thru 2010 before starting to climb. Since 2010, both the average home price in the neighborhood and the average price per square foot have more than doubled.

It should be noted that this data reflects ALL sales. Those properties which have been renovated or are new construction are frequently topping the $300.00 per square foot benchmark. What has caused this trend? As price points in the nearby Uptown and Garden District neighborhoods have skyrocketed, the Irish Channel has emerged as a viable alternative.

Developers and builders are actively taking advantage of this trend identifying properties ripe for redevelopment. Lots which once sold for prices in the $5.00 to $15.00 per square foot range or now frequently selling for north of $40.00 per square foot with better located parcels situated more proximate to Magazine Street topping the $70.00 per square foot mark. While some builders are renovating older homes, other developers are targeting larger tracts of land improved with older warehouse buildings with the intention of demolishing these buildings to make way for single family development.

No development epitomizes this better than the former Turnbull Bakery site, now the planned Baker Village. Public records show that this 1.81 acre tract was acquired in July 2015 for $2,200,000. The 80,000+ square feet of warehouses were subsequently demolished and the lot re-subdivided into 15 single family residential lots now awaiting construction. Anticipated pricing for finished homes will range from $610,000 to $846,000, or around $280 to $290 per square foot. Lots ready for development are being priced at $75 per square foot.

As high home values continue to spill into this market, we anticipate this trend continuing and expect many of the older warehouse buildings to be demolished for continued residential redevelopment. At some point in the near future, this could very well lead to more mixed use and retail development for this neighborhood as well.

WilliamWilliam 3William 4