Rendering of Walgreens on Magazine Street
Stirling Properties is renovating the old American Legion Hall located at 5518 Magazine Street in New Orleans into a new Walgreens Drug Store. Demolition on the site will begin in November with construction slated to begin during January of 2012. The new store is scheduled to open summer 2012.
5518 Magazine Street – Before & After
New Orleans’ Growing Medical Corridor
The growing medical corridor in New Orleans is officially known as BioDistrict New Orleans, a state-enabled economic development district that was created by the State of Louisiana in 2005 for the purpose of developing a biosciences industry in New Orleans that will provide research and development, healthcare delivery, and stable, high-paying jobs. The 1,500-acre district spans the Downtown and Mid-City neighborhoods of New Orleans. The economic impact is estimated to be 22,000 new jobs in the city of New Orleans over the next eight to ten years, not only in biosciences, but also in banking, law, construction and other service industries that stand to benefit. The area’s major developments include:
- Veterans Affairs Medical Center (Project Legacy)
- Status: Under Construction
- Groundbreaking/Completion: June 2011/Late 2014, full activation 2015
- Site: 30 acres bounded by Tulane Avenue and Canal, S. Galvez & S. Rocheblave Streets
- Size: 1.6 million square feet with 2 additional 1,000-car garages; 200-bed complex will serve over 70,000 enrolled Veterans
- Cost: $995 million construction budget (fully funded)
- Jobs: 1,100 new employees
- University Medical Center
- Status: Site preparation work, construction to begin by year end
- Groundbreaking/Completion: April 2011/2015
- Site: 34 acres bounded by Canal & S. Galvez Streets and Tuland & South Claiborne Avenues
- Size: 2.2 million square feet, 424-bed public hospital to replace Charity Hospital
- Cost: $1.09 billion; state lawmakers approved funding September 2011
- Jobs: 5,280 new and saved jobs over first five years
- Part of collaborative complex with the new VA Medical Center (see above)
- Both will be key academic anchors for LSU, Tulane, Dillard, Xavier, SUNO, Delgado, and others throughout South Louisiana
- Louisiana Cancer Research Center
- Status: Under Construction
- Groundbreaking/Completion: April 2009/January 2012
- Site: Tulane & South Claiborne Avenues
- Size: Shared 175,000 square-foot, 10-story facility
- Cost: $90 million
- Developed by the Louisiana Cancer Research Consortium, a partnership among LSU Health Sciences Center, Tulane Univerity, Xavier University of Louisiana, and Ochsner Health System
- New Orleans BioInnovation Center
- Status: Open & Operating
- Completed: June 2011
- Site: 1441 Canal Street
- Size: 66,000 square feet of state-of-the-art wet-lab, office and conference space
- Cost: $47 million
- To house biotech and life sciences entrepreneurs and startups, as well as support research at four area universities; housing about 200 employees from 80 companies at full capacity
- Critical link that turns university research into privately commercializable enterprises
- Five biotech start-ups and two venture captial firms have already moved into the building, and twelve more are on the way
- Ochsner Health System
- Relocating 500 to 750 employees to the CBD during the 1st Quarter 2012
- Moving executive, corporate and business functions (no medical care)
- 80,000 square feet on top 4 floors of the Benson Tower (enough room to grow to 1,000 employees)
- Signifies Ochsner’s growing presence in the local economy and New Orleans’ medical hub
For exciting leasing opportunities in the heart of this growing medical corridor, office spaces are available at the 1615 Poydras Street office building located directly across from the Superdome. Available spaces range from approximately 1,500 to 45,130 contiguous square feet. For more information contact Gaines Seaman at (504) 620-8187 or gseaman@stirlingprop.com.
Louisiana’s Metros and Cities Recognized Nationally
Along with the many top rankings the State of Louisiana has received in recent months (see Louisiana Earns Several Top Rankings in Recent Months), Louisiana’s metros and cities are being recognized nationally too. Here’s highlights of the accolades from the last few months.
- Job Markets in New Orleans & Baton Rouge Metros Expected to be among the Strongest in the Nation during the 4th Quarter
– Manpower Employment Outlook, September 2011 (more…)
Stirling Properties’ River Chase is designated as a Louisiana Economic Development Certified Site
COVINGTON, Louisiana—- (DECEMBER 22, 2010) River Chase, a master planned, multi-use Stirling Properties’ development in Covington, satisfies all requirements set forth by the Louisiana Economic Development (LED) Certified Sites Program and has been designated as an LED Certified Site. After a rigorous review process by LED and URS, an independent third-party engineering firm, the certification means that River Chase is suitable for economic development projects.
“The LED Certified Sites Program is designed to make Louisiana more competitive for economic development deals by certifying sites that have the ability to break ground within 90 days because all rights to build are in place,” said Townsend Underhill, Vice President of Development for Stirling Properties. “River Chase’s new certification positions St. Tammany Parish for great economic success, and the Development Team at Stirling Properties remains committed to bringing national caliber businesses into the area.”
Since the inception of the LED Certified Sites Program earlier this year, LED has only certified two other Louisiana sites; the Donaldsonville Technology and Industrial Park in Donaldsonville and North Whittington Property in Shreveport. River Chase is now Louisiana’s third site, and only development in the New Orleans Metro, to be recognized with this significant honor.
Stirling Properties’ Development Team worked to receive this certification by performing due diligence with regard to legal control of the property for possible sale and/or lease, zoning restrictions, surveys, title work, environmental studies, wetlands permits, road and utility infrastructure, access to primary shipping routes, elevations, flood plain, soil analysis, traffic studies, and public infrastructure engineering. LED Certified Sites are identified by a special notation and logo. For additional information about LED Certified Sites, visit OpportunityLouisiana.com/Sites.
To view the Site Plan or for more information about River Chase contact:
Retail:Rhonda Sharkawy, Leasing & Development Executive | (504) 620-8145, or rsha@stirlingprop.com
Outparcel & Hotels:William Barrois, Sales & Leasing Executive | (985) 246-3736, or wbarrois@stirlingprop.com
Office:Lee de la Houssaye, Leasing Sales Associate | (985) 246-3774, or ldel@stirlingprop.com
