Stirling Golf Tournament Raises Money for Mary Bird Perkins Cancer Center
Stirling Properties’ 13th Annual Stirling Invitational Golf Tournament raised $10,000 for Mary Bird Perkins Cancer Center. The scramble-style golf tournament hosted by Stirling Properties was held Monday, October 28th at University Club in Baton Rouge where generous contributions from sponsors and over 125 golfers helped to make the event a success.
Grady Brame, Executive Vice President of Stirling Properties, presented the donation to Todd Stevens, President and CEO of Mary Bird Perkins Cancer Center, during an awards celebration following the tournament.
“Due to the generosity of our tournament sponsors, we are able to once again this year donate to an organization that does so much good work for the people in our region,” said Brame.
Stirling Properties has been able to make over $106,000 in charitable contributions to various organizations over the past 13 years with Mary Bird Perkins Cancer Center being the charitable recipient of the majority of the tournament proceeds. Since 2004, $97,000 has been donated to the center in support of their cancer research and care-giving efforts.
Fremaux Town Center – October Update
Almost overnight Fremaux Town Center has risen into a sizable addition to the landscape of Slidell. Building construction is continuing with all of the Phase 1 tenant buildings vertical and many with roofs completed and facades commenced. Color is being added to the exteriors and identification of the major tenant’s storefronts are becoming obvious. Interior work is also underway for the anticipated Spring openings.
Site work has progressed with curb and paving of the parking lots and drives. Landscape islands and ponds are developing with planting to commence in about 30 days.
Stay tuned for an upcoming announcement about newly signed tenants!
New Orleans Retail is on the Rise
Mark Twain once quipped “History doesn’t repeat itself, but it does rhyme”. The Crescent City has been America’s boomtown before, but this time, something is different. Aided by tech, medical and digital media job growth, infrastructure improvements, rising tourism and political reform, the City has become a magnet for young educated professionals, and retailers have noticed.
Selected New Orleans Rankings
In recent history, aging infrastructure and crime crippled economic development. While Hurricanes Katrina and Rita were physically devastating to the region, they also uncovered social and political issues that needed to be rectified. Federal funds flowed to improve infrastructure. With that came oversight and political reform. The private sector rolled up their sleeves and made bold choices to invest in the city and its unique culture.
Together this created a higher demand than the current supply of Retail can absorb. As reported by The New Orleans Business Alliance, the city currently is losing $1.9 Billion in retail sales annually to neighboring parishes where traditional retail development has flourished. While some sections of the city still are recovering, the city’s core has experienced a great demand for development and re-development. “New Orleans was once considered a market that offered the worst to retailers. Today retailer activity and interest are at an all-time high,” stated Townsend Underhill, Senior Vice President at Stirling Properties.
Luxury retail is on the rise. The Shops at Canal Place, anchored by Saks Fifth Avenue, has experienced double digit sales growth in each of the last four years. Recent openings include J. Crew, Allen Edmonds, Michael Kors and Lululemon, with Tiffany and Company slated to open in November. “It is clear that New Orleans is experiencing nothing short of a Renaissance,” stated Brandon Berger of The Berger Company, owner of Canal Place. “Canal Place is well positioned as the only Luxury Mall between Houston and Atlanta. The higher end the item the retailer carries, the higher their sales volume.” In addition H&M will open a 32,000 square-foot French Quarter location in late October, their first in the United States outside of New York and Boston to offer home goods as well as soft goods.
The Outlet Collection at the Riverwalk – Rendering
The Outlet Collection at the Riverwalk, an upscale outlet center downtown near the French Quarter and Warehouse district, is scheduled to open in 2014. At 250,000 square feet, it will serve both locals and tourists and is billed as the only Outlet Center in a downtown setting in the U.S. Mark Bulmash, Vice President of Development at the Howard Hughes Corporation and Developer at Riverwalk added, “A few years ago, retailers would ask the question, ‘Why New Orleans?’ Today the question is, ‘Why aren’t we in New Orleans?’”
South Market District – Rendering
The Warehouse District in the CBD has transformed from blighted space into a vibrant neighborhood. The 40,000 square-foot Rouses Grocery opened in 2011 and was influential in making the area a true neighborhood. While condominium conversion is still underway, new construction mixed-use projects are also taking shape. The South Market District by the Domain Companies is under construction. Phase I will open late 2014 featuring 209 residential units and 22,000 square feet of Retail. Once complete, the project will include over 600 residential units and 170,000 square feet of retail located along the streetcar line and walkable from downtown Class A office buildings and the Superdome.
Mid-City Market
The 107,000 square foot Mid-City Market developed by Stirling Properties opened in July. Anchored by Winn Dixie, the site marks the entry into New Orleans for some notable restaurant chains like Panera Bread, Pei Wei, and Five Guys, and filled the void for much needed goods and services in the Mid-City neighborhood. Whole Foods will enter Mid-City as well with a store currently under construction on Broad Street that will mark their third location in the New Orleans metro.
Big box stores and Jr. Anchors that traditionally were kept out of the city for lack of developable land have found a limited opportunity to penetrate the market. Costco has completed its first Louisiana location with a 148,000 square foot store located near the population center. Wal-Mart has two Supercenters under construction in Gentilly and New Orleans East, 110,000 square feet and 180,000 square feet respectively. Magnolia Marketplace, scheduled to break ground in January 2014, will be the only true Power Center on the Eastbank of New Orleans and will offer Jr. Anchors the chance to gain access to the local market for the first time.
Development projects in virtually all areas of the city will allow retailers to penetrate a market previously thought impenetrable. Additional growth of mixed-use and street retail projects will offer more opportunities for the growing retail sector and will cater to the urban population and tourists. From luxury to discount, retail is hot in New Orleans and investors, lenders, developers and retailers are working hard to gain a presence.
This article was submitted to Southeast Real Estate Business magazine. An edited version appeared in the October 2013, Volume 14, Issue 7 print edition.
Stirling Properties Expands Gulf South Presence with New Office in Mobile, Alabama
COVINGTON, LOUISIANA (OCTOBER 15, 2013) – Stirling Properties is pleased to announce the opening of a new office in downtown Mobile, Alabama at 182 St. Francis Street, Suite 101. As the company’s first location in Alabama, the office joins 11 other offices located in Louisiana and Mississippi to further strengthen Stirling Properties’ presence in the Gulf South.
“This office will not only serve the surging market and growing economy of Mobile, but also anchor the eastern side of the Interstate 10 corridor for Stirling Properties,” stated Marty Mayer, President and CEO of Stirling Properties.
Will Barrois is Stirling’s Vice President and Regional Manager of Alabama/Florida. Mr. Barrois will expand Stirling’s market presence by pursuing acquisitions of retail, office and multi-family properties, seeking new third party property management and brokerage assignments, exploring development and redevelopment opportunities, and building a top-tiered commercial brokerage team to serve Alabama and Florida.
“We are proud to be part of the growing commercial real estate market in the Gulf South. The future of Mobile is bright and the area is poised for tremendous growth,” said Will Barrois. “We’re looking forward to serving our clients throughout Alabama and Florida from our new Mobile office.”
For your commercial real estate needs in Alabama or Florida, contact Stirling Properties at the new Mobile office located at 182 St. Francis Street, Suite 101, Mobile, Alabama or call (251) 706-6457.
National Poll Shows Overwhelming Support for Online Sales Tax Collection at Time of Purchase
As a follow-up to one of my previous President’s Messages about the Marketplace Fairness Act, I wanted to comment about a recently conducted national poll by the International Council of Shopping Centers (ICSC).
The results of the poll show that the majority of American consumers (64%) are aware that they are required to pay state sales or use tax on online purchases, if not collected by the online seller, when they file their state income tax. However, other research indicates that over 98% don’t report such purchases. The poll also shows that 78% of voters feel it would be easier to pay state sales or use tax on online purchases at the time-of-purchase, rather than through special forms or when they file their state income taxes.
This poll is proof that the public is aware that this is NOT A NEW TAX, but rather one that isn’t being paid because it slips through the loopholes in the law. The current loophole is draining our state and local governments of desperately needed revenues for education, health care, police, firefighters and teacher pay, etc. Estimates of lost sales taxes in Louisiana alone due to internet sales range up to $800 million.
There is now overwhelming support for the collection of online sales tax at the time of purchase. We need to close this loophole NOW before it doubles in size.
You can read more about the poll results in this ICSC Press Release.
Stirling Properties’ Townsend Underhill Elected to Board of Directors for St. Tammany West Chamber of Commerce
Stirling Properties is pleased to announce that Townsend Underhill, Senior Vice President of Development, has been elected to serve on the Board of Directors for the St. Tammany West Chamber of Commerce.
The Board of Directors is comprised of local business professionals who are passionate about smart growth and quality of life in West St. Tammany. The success of the Chamber is due in large part to the Board’s time, energy and willingness to voluntarily serve. Mr. Underhill will serve on the Board for the 2014-2016 term.
