Eye on the Market Highlights – February 2012
Stirling Properties’ Eye on the Market research alert is emailed monthly to our mailing list and features all the latest news and market reports about the Gulf South. We scan local and regional news outlets, as well as economic development groups, university research centers, and more, so that we can compile all the relevant rankings, news, economic development announcements, reports and more in one convenient place. Some highlights from our February 2012 Eye on The Market include:
- Shreveport listed among 5 Markets Beating the Housing Bust
SmartMoney - Baton Rouge ranked 7th for Job Growth through 2020
Business Report - Lafayette’s Median Income Growth Leads Nation’s Metros
The Independent - GE Capital announces creation of technology center in New Orleans
Louisiana Economic Development - Army plans expansion at Fort Polk in Central Louisiana
The Advocate - La. restaurants expected to lead 2012 industry growth
Business Report - Chain restaurants, retailers increasingly locating on north shore
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Stirling Properties Buys Land to Develop Urban Shopping Center in New Orleans
NEW ORLEANS, Louisiana —- (FEBRUARY 16, 2012) Stirling Properties is pleased to announce the closing of the land acquisition and development financing for Mid-City Market, a 107,713 square-foot, Winn-Dixie anchored shopping center located in New Orleans, LA along the North Carrollton Avenue commercial corridor. Mid-City Market’s many amenities will include terraced outdoor seating and pedestrian plazas, benches, bike racks, trellises, and native landscaping throughout to compliment the proposed Lafitte Greenway pedestrian and bicycle pathway which will border Mid-City Market. (more…)
Stirling Properties Contributes $20,000 to Providence House
(L to R) Pictured from Providence House are Board Members Grady Morrison and Dr. Susan Seiler-Smith, Executive Director Simone Hennessee and Board President Denee' Locke; from Stirling Properties are President and CEO Marty Mayer, Associate Broker Keitha Avant Marcotte and Bill McFadden, Regional Manager of North Louisiana
SHREVEPORT, LOUISIANA (FEBRUARY 6, 2012) – Stirling Properties presented $20,000 to Providence House, a non-profit organization located on 814 Cotton Street in Shreveport, LA. The donation will help meet the needs of individuals, families and children who are homeless or suffer from abuse.
Providence House has been working in the trenches for more than 20 years, providing a program that teaches families how to live self-sufficient, independent lives. Each family that completes the Providence House program is equipped with everything they need to break the cycle of homelessness. In 2009, Providence House added two new programs–a Domestic Violence Safe House program to provide safe shelter to victims of domestic violence and their children, and a Sexual Assault Hospital Advocacy program to ensure that victims of sexual assault receive the care and information they need in order to make informed decisions as they begin to heal from such a traumatic event. Providence House is the largest transitional and domestic shelter for homeless families and children in Louisiana, and 89% of families who graduate from the program remain successful.
Marty Mayer, President and CEO of Stirling Properties stated, “In a world where there are individuals and families who don’t have a place to call home, it is important to have organizations like Providence House in which to turn. It is their efforts that have helped change the face of homelessness in northwestern Louisiana and we are proud to donate $20,000 to this worthy cause.”
“We are serving 100 families everyday, which is more families than ever before”, said Simone Hennessee, Providence House Executive Director. “Providence House truly is a community project, and we are grateful to Stirling Properties for their support.”
Stirling Properties is committed not only to serving the Shreveport/Bossier area with first class commercial real estate services, but desires to make the community in which we live and work better for the next generation. Each year the Providence House Program transforms 20-25 formerly homeless families into empowered members of the community. It is this success that inspired Stirling Properties to make a donation.
For more information about Providence House email information@theprovidencehouse.com, call (318) 221-7887 Monday through Friday between 8am and 5pm or go their website: www.theprovidencehouse.com. You can also connect with Providence House via social media on Facebook, twitter, or YouTube.
Stirling Properties Expands Presence in Northwest Louisiana by Acquiring Avant Properties
Stirling Properties new Shreveport office located in American Tower Suite 106
SHREVEPORT, LOUISIANA (JANUARY 16, 2012) – Stirling Properties announces the acquisition of Shreveport, Louisiana based Avant Properties in an agreement that was finalized earlier today. The acquisition of Avant Properties further strengthens Stirling Properties’ presence in the Gulf South and is a critical step in their long term strategic growth plans.
Avant Properties’ current personnel and portfolio will be integrated into Stirling Properties operations. Marty Mayer, President and CEO of Stirling Properties, said “Avant Properties’ excellent reputation and client-focused services are synergistic with our company and, just as important, their signature managed properties and local brokerage presence will strengthen our service offerings in northwest Louisiana.”
Typically known for developing and managing several successful shopping centers in the Shreveport/Bossier City region, Stirling Properties’ purchase of Avant Properties (more…)
Retail/Commercial Component of Columbia Parc at the Bayou District
Columbia Parc at the Bayou District
Stirling Properties is serving as a consultant for Columbia Parc at the Bayou District and we recently completed a report commissioned by the Bayou District Foundation in New Orleans for the development of the retail and commercial component for the master-planned, mixed use community. The report includes an inventory of existing resources and conditions, identification of retail tenants, preliminary design and programming, identification of funding sources, development budgets, construction timelines, and recommendations on a go-forward strategy. We believe that re-development and re-population of former neighborhoods like St. Bernard will be crucial to the continued recovery of the City of New Orleans and we are pleased to be able to contribute to such a worthy project.
Retail and commercial businesses are a vital and essential component of any mixed-use residential development. The area surrounding the new Columbia Parc development has been historically underserved from a retail perspective. Numerous opportunities exist for retailers willing to locate in this emerging and underserved area and our response from national and local prospects alike has been very positive.
Columbia Parc at the Bayou District is a new $440 million mixed-income redevelopment of the former St. Bernard housing project located on St. Bernard Avenue near I-110 in New Orleans, Louisiana. Since groundbreaking in 2008, the Bayou District Foundation, together with Columbia Residential, has created 515 high quality new mixed-income housing units (of a planned 1,325). One of the largest and most successful urban renewal projects in the United States, the Bayou District has earned nationwide acclaim for its forward-thinking development approach and innovation. A part of the Bayou Foundation’s vision is the development of retail and commercial presence on a 6 acre tract fronting St. Bernard Avenue to serve the residents as well as the entire community.
Related Article from New Orleans CityBusiness “Redeveloped St. Bernard Project Tries to Surpass Community It Was Modeled After”
Initial Months of Ownership Very Active After Stirling’s First Multi-Family Acquisitions
As expected, it’s been a very active few months of ownership since Stirling Properties successfully completed its first multi-family acquisitions in August. A total of 370 units were acquired in 4 apartment communities – Coventry Terrace in Baton Rouge, and Willow Gardens, South College Gardens and Acadian Gardens in Lafayette. Stirling Properties is the Asset Manager for the properties and BH Management Services, Inc. was hired as the primary property management firm because they specialize in apartment communities of this type, and to date they have exceeded our expectations.
The first month of ownership primarily consisted of training the property staff, taking inventory of units, lease audits, accounting setup, and property stabilization under the new management team. In addition, each management office was overhauled in order to bring them to BH standards for professionalism, quality, and function. The problem tenants and immediate maintenance concerns were also identified and addressed.
Upgrading these properties was the next step. At each property a model unit was identified and converted into a furnished leasing model. Also, BH further defined the scope of improvements for each property based on needs that they assessed after being on site. The primary areas that have been addressed include common areas, sidewalks, railings, exterior painting, soffits, signage, landscaping, porches and balconies, and general appearance. Amenities have become increasingly important for leasing of apartment properties, and as a result of BH’s recommendation, a state-of-the-art Wi-Fi system has been installed at each property for resident use on-site.
BH has a very proactive approach to marketing. Outreach marketing for the properties includes postings to Craigslist, Facebook, online advertising for off campus housing, postcard flyers and outreach stickers, promotional products, and participation in the LSU Housing Fair. A Preferred Employee Discount Program was also implemented. A car magnet promotion was put in place at Coventry Terrace in an effort to drive additional traffic and to help prospective residents locate the property. Residents receive a small monthly rental discount for agreeing to attach this car magnet to their vehicle.
Resident retention efforts are also underway. Coventry Terrace will host resident events monthly and a Fall Social is planned at Willow Gardens for an early December Saints game, barbeque and Toys for Tots drive. Monthly newsletters, resident referral flyers and early bird contests are also planned.
“Stirling Properties is very excited about this multi-family portfolio and we expect it to exceed our expectations once BH has had the opportunity to be on-site and fully implement its operational and marketing strategies,” stated Townsend Underhill, Vice President of Development at Stirling Properties. Based upon the demographic and economic trends in the nation, Stirling has grown very bullish on the multi-family asset class and we look to expand our holdings in this type of asset.
For more information about Stirling Properties’ Acquisition Team and its objectives contact Jeff Marshall at (985) 246-3765 or jmarshall@stirlingprop.com.
