Canal Street Beat | New Orleans Real Estate News

This Data Shows Why New Orleans’ Apartment Market Might Boom in 2014

February 4, 2014 • Multi Family • 10347

In 2013, the New Orleans apartment market increased absorption 5.5 percent compared to 2012 and taking 1,290 units off the market according to research provided by Hendricks-Berkadia. With no major multifamily developments coming online to increase inventory, the city’s 5 percent year-end vacancy was the lowest rate in 13 years. The Class B apartment market [&hellip
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$120 Million, 21 Story Hotel Tower Planned for 400 Canal

February 3, 2014 • Architecture & Design, Central Business District, Development, Hotel & Hospitality • 10078

Wischermann Partners, Inc. and Jayshree Hospitality LLC, owned by Kishore “Mike” Motwani, are co-developing a proposed 21-story, 373-room hotel at the corner of Canal and Tchoupitoulas streets. The property would operate under the Marriot Hotel brand, although if look closely the rendering actually shows a Ramada Inn and a Springhill Suites. The hotel tower would also [&hellip
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Downtown Office Market Picks Up Steam

February 3, 2014 • Office • 5360

Office absorption is up across the metro area across Class A and Class B properties. According to the Office Occupancy and Absorption Study by SRSA Real Estate, overall absorption of Class A and Class B properties came in at 163,648 square feet for 2013. Close to 9% of all available Class A & B office [&hellip
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Investors Pumped $7-8 Billion Into Downtown NOLA Over Last 9 Years

February 3, 2014 • Central Business District, Investment, News • 5928

Downtown’s post-Katrina redevelopment progress has been impressive. From the South Market District to the Riverwalk redevelopment, to new multifamily developments, New Orleans’ downtown is on the rebound. According to New Orleans Downtown Development District (DDD) CEO Kurt Weigle, the amount invested in New Orleans downtown since Katrina is close to $7-8 billion. Downtown construction permits [&hellip
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Furniture Company Arhaus To Anchor South Market District

January 31, 2014 • News, Retail, Warehouse District • 9280

The Times-Picayune reports that national furniture company Arhaus will be the anchor tenant at the South Market District, the first major retailer to be announced by The Domain Cos. CVS Pharmacy and local pet store Fetch will also open at The Park, a $21.3 million second phase in the South Market District. The South Market [&hellip
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Check Out Three New Plans for Holy Cross School Site Redevelopment

January 31, 2014 • 9th Ward, Architecture & Design, Community Development, Development • 9828

A coalition of residents and neighborhood groups in the Lower 9th Ward yesterday presented three alternatives to a mixed-use development proposed for the former Holy Cross School campus by Perez architects. Unlike the Perez project, which residents complained was too tall, too dense and out of character with the historic nature of the neighborhood, the [&hellip
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Bruno Announces 10 Story, $20MM Warehouse District Luxury Apartment Tower

January 30, 2014 • Architecture & Design, Development, Warehouse District, Zoning and Land Use • 14693

Josh Bruno, a 33 year old real estate developer and property owner, has announced plans for a 10 story apartment loft building to be constructed in the warehouse district. Bruno and the Downtown Development Group are proposing a mixed use, luxury apartment building located at 1035 Tchoupitoulas. Granaio (Italian for loft), as it has been [&hellip
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Check Out the Design For University Medical Center’s New Parking Garage

January 30, 2014 • Architecture & Design, BioDistrict, Central Business District, Healthcare • 8724

The parking garage for the massive University Medical Center has been finalized and here it is. The 6 story structure will house 1350 cars for the thousands of employees, patients, and guests of the University Medical Center. The University Medical Center is a multi-billion dollar academic medical center that will include 424 patient beds, five [&hellip
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Retail Watch: Apres Lounge, The Franklin, Chanel, Prada, C. Wonder

January 30, 2014 • Central Business District, Retail, Warehouse District • 9903

The Après Lounge is a new cocktail and champagne lounge on Fulton Street. According to the owners, its the city’s first “ultra champagne/sparkling wine lounge”, designed to be an upscale ambiance with the “sexiness, elegance and excitement that you deserve.” Apres is going in at 608 Fulton Street, right near Ruth’s Chris, Aiden Gill, Mannings, [&hellip
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Kingfish Development Acquires Kenner’s Only Class A Office Building

January 27, 2014 • Acquisitions, Jefferson Parish, Kenner, Office • 10046

Last week, Kingfish Development closed on the purchase of the 133,312 square foot, five story glass Rault Building at 2400 Veterans Blvd., the only Class A office building in Kenner. Built in 1982, the property is currently 80% leased with approximately 25,000 square feet available for lease. Kingfish Development is the same group that bought [&hellip
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