Congratulations to Chris Smiroldo on receiving his SRA!

Congratulations to our very own Chris Smiroldo on becoming an SRA Designated member and achieving a prestigious designation that differentiates you in a highly competitive marketplace! Chris has made a commitment to advanced education, higher ethical requirements and elevated expectations for the residential appraisal profession.

 

Tom Hancock receives his MAI!

Congratulations to our very own Tom Hancock for achieving his MAI! Through hard work and dedication he has now received the most prestigious accomplishment an appraiser can achieve with the highest professional level of education and training available to commercial appraisers!

 

Bohn Ford building renovation brings new life to Broadmoor corridor

http://www.wwltv.com/article/news/local/orleans/bohn-ford-building-renovation-brings-new-life-to-broadmoor-corridor/289-520706792

 

 

 

 

 

 

Key to the Cure 2017 Kickoff Gala

Key to the Cure Kickoff Gala was held on October 11, 2017 at Saks Fifth Avenue benefiting the Louisiana Cancer Research Consortium. Representatives of Murphy Appraisal Services were among those in attendance as well as a sponsor to this benefit that raised more than $170,000. Since 2006, Saks Fifth Avenue’s Key to the Cure cancer research fundraiser has led the way, generating over $2 million to support LCRC. This investment allows the LCRC researchers to generate approximately $3.5 million in grant funds, sustain successful prevention and control programs, develop state-of-the-art treatment options and create cancer educational programs for Louisiana citizens.

Lower Garden District landmark St. Vincent’s Guest House to be renovated, converted into luxury hotel

http://www.theadvocate.com/new_orleans/news/business/article_a62884e2-6288-11e7-a848-a3f34406061e.html

First office space tenant to move into River Chase development

Stirling Properties has released more details about the new office space it’s adding to the River Chase mixed-use development in Covington, including the name of its first tenant.
The commercial real estate company said civil engineering firm Duplantis Design Group PC will be the first to move into the two-story, 45,000-square-foot Class A office building currently under construction. Phase I of the office space will be available next April.
DDG’s corporate office is located in Thibodaux, with branch offices in Covington, Houma and Baton Rouge, as well as Houston and Dallas.
Wakefield, Beasley and Associates architectural firm designed the base building, and Covington-based Greenleaf Architects served as the interior architect for the project.
Phase II will comprise of a multi-building campus capable of accommodating corporations ranging from 20,000 square feet to 1 million rentable square feet. Its flexible floor plates allow for a partial or full building lease opportunity for a variety of corporate office users, according to the brochure.
Mike Bucher, Stirling Properties vice president of development, said office space at River Chase is “a perfect example of the mixed-use concept that is quickly gaining popularity, especially among millennials.”
“This type of live/work/play development model is also attractive to large, national corporations,” Bucher said.
River Chase is a 253-acre development located on the southeast corner of Interstate 12 and Louisiana Highway 21.
The development includes retail, restaurants and entertainment options, as well as a Holiday Inn Express, Regal Cinema, and more than 500 residential apartment units.
Developers are hoping to capitalize on employers relocating to the office space and housing employees in the nearby Springs at River Chase or at the high-end River Club Estates. The communities are within walking distance of restaurants and retail options.
In mid-October, Walk On’s Bistreaux & Bar announced it would begin construction in the coming weeks on its first North Shore location at the River Chase development. A spokesperson for Stirling said construction has not yet begun on the sports-themed restaurant, which is expected to open by next summer on the corner of Stirling Boulevard and Brewster Road.
River Chase’s anchor tenants include: Sam’s Club, Target, Belk, JCPenney, Best Buy, Marshalls, Ross Dress for Less, ULTA Beauty, Holiday Inn Express, and a 14-screen stadium style Regal Cinema. Other tenants include: Chick-fil-A, LongHorn Steakhouse, Regions Bank, Taco Bell, Texaco, Wendy’s and Zoe’s Kitchen. Stirling Properties started developing River Chase in 2004 and currently manages and leases the property.

 

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Is renting in New Orleans about to get cheaper?

http://www.nola.com/business/index.ssf/2016/10/new_orleans_rental_market.html#incart_most-comments

 

 

Bywater upscale hostel developer buys land, moves forward with $16 million project

The developer of a Bywater upscale hostel closed a deal this week to buy the vacant Chartres Street riverside property where the controversial project is slated.

Ted Kelso of Pelican Royal LLC bought the former industrial land at 4019 Chartres St. for $2.47 million, a sale that was finalized Tuesday (Sept. 5), according to a news release from the developer.

The sale marks a step forward for the proposed $16 million, 185-bed hostel and hotel called Stateside — despite the fact that one neighborhood group has sued to block the project.

Stateside would be a 32,000-square-foot building with a mix of private and shared rooms, a laundry, courtyard, pool, restaurant, bar and coffee shop. The project stirred unease among some Bywater residents concerned it would attract rowdy tourists and further disrupt an increasingly sought-after residential neighborhood.

Kelso, who plans to live on the site, scaled back the size from 48,000-square-foot with a new design by Studio WTA architects after the City Planning Commission rejected the proposal. His team insists the development’s amenities will benefit locals in the neighborhood, not just visitors.

The City Council then approved a conditional use permit in a 6-1 vote in May. Zoning allowed for a hotel of up to 10,000 square feet without a conditional use permit.

“As we move towards our opening in early 2018, we continue to work with our neighborhood to make Stateside a welcome addition to Bywater,” Kelso said in the release. “We look forward to providing amenities for our neighbors, jobs for our community, and a new option for our growing tourism sector in one of our most popular, yet underserved, neighborhoods.”

Neighbors First for Bywater, one of two Bywater neighborhood associations, filed a lawsuit in Orleans Civil District Court on June 17 seeking to reverse the City Council’s decision. The group argues that the City Council violated zoning law, and that the second design should have been examined by the Planning Commission, which makes recommendations to the council.

The project “would significantly damage the fabric and nature of the community irreparably,” the lawsuit says.

Pelican Royal intervened in the case and asked for the litigation to be dismissed. The case is pending.

The other community group, Bywater Neighborhood Association, endorsed Stateside during the city approval process.

The 40,000-square-foot vacant lot was most recently used for a seafood processing plant. Councilwoman Nadine Ramsey, whose district includes the property, said she supports the hostel because it fits into Bywater’s history of being a mixed-use neighborhood.

Katherine Sayre, NOLA.com | The Times-Picayune

 

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Former landmark Times-Picayune building sold to local group for $3.5 million

A Howard Avenue landmark that housed The Times-Picayune’s operations and its printing presses for almost a half-century has been sold to a group of local businessmen that includes developer Joseph Jaeger Jr., records show.

Jaeger’s group, 3800 Howard Investors LLC, closed on the $3.5 million deal Sept. 2, according to Orleans Parish Civil District Court records, which list the site at 8.9 acres.

Peter Aamodt, senior development manager of Jaeger’s firm, MCC Real Estate, said Tuesday that the group has “no immediate plans” for the property.

“It was a good investment at the right time and the right place,” he said.

Jaeger’s group also includes float builder Barry Kern, president of Mardi Gras World, and developer Arnold Kirschman, whose family operated furniture stores in the metro area for nearly a century.

“They have no specific plans or projected uses,” Aamodt said. “They just want to participate in the growing New Orleans economy, and feel like the neighborhoods surrounding that location continue to get better.”

The sale includes “everything except the furniture and the presses,” Aamodt said, presumably including a custom Art Deco panel display in the building’s front lobby that was created by Mexican-born artist Enrique Alferez.

When the building opened in 1968, “huge crowds lined up for a tour,” The Times-Picayune wrote in 2011 as part of a 175th anniversary feature.

Rumors of a potential sale began swirling earlier this summer as workers were seen removing the presses and taking the newspaper’s name down from the building’s iconic clock tower alongside Interstate 10.

In June, the newspaper said that “an undisclosed buyer” had signed a deal to acquire the building, but it said it was limited by a confidentiality agreement from disclosing details of the transaction.

The plant has been mostly vacant in recent years.

The Times-Picayune announced in 2012 that it would reduce the number of days it produces a print newspaper to embrace a digital-first strategy. In early 2013, the newspaper moved much of its staff downtown to the top two floors of One Canal Place.

In late 2014, the paper said it would outsource its printing operations to a facility in Mobile, Alabama, that prints The Press-Register, another newspaper owned by The Times-Picayune’s New York-based owners, Advance Publications.

As part of that move, The Times-Picayune converted its former East Jefferson bureau in Metairie into a design studio that lays out the local newspaper’s pages as well as those of other Advance-owned newspapers in Alabama and Mississippi.

Previous announced layoffs have claimed more than 300 workers.

For Jaeger, the deal marks his latest bet in local real estate developments.

Jaeger also owns the former Market Street power plant after making an $8.72 million bid for the riverfront property at a foreclosure auction last year.

That 20-acre site is near the upriver end of the Ernest N. Morial Convention Center. Jaeger is part of another team of developers negotiating with the Convention Center’s governing board to serve as master developer of a potentially $1.5 billion public-private partnership for a 47-acre tract between the center and the old power plant.

Those plans call for building a large hotel, restaurants, entertainment venues and apartments on the vacant land at the upriver end of the giant assembly hall.

Richard Thompson

 

Times