Delays For the New Convention Center's River District Plan

 

The Ernest N. Morial Convention Center has plans for its upriver acres. The new project includes a neighborhood and entertainment district. The River District's board decided to extend the deadline. The reason for the delay was prompted by a request from the Convention Center's President and General Manager Michael Sawaya. He relayed to the board that they needed until June to finalize the terms of the agreement with local developer Lou Lauricella and his consortium.

"Delays are not well accepted," Sawaya said. "When we are talking about these things it is not just about us getting lease income...We need things built and we need guarantees that we are going to get things built."

The coronavirus has been a big thorn in the side of this project. Originally a 1,200-room hotel by Omni was to be part of the project. This was dropped due to the change on the outlook for hotels caused by the pandemic. Back to the drawing board, Sawaya has commissioned HVS which is a consulting firm to look into what hotel size would work best for the project.

HVS will look at building in phases. This will include a 600, 900, and 1,200 room versions of a hotel. Now they will need to find a finance partner who will replace the previous one, Preston Hollow Capital.

"Right now we don't have something for (a potential new financial investor) to look at," Sawaya said. "But in the first phase at least we've got to get something started." He said that now that the broader upriver district is underway, "our hope is that investors will show up (for the hotel) as well."

Business is improving for the Convention Center as hotel tax revenue has rebounded to close to $3 million. In fact, the past month has been the busiest for sales at the Convention Center since the pandemic. This comes at a great time with the project in the near future and the $557 million facelift the center is currently getting.

Lauricella and Chris Maguire, CEO of Dallas-based Cypress Equities are the master developers for the entertainment-focused neighborhood. This part will be on 39-acres that the Convention owns upriver. The project will include 1,100 housing units which half will be dedicated to lower-income residents. There will also be retail space and entertainment venues.

The 39-acres, valued at around $200 million, will be given to the project. The project will create around 4,500 permanent jobs and will cost over $1 billion. The plans are to begin construction on the first section of the project, a 7-acre tract of lakeside that runs along Tchoupitoulas Street.

"The brief extension on a final agreement will give the team more time to finalize plans for the vast amount of land to be developed for our community," said Lauricella in an emailed comment.

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Plans For A Movie Studio In New Orleans East

 Many actors and musicians are New Orleans-born. One of these actors is Anthony Mackie, best known for his role as the Falcon in the Marvel movies. Mackie, 43, has purchased 20-acres in New Orleans east where he will create a movie studio. The land is located at 10 Service Road at Read Boulevard.

The project is still just in the planning stages but several of those that have been involved in the negotiations confirm this is what the property is intended to be used for. The new production company will be called East Studios LLC. The company will join other New Orleans studios including Starlight Studios, The Ranch Film Studios, Second Line Stages, and Swaybox Studios.

Film and television production is booming in New Orleans. According to Chris Stelly, executive group director of entertainment and digital media at the Louisiana Department of Economic Development, there are around twenty movies and television shows that are currently in production in the state of Louisiana.

The state was one of the first states to obtain a financial incentives program for filmmakers almost twenty years ago. In fact, $291 million was put into the Louisiana film industry by AMC, Disney, OWN, Netflix, and many more big industry companies. The motion picture production tax credit gives film productions a tax credit of as much as 40% on qualifying spending in the state, up to $150 million, including payroll for both local and out-of-state labor.

"We were one of the pioneering states in terms of offering incentives to filmmakers, and we've done a great job in terms of building state-of-the-art stages," he said. "A full-fledged studio where you have everything in-house, that's the ultimate goal."

Currently, Anthony is the executive producer for the upcoming series "Twisted Metal." Mackie who studied at New Orleans Center for Creative Arts said the scope of the planned studio is not yet clear. But if it is an "end to end" operation, which would include the acquisition of intellectual property, development, production and marketing, it would mark a new level for Louisiana's film and television industry.

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New Plans For the Market Street Power Plant

 The Market Street Power plant has been part of the New Orleans riverfront for 120 years. Locals are familiar with the big Victorian-style smokestacks but they won't be there for long. The new owners, local developers Louis Lauricella and Brian Gibbs, are currently devising plans to convert the property into a hotel, offices, shops, and some kind of entertainment venue.

The Market Street Power Plant, an old coal-fired plant, was built in 1902 by Entergy Corp. Entergy was responsible for supplying electricity to New Orleans.

This is not the first person to plan to convert the old plant. Developer Joe Jaeger purchased the plant in 2015 for $8.7 million and had plans to turn it into a Live Nation music venue. In 2020 he put the property up for sale along with an additional 7-acres surrounding the plant for $16.9 million.

Now the 160,000-square-foot power plant will be turned into a "new-to-market concept which will include restaurants, retail, entertainment, hotel, and office space.

"The Market Street Power Plant site is an important piece of our overall vision for the riverfront,” Lauricella said. "This site holds the potential to be a transformative project for our community."

The project is just a small part of the new area which is called The River District. Adjacent to the plant is the 39-acres that will be the remaining part of the new entertainment-focused district. The district will include housing, retail, entertainment, and office space and will cost around $1 billion. There will be a civil rights museum as well as around 300 apartments that will be affordable for lower-income residents.

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Audubon Nature Institute's Okapi Will Have A New Baby

 The New Orleans and San Diego zoo organizations have come together to breed endangered species. Asili, an okapi is one of these endangered species and she is now pregnant.

“It’s a very big deal” in the zoo world, according to Michelle Hatwood, General Curator at the Audubon Nature Institute’s Species Survival Center in Algiers.

“She’s doing great, she’s huge,” Hatwood said. “She’s already a big female, so now she’s got this big belly on her.”

The okapi, also known as the giant pandas of the hoofed-stock world, is an endangered species from Central Africa. Asili, who looks like a horse and zebra came together, lives on a 1,200-acre site along the Mississippi that Audubon leases from the U.S. Coast Guard.

The 1,200 acres are used by both Audubon and San Diego Wildlife Alliance to allow these endangered species to live and roam. So far, they have produced 52 mammals that were eight different species and 83 birds from six different species.

The main goal is to breed these animals for zoo populations but the bongo has been successfully re-established in the wild. The Bongo is a highly endangered species that lives in Central Africa. They are now trying to re-establish the whooping cranes which became extinct in Lousiana years ago. So far Audubon is slowly adding the bird back into the wildlife population around Lake Charles.

"If we don't step up, who is going to?" said Ron Forman, Audubon Nature Institute president and CEO. "This alliance is going to make a difference."

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Tips To Find The Right Home Builder

 Building a home can be one of the biggest life changes you make. Not only is it a big event in your life, but also is one of the biggest investments that you will make. If you are planning on building a home, choosing the right builder can be very important. Not only should your builder be professional and experienced but also needs to be the right fit for your needs and situation.

1. Get Prepared Before You Search.

Just like when making an offer to a seller without a pre-approval makes no sense, looking for a builder without a pre-approval for a construction loan doesn't either. You will want to get pre-approved so that builders you inquire on will know that you are serious.

Before you begin your search you need to determine what type of home you want to build and how much you are willing to spend. There are tons of builders out there with great credentials, but a first-time homebuyer is not going to choose a luxury custom home builder. Find a home builder that builds something in your price range.

2. Be Clear And Look For Experience.

When speaking with a builder, you want to be clear and concise with what you want in your new home so you can compare what each builder may offer. If you want hardwood floors but forget to mention this, then a builder can give you an accurate proposal.

Not only do you need to be transparent with exactly what you want in a home but you also need to ask questions. Ask the builder how long they have been in business? If it is a company with several builders, then ask how long the company has been in business and how long has its principals been building homes. The more questions you ask, the better you will see if the builder is right for you.

3. What's Their "Happy Homeowner" Quotient?

If you are building in a certain community, ask around and see what the neighbors think of the builder. Several questions to ask would be, would they build another home with their builder, would they recommend their builder to a friend or relative, how is the builder's service or how are they at communicating? If you are building on a single lot, ask the builder for references from previous homebuyers.

Another good source is to ask the experts. Lenders, Real Estate Agents, Building Material Suppliers, Builders Associations, and Code Inspectors work closely with builders and can tell you who to go with or who not to go with. Ask them who their top 3 to 5 builders in the area are and why.

4. Make Sure You Are Protected.

Make sure each builder you are considering has a license and is insured. There are several states in the country that do not have laws in place to make sure all builders are covered. Ask to see verification that you, the company, the builder, and the builder's employees are covered if there is a loss or accident.

Another thing you want to make sure to have is a warranty. Many products you purchase come with a warranty, so why shouldn't a large investment such as a home not have one? A promise from the builder is not enough, make sure your home should come with a long-term written & insured 3rd party warranty, not just a promise from the builder to perform.  This covers you even if the builder goes out of business.

Remember building a home is a big investment and you do not want just any Joe builder to come along and build it. Make sure you have gone above and beyond the steps mentioned here to make sure your builder is a professional with a clean slate.

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Owning A Home Is Not Only Smarter Than Renting, It Is Also Cheaper

 Even though house prices are on the rise and mortgage rates are starting to increase, buying a home is still a smart move. ATTOM Data found that owning a home in 2022 is more affordable than renting across most of the country.

“. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major homeownership expenses consume a smaller portion of average local wages than renting.”

Not everyone is in agreement with ATTOM Data. CoreLogic's Single-Family Rent Index revealed that single-family rent saw a huge growth year-over-year. Single-family rent growth hit its sixth consecutive record high. . . . Annual rent growth . . . was more than three times that of a year earlier.

Remember even if the house prices are rising along with rent prices, you benefit from owning. When you rent the increased monthly payments go directly into your landlord's pocket. A monthly mortgage payment is a form of savings in a sense. You are building equity which you will get back once you sell your home. Homeownership also takes up a smaller portion of your paycheck.

If you are in the market to purchase a home, now is a great time. Contact a Realtor who can help you through this process. Having a trusted advisor on your side is the smart way to go.

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Louisiana Will Receive $2.7 Billion for Levee Infrastructure Projects

 South Louisiana residents know the damage flooding can cause to the levee systems around the area during a hurricane. The Lousiana levee systems are very important to the area and its residents. Last month, it was announced that the area will receive $2.7 Billion towards completing the Morganza-to-the-Gulf hurricane levee system along with several dozen levees, flood control and other infrastructure projects.

Congress recently approved the two bills that provide the $2.7 billion, the Hurricane Ida Disaster Supplemental Appropriations bill approved in September and the Infrastructure Investment and Jobs Act approved in November.

The Coastal Protection and Restoration Authority has allowed $1.3 billion dollars in their annual 2023 budget which will be spent over 12 months beginning July 1. Included are 144 projects statewide, including $1 billion to be spent on the construction of 76 projects.

“After Louisiana suffered a direct hit from Hurricane Ida, I am pleased to see the Corps include over $1 billion for projects in Louisiana’s First Congressional District," Steve Scalise, R-Jefferson, who originally opposed the bill, said. "As our state’s recovery continues, I am committed to pushing the Corps to ensure South Louisiana has the resources necessary to restore and improve protection for our citizens and communities.”

"The federal funding released today builds on years of work by Congressman Scalise on these flood protection projects," replied spokesman Hunter Lovell. "Congressman Scalise, along with Congressman Garret Graves, secured the language in a House bill that allowed the Morganza-to-the-Gulf project to receive federal construction funding for the first time in its history."

The Morganza levee system already has received $12.5 million in 2020 and $19 million in 2021. The $378.5 million from the infrastructure bill is the largest federal contribution towards the level system. The Morganza levee is a 92-mile levee system. Because the state requires 35% to be matched for the federal funding, Louisiana, Terrebonne and Lafourche parishes have given $1 billion towards the construction.

The money allotted by the bill will also help pay to improve several floodgates which include Minors Canal Floodgate, Humble Canal Floodgate, and the Gulf Intracoastal Waterway East and West floodgates. It will also help redo the Lockport to Larose levee reach and the Reach A South levee.

The Southwest Coastal Louisiana Hurricane Projection will be allotted $125 million to help raise structures in Calcasieu, Cameron and Vermilion parishes. The program's goal is aimed at reducing flooding problems and restoring wetlands in areas south of Lake Charles.

Another $783 million will be given to the Corps to allow the hurricane levels in Plaquemines Parish to be elevated to levels able to withstand overtopping from storm surges with a 2% chance of occurring in any year. The West Shore Lake Pontchartrain levee will also receive $453 million which is slated to be completed by end of 2025.

The remaining funds will go to improvements to the Atchafalaya Basin floodway, repairs to levee slides at two Atchafalaya Basin locations, and for dredging of a shoaling area in the basin near Morgan City, build the Bayou Sale East-West tie-in, design and partially build drainage projects in Algiers and repairs to Mississippi River levees and channels throughout the state.

The New Orleans area will also get some of the money to help raise the area's levees. In the Corps budget for the area, the proposed to spend $3 billion over a 50 year period. This will help keep the levees raised to the 100-year surge protection level.

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