Stirling Properties And CBL & Associates Properties, Inc. Announce Grand Opening Of Ambassador Town Center In Lafayette, Louisiana
Stirling Properties and CBL & Associates Properties, Inc. announce the Grand Opening of Ambassador Town Center and welcome new tenants. A formal ribbon cutting ceremony will be held next week, with newly elected Parish President Joel Robideaux and other local dignitaries.
Stirling Properties and CBL & Associates Properties, Inc. formed a joint venture to develop the center, and with less than two years of planning, construction began in January of 2015. Though not initially contracted to develop the highly anticipated retail center, Stirling Properties and CBL were able to adapt and deliver the project in an exceptionally timely manner when previous developers could not. The first tenant, Nordstrom Rack, opened last weekend to significant crowds despite the fierce weather conditions. Costco Wholesale and Marshalls/HomeGoods opened Thursday, March 17th.
Ambassador Town Center has already created approximately 2,200 construction jobs, and is expected to generate roughly 1,700 permanent jobs and nearly $9 million annually in sales taxes for the City of Lafayette, providing a huge boost for the local market.
Stirling Properties has been at the forefront of commercial real estate investment and development in Lafayette and surrounding areas of South Louisiana. At a time when the local economy is fragile, Stirling Properties is bringing quality development and retailers to the area. At completion, Ambassador Town Center is expected to be the premier regional shopping and entertainment destination, as well as a vital economic contributor to the area.
Research shows shoppers are spending more in home supply, clothing, and sporting goods stores, among others. And people are still eating out. Sales at restaurants and bars has jumped from last year. Consumer spending is healthy at many similar retail centers across the region.
“We are excited to celebrate the grand opening of Ambassador Town Center and bring a unique customer experience to the Lafayette market,” said Michael Lebovitz, Executive Vice President, Development and Administration, CBL & Associates Properties, Inc. “This development brings a number of exciting retail and restaurant options, most of which are new to the market.”
“We are confident in the future and prosperity of this area. Ambassador Town Center is positioned in an excellent location that is experiencing tremendous growth and attracting new retailers,” said Townsend Underhill, Stirling Properties Senior Vice President of Development. “We are happy to continue our long and successful development history in the City of Lafayette.”
Stirling Properties has developed more than 3.7 million square feet totaling $465 million since 2010, almost exclusively in Louisiana. Other Stirling Properties developments in Lafayette include Ambassador Row, Ambassador Row Courtyards, Stirling Lafayette and Village at Southpark, just to name a few.
Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream, consisting of more than 430,000 square feet. Located at Lafayette’s ‘main-at-main’ intersection, Ambassador Caffery Parkway & Kaliste Saloom Road, the development will also include Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer, Verizon, and more supporting shops and restaurants to come. The retail center is currently 97% leased. Most of the retailers committed to Ambassador Town Center are either first-time locations within Lafayette or Louisiana, or both.
For more information, please visit stirlingprop.com or cblproperties.com.
For leasing information, contact Ryan Pecot at 337.572.0246 or rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 or Tim.Gilmore@cblproperties.com. For information on Ambassador Town Center, please visit ambassadortowncenter.com.
New Orleans: A City for Entrepreneurs
The “Big Three” cities for entrepreneurship—San Francisco/San Jose, Boston and New York—all have a high cost of living, which can be difficult on a startup budget. Resultantly, entrepreneurs are starting to look elsewhere.
Enter post-Katrina New Orleans. Hurricanes Katrina and Rita allowed one of America’s most historic places to reimage itself as a startup city and business destination. The Crescent City’s renaissance has attracted new entrepreneurial talent, boasting a business startup rate 64% higher than the national average.
Not only does New Orleans offer an affordable cost of living, it proposes attractive culture, world renowned food, and a vibrant art, music and entertainment scene. This fun-loving and diversity-embracing ethos attracts people from all over the world.
Furthermore, housing in San Francisco is 227% higher than in New Orleans, groceries cost 25% more, and transportation costs are 33% greater. Likewise, housing in New York is 368% higher, and Boston up 95%. It’s easy to see why New Orleans consistently ranks at the top for cities attracting college graduates in flocks.
New Orleans also recently made the ranks among ‘20 Hottest Startup Hubs in America,’ according to a report from Ewing Marion Kauffman Foundation. You can bet over the next few years, our resilient city will continue to top the lists of thriving marketplaces offering economic opportunities for entrepreneurs.
I could not agree more! We have already witnessed numerous companies—big and small—choosing New Orleans as home. The demand for office and industrial property has surged over the last few years. The city is ripe for opportunity and remains one of Stirling Properties’ most profitable areas for commercial real estate management, development and investment. We look forward to serving the growing commercial real estate needs of New Orleans for many years to come!
Read the entire article, What Makes New Orleans a Startup City to Rival the “Big Three”, by Harvard Business Review.
Stirling Properties Names Peary Forrest As Project and Operations Manager
Stirling Properties is pleased to announce Peary Forrest as Project and Operations Manager for its Perkins Rowe property in Baton Rouge, Louisiana. Peary will work from the company’s Perkins Rowe Office located at 10202 Perkins Rowe, Suite 195.
Stirling Properties holds the contract for Leasing, Sales, and Property and Construction Management for the Perkins Rowe mixed-use development. As Project and Operations Manager, Peary will manage retail, office, and residential buildouts, as well as daily operations with vendors and contractors.
Forrest moved to Baton Rouge from Jackson, Mississippi. He has more than 10 years of experience in facilities management, previously working as Director of Plant Operations for Brentwood Behavioral Healthcare. Prior to that, he worked as a manufacturing/industrial engineer for manufacturers such as La-Z-Boy and Goodyear Tire & Rubber. Forrest attended Delta State and Cameron Universities where he studied Industrial Technology.
Peary Forrest can be reached at (225) 329-0284 or pforrest@stirlingprop.com
Stirling Properties Names Jack Conger As Sales and Leasing Executive
Stirling Properties is pleased to announce Jack Conger as Sales and Leasing Executive for its Commercial Brokerage Division located in Mobile, Alabama. Conger will work from the company’s Mobile Office located at One St. Louis Centre, 1 St. Louis Street, Suite 4100.
With an emphasis on industrial and office brokerage, Conger joined Stirling in February of 2016 and is actively involved in Stirling University, a comprehensive 3-month training program for new agents, as well as working with the company’s senior brokers in a support role. He graduated from the University of Alabama with a Bachelor’s degree in Human Environmental Sciences.
Prior to working for Stirling, Conger was the General Manager of his family’s restaurant business located in San Antonio, Texas. He now resides in Mobile, Alabama, with his wife and daughter.
Jack Conger can be reached at (251) 342-7229 or jconger@stirlingprop.com.
Stirling Properties Announces New Real Estate Transactions In South Alabama
Stirling Properties commercial real estate company is pleased to announce new transactions in Orange Beach, Mobile and Spanish Fort, Alabama.
- Cowgirls Inc. restaurant and nightclub will occupy 16,000 square feet at The Wharf located at 23101 Canal Road in Orange Beach and is expected to open on March 1, 2016. Stirling Properties Broker, Jeff Barnes, handled the transaction.
- Rio Mexican Restaurant will occupy 2,987 square feet at Aircrest Plaza located at 6401 Airport Boulevard in Mobile with anticipated opening date in the spring of 2016. Stirling Properties Broker Associate, Angie McArthur, represented the tenant and Colby Herrington with Herrington Realty, Inc. represented the property owner.
- Tetra Tech engineering firm has renewed its lease for 1,675 square feet of office space at the Wells Fargo Building located at 61 St. Joseph St. in Mobile. Stirling Properties Senior Sales and Leasing Executive, Jill Meeks, handled the transaction.
- Michael Ross Jewelers will move to occupy 2,400 square feet at Hillwood Shopping Center and is expected to open in the spring of 2016. Hillwood Shopping Center, anchored by Publix Super Market, is located at 2370 Hillcrest Road in Mobile, Alabama. Stirling Properties’ Angie McArthur represented the tenant and Michael Reid with White-Spunner Realty represented the property owner.
- Doctors Diet Program, a medical weight loss company, will occupy 2,100 square feet at Eastern Shore Plaza in Spanish Fort, AL and is expected to open in the spring of 2016. This will be their 1st location in Baldwin County. Eastern Shore Plaza regional power center, anchored by Best Buy, PetSmart, Michael’s, and Ross Dress for Less, is located on the eastern shore of Mobile Bay at the northeast intersection of I-10 and State Highway 181, adjacent to Eastern Shore Centre. Angie McArthur represented both sides in the transaction.
Stirling Properties is located in One St. Louis Centre, 1 St. Louis Street, Suite 4100 in Mobile. For more information regarding our services, please visit us at www.stirlingproperties.com.
Alabama Historic Tax Credit Program
In 2013, the state of Alabama along with 33 other states, adopted a Historic Tax Credit program to help revitalize historic properties across the state. This tax credit program, when coupled with the federal Historic Tax Credits, can boost economic vitality in much needed areas as well as encourage development of nearby buildings. Thus far the program has awarded some $60 million in historic tax credits to support 39 qualified projects with a capital investment of close to $400 million. Further, for every $1 tax credit allocated approximately $3.90 is returned to state and local collections over a 20 year period.
The credits are set to expire in May and Lawmakers are debating whether to extend this program for another 7 years, a move which I fully support! Please reach out to your local congressman and urge them to support the extension of the state Historic Tax Credit.
To get all the facts and learn more about the properties that have benefited from the State Historic Tax Credit program, read John Sharp’s article on al.com.
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