Stirling Properties Hosts Tour of Mid-City Market Development Under Construction
Last week, Stirling Properties and VergesRome Architects hosted a building and site construction tour of Mid-City Market in New Orleans for the Urban Land Institute (ULI) of Louisiana, prior to the center opening to the public. Approximately 50 people attended the event, ranging from real estate professionals, designers, and developers to interested neighbors and residents. The event gave ULI members and non-members the opportunity to hear from the project team related to design, construction, deal structure, tenancy, and many other items related to the collaborative urban neighborhood development process.
Architects Chip Verges and Michael Roussel of VergesRome Architects discuss design themes and architectural challenges associated with the Mid-City Market development in New Orleans.
Located at the northwest corner of North Carrollton Avenue and Bienville Street in Mid-City New Orleans, Mid-City Market is a 107,000 square-foot, grocery-anchored urban infill shopping center. Stirling broke ground on the project in March 2012 and will be opening the project to the public with Winn-Dixie in late July. Prior to Stirling’s acquisition and development of the roughly $35 million project, the 6.5 acre site sat vacant and blighted since Hurricane Katrina. Designed by Mid-City architecture firm VergesRome Architects, the building and site design incorporate extensive pedestrian features, contextual urban and adaptive reuse architecture, and will complement the future Lafitte Greenway adjacent to the site.
Stirling Properties is a proud sponsor of the Urban Land Institute and is pleased to be involved with its activities in Louisiana. For more information about the Mid-City Market development or Stirling Properties, contact Jordi Goodman, Development Manager, at 985-898-2022 or at jgoodman@stirlingprop.com. For leasing information, contact Henry Spain, Sales and Leasing Agent at 504-620-8147 or at hspain@stirlingprop.com.
Mid-City Market – May Update
Below, please find a series of photos showing site progress conditions from the week of May 13, 2013.
Since our last update, the construction activities at Mid-City Market have accelerated considerably and we are seeing the finish line ahead. We have turned over all 11 spaces to tenants, including since the last update Ochsner Medical Center, Verizon Wireless, Five Guys Burgers and Fries, Felipe’s Taqueria, and Pinkberry. Many of the tenants have begun their interior buildout work and are scheduled to open for business starting the first week of July.
At Winn-Dixie, we have completed all of the exterior brick work, interior walls, and are closing out our mechanical, electrical, and plumbing work. The coolers and freezers in the interior are complete, and the large storefront element is nearing completion with the concrete entrance being poured soon. We continue to build out the interior of their space and set equipment prior to completing the interior finishes. The glass and exterior glazing is beginning as well. Additionally, we will be installing the subgrade material, curb and gutter, asphalt, and stamped concrete in the parking and common areas while we complete the remaining Winn-Dixie work.
We are also nearing completion on the remainder of the site that is not in our tenants’ possession.
Completed Exterior Storefronts – Retail B – 5/14/2013
Complete Retail C Building and Site – Tenant Work 5/14/2013
Stirling Properties Hires Ryan Juneau as Project Manager
Stirling Properties is pleased to announce the addition of Ryan Juneau as Project Manager.
In this position, Mr. Juneau will work in the Development Division overseeing new development, renovation and tenant build out projects, including construction management, tenant coordination, due diligence coordination and entitlement work amongst other duties.
Mr. Juneau brings with him over 10 years of experience in Acquisitions, Development and Project Management.
“We are very excited to welcome Ryan to the Stirling Development Team,” says Townsend Underhill, Senior Vice President of Development. “Ryan’s skillset and experience are very well suited to help grow and support our development efforts in the Gulf South. I believe that Ryan has the potential to have a significant impact on our organization.”
Mr. Juneau joins Stirling Properties from le Triomphe Property Group in Baton Rouge, Louisiana where he was responsible for all property development.
A graduate of Louisiana State University, Mr. Juneau earned a Masters of Business Administration and currently resides in Baton Rouge with his wife, Jaci, and their two children.
CBL & Associates Properties, Inc. and Stirling Properties Announce Dillard’s to Anchor Phase II of Fremaux Town Center in Slidell, LA
CHATTANOOGA, Tenn. & COVINGTON, La. – May 9, 2013 – CBL & Associates Properties, Inc., (NYSE: CBL) and Stirling Properties today announced that Dillard’s (Dillard’s, Inc. NYSE: DDS) will anchor the fashion-oriented Phase II of Fremaux Town Center in Slidell, Louisiana.
Phase I of the project is currently under construction with approximately 330,000 square feet anchored by Kohl’s, Dick’s Sporting Goods, Michael’s, T.J.Maxx, and Best Buy. Phase II will include up to 320,000 square feet of additional retail space. The grand opening for Phase I is scheduled for March 2014, with construction on Phase II set to begin around that same time with an opening in spring 2015.
“With construction underway on Phase I, we are pleased to welcome a key department store such as Dillard’s to Phase II,” said Michael Lebovitz, CBL’s executive vice president – development and administration. “The traction we are receiving from retailers for both phases is a testament to the strength of the market and its increasing demand for retail.”
“Fremaux Town Center has tremendous momentum at this stage and we are thrilled with Dillard’s decision to join the project,” said Townsend Underhill, Stirling Properties’ senior vice president of development. “Upon completion of both phases we believe this project will be the premier retail property in the Slidell market and something that local residents can be very proud of.”
Dillard’s will open a single-level, 126,000-square-foot store featuring a large selection of fashion apparel, cosmetics and home merchandise tailored specifically to the tastes and preferences of Dillard’s Slidell-area customers. These assortments will reflect the Company’s strong commitment to provide shoppers with more choices in premium brands, including Dillard’s exclusive label merchandise. Dillard’s at Fremaux Town Center will feature the company’s latest advances in store design and presentation.
Dillard’s Chief Executive Officer, William Dillard, II, stated, “We are pleased to announce our commitment to Fremaux Town Center. We enjoy a strong relationship with our Slidell area customers and we are looking forward to serving them at an even higher level. CBL and Stirling Properties are building a premier destination center and we are happy to be part of it.”
Fremaux Town Center Phase I is currently more than 70% leased with committed retailers such as Dick’s Sporting Goods, Michaels, Kohl’s, PetSmart, T.J.Maxx, LongHorn Steakhouse, dressbarn, ULTA Beauty, Lane Bryant, Rack Room Shoes, Best Buy and Versona Accessories. Fremaux Town Center will be located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, LA. Slidell is the largest municipality in St. Tammany Parish on the northern shore of Lake Pontchartrain near the city of New Orleans. The area has experienced significant growth following Hurricane Katrina. With its interstate location and high-visibility, Fremaux Town Center is expected to become a regional destination. Stirling is leading the development of the project and CBL and Stirling are jointly leasing and marketing the center.
For leasing information, please contact Ryan Pecot by telephone at 337.572.0246 or by email at rpecot@stirlingprop.com or Rodney Gordon by telephone at 423.553.8704 or by email at rodney_gordon@cblproperties.com.
For information on available outparcels, please contact Ryan Pecot or Robert Snetman by telephone at 423.490.8333 or by email at robert_snetman@cblproperties.com
About Dillard’s, Inc.
Dillard’s, Inc. ranks among the nation’s largest fashion apparel and home furnishings retailers with annual revenues exceeding $6.5 billion. The Company focuses on delivering maximum fashion and value to its shoppers by offering compelling apparel and home selections complemented by exceptional customer care. Dillard’s stores offer a broad selection of merchandise and feature products from both national and exclusive brand sources. The Company operates 283 Dillard’s locations and 18 clearance centers spanning 29 states. For more information about Dillard’s, please visit www.dillards.com.
About Stirling Properties
A member of the Retail Brokers Network, Stirling Properties is a regional real estate firm offering comprehensive services in development; commercial brokerage; property and asset management; investment sales; and property owner and tenant representation. Stirling Properties’ portfolio includes over 14 million square feet of managed property and 60 million square feet of commercial properties for sale or lease. With offices located in Jackson, Mississippi; Baton Rouge, Lafayette, New Orleans, Metairie, Covington, Hammond, and Shreveport/Bossier City in Louisiana, Stirling is one of the largest real estate firms in the Gulf South. Connect with Stirling Properties on the web at www.stirlingproperties.com, “like” us at facebook.com/stirlingproperties, follow us @StirlingProp on twitter.com/StirlingProp or subscribe to our Stirling Insights blog.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 158 properties, including 96 regional malls/open-air centers. The properties are located in 31 states and total 92.7 million square feet including 10.5 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com.
Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” incorporated by reference therein, for a discussion of such risks and uncertainties.
Mid-City Market – March Update
Below, please find a series of photos showing site progress conditions from the week of March 4, 2013.
Since last month’s update, we have moved forward rapidly in the site and building construction at Mid-City Market. At Winn-Dixie, the roof has fully dried in which allows us to release significant interior work including drywall, sheathing, and mechanical/electrical work. We have completed exterior brick work on approximately two-thirds of the building. Currently, we are moving on to the main front entry of the building and will begin to prepare the parking area for paving in the next four weeks.
At the former retail building we are renovating, we have completed the exterior wall stucco, interior wall framing, and the exterior masonry on the front of the building. Before the end of the month, we will begin paving work at the parking area in front of the building. We will be turning both this building and the Pei Wei building over to tenants for their interior buildouts at the beginning of April. The two small-shop buildings fronting N. Carrollton are progressing quickly as well. Roofing work on these buildings is currently being completed. Additionally, the block wall around the street front buildings on the entire site are being poured and formed. Over the next month, we will be working on the courtyards, sidewalks, and storefronts of these buildings, which will be turned over to tenants for their interior buildouts in May.
Masonry of Winn-Dixie Building – 3/7/2013
Masonry going up on Retail Building C – 3/7/2013
Pei Wei Building / Block Wall Construction – 3/7/2013
Aerial of Mid-City Market Under Construction – 3/6/2013
Aerial of Mid-City Market Under Construction – 3/6/2013
Louisiana Well Positioned for Growth in 2013
As the International Council of Shopping Center’s (ICSC’s) State Director for Louisiana, I recently contributed an article for our Quarterly Membership Newsletter that I’d like to share. Read the article below about how well the State of Louisiana has been performing compared to the nation:
It is hard to believe that 2012 is already more than a month behind us. What an exciting time to be in the real estate industry and more specifically the retail segment of the industry. As we enter into 2013, new retail activity in our state continues to be on the rise and the industry has exciting and prosperous times ahead of us. I do not know anyone in our business locally that is not looking at a full pipeline of activity for the coming year. We should consider ourselves extremely blessed to be working in markets that have performed so well over the past few years.
Consider how well the State of Louisiana has performed over the last few years, in contrast to much of the nation.
Employment performance has been significant. At 5.5%, Louisiana’s December 2012 seasonally-adjusted unemployment rate is at a four-year low, tied for 11th lowest rate in the nation and well below the 7.2% Southern average and 7.8% U.S. average. Louisiana’s private sector added 26,800 jobs over the year, extending the state’s streak of private sector employment gains to 28 consecutive months. Compared to the U.S., Louisiana is one of just six states with more jobs now than before the national recession began; and since the official end of the national recession in June 2009, Louisiana has added jobs at a faster rate than both the South and the U.S.
Louisiana’s population is also growing according to the U.S. Census Bureau, experiencing five straight years of net population in-migration, with more people moving to the state than leaving. Louisiana netted over 20,000 people in the last four years and the in-migration gains are largely the result of the state’s economic performance. Compare that to the 15-year period from 1990 to 2005, when the state experienced net domestic out-migration of more than 7,500 people every single year, and one can quickly appreciate how much things have changed. Also, according to the U.S. Census Bureau, the population growth rate over the last five years through July 1, 2012, was about 23 percent faster in Louisiana than that of the U.S. overall.
Economic competitiveness is reaching new heights. In 2012, Louisiana experienced its best year for business development in the last five years, securing more jobs and investment than in any of the previous four years. The state increased its recruitment of new jobs (up 17 %, to more than 24,000) and its attraction of new capital investment (up 24 %, to $22.3 billion) over the strong performance of 2011. It is incredible that this was achieved against the backdrop of a relatively stagnant U.S. economy. The best is yet to come, according to LED Secretary Stephen Moret. He predicts Louisiana will have at least $50 billion to $60 billion worth of new manufacturing projects under way over the next three to four years, many of which will be announced during the coming 12 to 18 months. In its 2012 economic outlook report, the American Legislative Exchange Council again ranked Louisiana’s economic outlook among that of the top 20 states in the U.S.
Louisiana’s business climate is also improving and people are starting to take notice. In the last five years, Louisiana has improved to its highest-ever position in every major national ranking of state business climates, with no other state exhibiting more improvement. CEOs nationwide voted Louisiana the most improved state for business over the last four years, according to Chief Executive. Louisiana ranked 7th in Site Selection’s business climate report in 2012 and 2011, up from 9th in 2010 and 25th in 2009. Area Development ranked Louisiana #6 among the top states for doing business, ranking #1 in the U.S. for cooperative state government and top 5 for incentives, economic recovery, speed of permitting, workforce training, cost of doing business, business climate and labor climate. Business Facilities ranked Louisiana #5 best business climate in America and Pollina Corporate Real Estate ranked Louisiana’s business climate #16 in 2012, up 24 spots since 2008. Additionally in 2012, the state ranked 2nd in the U.S. (1st in the south) for providing the lowest business tax burden for new firms and 10th in the U.S. (3rd in the south) for mature firms, according to the Tax Foundation.
Significant employment performance, population growth, strong economic competitiveness, and a nationally recognized, improving business climate in Louisiana has well positioned the state as the nation seeks sustained growth in 2013. All of this is good news for retail. And good news for us.
