Stirling Properties Completes Acquisition and Financing to Develop Offices at Mid-City Market in New Orleans
Stirling Properties is excited to announce the execution of development financing and construction commencement for the Offices at Mid-City Market, a 54,000 square foot, mixed-use complex in the burgeoning Mid-City neighborhood of New Orleans
The Offices at Mid-City Market will feature approximately 31,000 square feet of prime office space along with 9,000 square feet of retail and restaurant space. The building design will include parking, additional greenspace and water management. Prior to closing the construction loan the building was nearly 50% pre-leased.
Gallo Mechanical, LLC, a leading mechanical contracting company in the Gulf South, will be the first office tenant, encompassing 16,000 square feet. Gallo is relocating their corporate headquarters from Metairie to New Orleans. “We are excited to be moving our headquarters back to New Orleans as we celebrate our 70th anniversary this year!” stated David Gallo, President and CEO. Orangetheory Fitness, a fitness studio that specializes in hour-long group interval training workouts, will open their first Louisiana location at Offices at Mid-City Market comprising of 3,000 square feet.
“We are excited about the ability to continue the enhancement of the quality of life in Mid-City, one of New Orleans’ many unique and exciting neighborhoods,” stated Lewis Stirling, Executive Vice President for Stirling Properties.
Located adjacent to Stirling’s recently completed Mid-City Market development, this building encompassing an entire city block was originally constructed in 1954 and was most recently the home of Loubat Foodservice Equipment Company. Stirling Properties plans to maintain the historic integrity of the existing structure while renovating the interior into a combination of office and retail space and thus bringing a prominent neighborhood building back into commerce.
Fidelity Bank of New Orleans provided financing and Stirling will utilize the same architectural firm that designed Mid-City Market, VergesRome Architects. Ryan Gootee General Contractors will commence construction in April and the first tenants will take occupancy before the end of this year.
Stirling’s recent projects in New Orleans include: Magnolia Marketplace, a 106,000 square-foot shopping center located at the corner of S. Claiborne Avenue and Toledano Street; Mid-City Market, a 108,000 square-foot Winn-Dixie anchored shopping center located at North Carrollton Avenue and Bienville Street; as well as the full renovation of the former American Legion building located on Magazine Street into a new 13,000 square foot Walgreens Marquee Store. Since 2011, Stirling Properties has invested over $120 million in the City of New Orleans.
For more information and leasing opportunities, contact Mac Bauer at mbauer@stirlingprop.com or 504-620-8131.
