Canal Street Beat | New Orleans Real Estate News

State Bond Commission Approves $2.3 Million For Magnolia Marketplace

December 19, 2013 • Central City, Development, Economic Development, Public Finance, Retail, Tax Credits • 7119

Magnolia Marketplace, the $24 million retail development on Claiborne Ave. in Central City, received the last leg of its state-related financing approval today. The Louisiana State Bond Commission voted to approve the sale of $2.3 million in bonds that will be repaid with an increased sales tax at the development. Just last month, the City [&hellip
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NOLA Hotel Rates Continue to Grow

December 19, 2013 • Hotel & Hospitality • 4241

New Orleans average daily rates (ADR) increased last month compared with November 2012, reaching 68.4 percent. Although the 2013 ADR was only about 3 percent higher according to Smith Travel Research, the amount charged month over month increased over $26, from $129.57 last year to $155.70 last month. That increase boosted revenue rates per room [&hellip
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Construction Firm Building New $8.8 Million Asphalt Plant

December 19, 2013 • Construction, Industrial • 6378

Boh Bros. Construction is building a new $8.8 million asphalt plant on France Road near its existing facility. The company needs to increase its asphalt production with equipment that is too large for its current site to accommodate according to its CEO Robert Boh. $2 million in renovations are planned for the site, which is [&hellip
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Modern 5-Story Building To Rise From Dixie Brewery Site

December 19, 2013 • BioDistrict, Economic Development, Mid-City, Public Development • 6042

The Dixie Brewery Building owners are continuing their three-year fight today in court to save the Mid-City building, built in 1907, and bring the brewery back to New Orleans. The New Orleans Advocate reports that the state expropriated the blighted property in 2011 and turned it over to the VA as part of the massive [&hellip
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This Company is Quadrupling its Downtown Office Space

December 19, 2013 • Office, Warehouse District • 3621

Creative event and design firm The Solomon Group is renovating a building that will hold enough space to nearly quadruple the size of its downtown offices. Founder Gary Solomon Jr. said the company has been working to renovate a 10,000-square-foot building at 819 Girod St. that will be the firm’s new home office. The business [&hellip
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Police Station & Firehouse Among Those Sold at City Auction

December 19, 2013 • Uncategorized • 5248

Three of the five city-owned properties that were auctioned by the city last Friday have sold. The Mid-City Messenger reports that an old police station from 1902 in the Esplanade Ridge/Tremé part of town sold for its opening bid of $175,000. The Two Family Residential District zoning classification of the old police station allows for [&hellip
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This Entrepreneur Took Money From the City and Closed Its Doors

December 19, 2013 • Central City, Public Finance, Retail • 3551

The Central City grocery store that borrowed a low-interest loan under the city-funded Fresh Food Initiative, a program to bring fresh foods to under-served neighborhoods, has closed and is up for sale. The Lens reports that Owner Doug Kariker said the store was too much work. “I can’t do it anymore,” he said. The store [&hellip
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Cotton Exchange Hotel to Launch under This European Flag

December 18, 2013 • Central Business District, Hotel & Hospitality • 4954

The historic Cotton Exchange Hotel, bought for $17.8 million by Dallas-based NewcrestImage, is being rebranded under the brand AC Hotels by Marriott. NewcrestImage said that the eight-story hotel will stay open during the six-month, $10 million renovation expected to begin in the first quarter of 2014. AC Hotels by Marriott operates almost 80 properties in [&hellip
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Dondis Buys Former Magazine Street Market For $2MM

December 18, 2013 • Food & Beverage, Lower Garden District, Magazine Street, Sports & Specialty • 10397

Caterer and restauranteur Joel Dondis has purchased the former open-air marketplace at 1911 Magazine St. for $2 million. He plans to develop it into a large banquet hall to host wedding parties and corporate events. Dondis runs Sucré, La Petite Grocery, Grand Isle Restaurant, operates a catering and special events business. The 12,100-square-foot building bounded [&hellip
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WWII Museum Plans $3M Pedestrian Bridge

December 18, 2013 • Construction, Public Development, Warehouse District • 5143

The National World War II Museum plans to move forward with a $3 million project to build a pedestrian bridge connecting its buildings on each side of Andrew Higgins Drive. A $2 million building permit was filed with the the city Dec. 5. Voorhees Architecture of New York and Mathes Brierre Architects of New Orleans [&hellip
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