Rendering via The Outlet Collection at Riverwalk
The Howard Hughes Corporation, the Dallas-based company that runs the Outlet Collection at Riverwalk in downtown New Orleans, reported its earnings today.
Among other business, it said some interesting notes on how the Riverwalk is performing.
The Company noted that when the development opened in May 2014, it was 99.2% leased.
Most importantly, the Company noted that they expect the mall to reach an annual net operating income (NOI) of $7.8 million by early 2017 based on leases in place as of September 30, 2014.
The mall underwent a $82 million redevelopment by Howard Hughes, adding 50,000 square feet of space to the mall, bringing it to a total of 250,000 square feet. The project was financed by a $64.4 million partial recourse construction loan bearing interest at one-month LIBOR plus 2.75% with an October 2018 final maturity date.
Howard Hughes has also thrown its hat into the ring to develop 47 acres at the convention center.
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[…] Partners on the project are real estate barons ., owner of the Outlet Collection at the Riverwalk. […]