A New Orleans Riverfront Development Expansion Approved

 The development that runs along the riverfront of Ernest N. Morial Convention Center to the Lower Garden District will be expanding. The New Orleans City Council voted unanimously to extend a 47-acre special-zoning distract that allows relaxed height restrictions upriver.

The state owns a good bit of the district but the 16-acre add-on is owned by private owners. This includes property from Orange Street to Celest Street. The owners of this additional portion include Louis Lauricella and Brian Gibbs.

The new plan will also include more affordable housing that was not part of the original development. Now any residential development in the district will have 10% of the units dedicated to people who has an income less than 60% of the area’s median income. In addition, another 10% is set aside for those who do not exceed 120% of the median income.

In the new plan, there will also be a new multipurpose facility that will be located in the parking lot that is right across from the convention center at the Pontchartrain Expressway. Developers would like to see a facility that could potentially house a United Soccer League for New Orleans.

Currently, a great majority of the land is covered with tent encampments. The city wants to develop a plan to help relocate those that are living in tents on the land. “I’ve asked them to study whether or not there’s the feasibility of acquiring a hotel, or some other building to increase housing for people who are unhoused. We have so many abandoned properties, so many abandoned hotels. I think that there’s a possibility of rehabbing those,” explains District B Council member Lesli Harris.

The expanded development will house 900 mixed-income residential units worth around $250 million on the vacant Convention Center land. There will be around 850 apartment/hotel-style units, a hotel with 150 rooms, 400,000 square feet of office space and 140,000 square feet of retail. They will also build a linear park that will help with drainage and add space for public transit facilities.

The plan for the 16-acre parcel that is owned by the two private owners is still up in the air. The owners would like to convert the old power plant into an entertainment venue with a hotel and office space. Harris said this is still being looked at and is debatable whether the plans will be accepted.

“What I would like to do is keep the most impactful activities to the riverside so that it’s not really impeding into the neighborhood,” says Harris.

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A Multimillion-Dollar Tax Break For Plaquemines LNG and Venture Global LNG

 Two industrial projects in Plaquemines and Caldwell parishes were granted multimillion-dollar tax breaks which were approved by The Louisiana Board of Commerce and Industry. Venture Global LNG received $29.8 million in payroll rebates for its Plaquemines LNG terminal.

This will be the second state tax break for Plaquemines LNG, the first was in 2016 and was an Industrial Tax Exemption Program. That tax break totaled $83.5 million in the first year of the contract. This was part of the contract they had filed with Louisiana Economic Development which is a state agency. With the new incentive, there will be around 413 new jobs created with a total payroll of $497 million over a 10-year period.

Louisiana Green Fuels plant located in Columbia will be given a break for $33.5 million in property taxes. The Caldwell Parish company is worth around $1.95 billion and will only have to pay around $8.38 million during the first year of its contract with the state. This plant is slated to be operational in 2026.

Company officials say this plant will be used to create renewable diesel. They will convert wood waste into fuel. Five permanent jobs will be created along with 1,050 construction jobs total $248 million total payroll.

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2023 Began With A Boom

Mortgage applications rose during the first weeks of 2023 and the housing market was still going strong. It was reported by the Mortgage Bankers Association (MBA) that the week ending January 13, 2023 mortgage applications rose 27.9% from the week before. This is still 35% below the levels that were reported in January 2022.

“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers,” says MBA chief economist Mike Fratantoni.

The end of 2022 the housing market was slowing down due to high home prices and rising mortgage rates that have doubled since 2021. “We’re seeing decade-low readings for just about every index that you can imagine for housing,” says NAHB chief economist Robert Dietz.

The lack of inventory is causing the market to slow and experts say that the months ahead will slow down even more. This is a great time to get out there and purchase a home. Choose a realtor who can help you from start to finish and help find your dream home.

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What Is a Land Improvement Loan?

Often, people are landowners sitting on land that can be developed. Some landowners sit on land to sell to someone else, harvest timber and pine straw, a hunting camp, retreat or they might want to build a nice home one day. Most of the time you will need to do some sort of improvements to your land. If you need to do a big improvement, you could need a land improvement loan.

First South Farm Credit, which was founded in 1916 is the perfect place to go when a landowner needs a loan. They offer financial services for rural communities, covering farming operations including crops, and livestock, assistance in financing rural home construction, and other types of rural property improvements. They offer services for landowners in Alabama, Louisiana and Mississippi.

“If you are playing or working in the dirt, we want to be in there with you as long as you are improving the value of that dirt, which is the collateral for the loan. Whether it be roads, barns, ponds, timber management as in thinning or clear-cutting, controlled burns or establishing wildlife habitat,” says Taylor Hart, manager of FSFC in Opelika, Al.

Land improvement loans do have standard financing terms. This 15% down payment can be either cash or the property (free and clear). As mentioned earlier, a land improvement loan can cover many things. Road construction and repair come under this loan and will also potentially increase the value of the property. These can include roads, trails, or small bridges that allow easier property access. “Opening up some roadways is an opportunity for increased access which adds value to a property,” explains Hart.

Other things it can be used for are timber management and property clearing. Landowners can use this timber as a long-term renewable revenue stream and harvest the wood section by section. If you clear-cut it all at once and use the property for agricultural land, food plots or replant seedlings.

Pond construction also falls under this type of loan. ” The general thought is that any type of water feature increases the value of a property whether it is for fishing, duck hunting, or irrigation of crops. Water has a way of relaxing people. We typically look at the cost as well as the value that will be added by the water feature,” Hart said.

Another item that can be considered is a collateral improvement which are things of value that are on the property. These are things such as replanting of seedling trees after harvesting them, pine straw harvest, clear cut to-open areas for food plots, controlled burns or fire lanes.

“In terms of pine straw harvest, typically you have to have longleaf pine and the implementation and management of the operation increases the value of the property because you have developed a stream of income,” Hart stated.

If you want to use the property in the future to build a home you can also get a loan to build. Depending on your profile and the amount of equity you have in the property you can obtain a loan for around 85% of the value.

If you are in the market for some land or have some land and need advice on what to use it for, check with a local realtor. A local realtor can help you through the whole process.

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New Project Set To Be in the Old Times-Picayune Building

This project has been in the works for a while now. The site of the former Times-Picayune at 3800 Howard Avenue has been purchased by a couple of Louisiana businessmen who want to revisit the idea of turning the site into a golf-entertainment project.  The project is slated to be up and running by early 2024. 

In 2016 the site was sold to a developer named Joe Jaeger who purchased it for $3.5 million and was set on turning the property into a Drive Shack.  COVID-19 hit and the company that owned the franchise,  Driveshack, fell into financial trouble. The company agreed to a 20-year lease with the developer so he

began construction in 2019 only for them to back out of the deal. Since then, the building has sat vacant and crumbling.  The site soon became a dumping ground for tires and other waste.

The site is now owned by brothers Alex and Nick Xaio who want to finish the golf-entertainment venue.  In fact, they are in the works of trying to purchase the plans from Driveshack.  They have now partnered with Flite Golf & Entertainment to complete the project.  The venue will be very much like a Topgolf which combines golf with indoor entertainment along with food and bar services.

“We’ll follow the same format, but we plan to add a little bit more cool stuff to make it different,” says Alex Xiao.  There will be targets on the driving range that will explode when hit from the third tier, and there will be more traditional range on the second tier.  The project will be called 504 Golf and will employ around one hundred.

“The sale of this property is a great step in the right direction. I am excited to have these local entrepreneurs in District B, bringing not only an opportunity for family entertainment but also creating well over 100 jobs in the city,” praises Lesli Harris, Councilmember for District B.

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Tips On How To Combine Modern & Vintage Home Decor

Everyone has different tastes and different home designs.  No matter what style you go for, you can always mix modern and vintage decor.  Here are several tips on how to combine modern and vintage home decor from the experts. 

Follow Rules of Proportion & Scale

This is especially true when mixing loud patterns with funky vintage decor.  You want to always make sure the space in the room is proportional and flows.  If you have a nice big wooden antique piece of

furniture, you can lighten up the room with soft colors, sleek metals and sharp lines.

 

Unify Styles with Color

If you are mixing old and new furniture, you can create unity with color.  Uniting different styles with similar colors will create a cohesive design.  Designers will tell you that streamlining colors helps bring the room together no matter what else is in there.

 

Balance the Room with Neutrals

When adding items like vintage wall decor with modern furniture, you want to blend it all together with neutral colors. Designers say you want to  make sure you create room to breathe. Using neutral colors with bold accent items will help keep the space from feeling cramped and cluttered.

 

Group Similar Items

Grouping similar items when they are different decor styles will create a seamless design.  For example if you have a shelf to display decor, you can choose a theme and blend items that go with the theme but are both antique and modern.  When you have created a solid grouping, then add a pop of color for visual interest.

 

Make Antiques the Focal Point

If you have a nice antique chandelier, make this the focal point of the room.  Playing up your antiques is the perfect way to show off your one-of-a-kind item in your home. For example if you have old black and white photos, then display them in your home office.

 

Experiment with Art

This is a great way to combine vintage and modern decor. For example, if you have an antique headboard, you can place modern art pieces above your bed.  Or, go the other route and place vintage art on the walls of a modern room.

 

Added vintage and modern pieces to a space creates a great visual and is also a great conversation piece.  Remember, a table can be modern, but adding antique seating is a perfect way to spice things up.

 

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New Restaurant to Open in Old Elle J’s Location

Elle J’s located on Harrison Avenue in Lakeview closed this summer and after closing was picked up by the owners of Velvet Cactus and Wrong Iron. Now that they have leased the space, they are working on the plans for a new restaurant.

According to Rusty White, one of the project partners, the new restaurant will be called Outpost 45 which will be a casual, family-friendly restaurant. The menu is set to mix local flavors with American comfort

food along with a bar. The restaurant is slated to open in March 2022 and gets its name from the bus line that serves Lakeview.

The popular spot has been other restaurants in the past including Elle-J’s and Mondo. Mondo was an eclectic neighborhood go-to for 10 years and was owned by Rosedale’s Chef Susan Spicer. Spicer is also the owner of Bayona and another restaurant in the Louis Armstrong New Orleans International Airport.

“We all live here in Lakeview, and we want something that’s going to be good for Lakeview,. The thing about Lakeview is, if you do something good the neighborhood is so loyal they will support it,” says White.

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