The Terrible T’s of Inventory: Timing and Taxes

Inventory taxes pose an additional cost of doing business in more than a dozen states, and despite efforts to mitigate the competitive disadvantage the practice creates for many taxpayers, policymakers have yet to propose an equitable fix. Virtually all states employ a property tax at the state or local level. The most common target is real property, which is land and land improvements; and tangible personal property such as fixtures, machinery and equipment. [caption …

Park Hotels & Resorts Sells Le Meridien New Orleans for $84M

NEW ORLEANS — Park Hotels & Resorts Inc. has sold the 410-room Le Meridien New Orleans for $84 million, or $205,000 per key, to an undisclosed buyer. Located near the French Quarter and less than one mile from the Mississippi River, the 23-story hotel features a fitness center and rooftop pool. Proceeds from the sale of the hotel will be used to repay a portion of Park’s unsecured debt. According to Canal Street Beat, Park Hotels purchased the former W Hotel in 2013 for $65 million …

New Orleans Office Sector is in Rightsizing Mode as Tenants Downsize Footprints

With the recent influx of young talent, combined with the area’s thriving economy and renowned vibrant culture, the Greater New Orleans region is poised for growth. Although the office market sector is slow to show any significant gains, this signifies a potential undervalued opportunity for users. The metro area has nearly 20 million square feet of office space, including over 11 million square feet of Class A space with a published occupancy rate exceeding 87 percent. The predominant …

Tight Multifamily Occupancy in New Orleans Leads to 2,285 Units in the Pipeline

New Orleans (also known as Crescent City, The Big Easy and NOLA) is unique in many ways. The cuisine, architecture and music all set the city apart, but for the real estate industry, the geography is most important. In fact, it’s uniqueness among the great Southern cities is that the Mississippi River, Lake Pontchartrain and the wetlands to the east and west have created a barrier to entry unlike any other multifamily market in the country. These factors have limited development to a select …

Owner of Metro New Orleans Mall to Start $100M Redevelopment, Adding Office Space and Apartments

METAIRIE, LA. — The Richards family, the longtime owner and operator of Clearview Shopping Center in Metairie, has unveiled plans to transform the 700,000-square-foot regional mall into a mixed-use destination. Located at 4436 Veterans Memorial Blvd., the new Clearview City Center sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The $100 million project will add a hotel, 260 upscale apartments, open-air restaurants with rooftop seating, 100,000 square feet …

Carpenter & Co., Woodward to Open 341-Room Four Seasons Hotel in New Orleans

NEW ORLEANS — Developers Carpenter & Co. Inc. and Woodward Interests LLC will open a 341-room Four Seasons hotel in New Orleans. The property will also include 92 private residences on the top floors of the building. The project is a redevelopment of the 33-story World Trade Center office building. Completion is slated for late 2020. Two Canal Owner LLC, in which both developers are partners, will own the building. The first Four Seasons in New Orleans, the property will be situated …

Partnership Acquires 1,193-Room Hyatt Regency Hotel in Downtown New Orleans

NEW ORLEANS — A partnership has purchased the 1,193-room Hyatt Regency New Orleans and will continue to manage the property as a Hyatt hotel. A partnership between investment company ERG, GMB Properties, The Berger Co. and asset management firm Fulcrum Hospitality purchased the downtown New Orleans hotel for an undisclosed price. The seller was Los Angeles-based Poydras Hotel Holdings Co. The ownership team plans to invest $20 million in capital investments over the next few years. According …

Corvias to Begin $15.8M Renovation of Military Housing Development at Fort Polk, Louisiana

FORT POLK, LA. — Corvias will begin a $15.8 million renovation of military housing at Fort Polk, a U.S. Army installation in Louisiana’s Vernon Parish. The renovations will include upgrading the facades, gutters, paint and roofs of 1,146 homes and three miles of roadways on the base. Corvias expects to begin construction this month with completion slated for 2021. The renovation project uses remaining basic allowance of housing (BAH) funds accumulated over previous years that are now being …

SRS Arranges $15M Sale of Retail Center in Metro New Orleans

HARAHAN, LA. — SRS Investment Properties Group has arranged the $15 million sale of Elmwood Oaks Shopping Center, a 136,284-square-foot retail center in Harahan. Academy Sports + Outdoors and Dollar Tree anchor the property, which was 96 percent leased at the time of sale to tenants including Lumber Liquidators and AutoZone. Elmwood Oaks is located at 800 S. Clearview Parkway, eight miles west of downtown New Orleans. Kyle Stonis, Pierce Mayson and Steve Miskew of SRS represented the seller, …

Greystone Provides $15.4M Fannie Mae Green Acquisition Loan for Multifamily Property in Baton Rouge

BATON ROUGE, LA. — Greystone has a provided a $15.4M Fannie Mae acquisition loan for the purchase of Live Oaks Apartment Homes in Baton Rouge. The loan carries a 12-year term with two years of interest-only payments. The buyer, Cyprus Multifamily, plans to implement upgrades that will improve water and electricity usage as part of the Fannie Mae Green Rewards program. Live Oaks was built in 2001 and offers 184 units with one-, two- and three-bedroom floor plans. Communal amenities include …

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