NEW ORLEANS | Project/Development Thread

[tennis1400]

945 Magazine St·New Construction ·Ref Code: C1EECA
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Type:
New Construction
Applicant:
Edward Mathes
Status:
Application Submitted
Date Filed:
6/30/2017
Closed:
No
Description
Construct three story addition to National World War II Museum campus as per plans.

[nolafan]

A couple things:

I agree with everyone, something is definitely moving with the expansion of CC. Seems like too much time and money on a video if progress wasn't in the works.

Another thing, there's no way that the Towneplace suites/Springhill Suites will be done by October. It looks like they haven't done a thing. The exterior still looks extremely run down. Are they planning to replace those windows?

[tennis1400]

Originally Posted by nolafan

A couple things:

I agree with everyone, something is definitely moving with the expansion of CC. Seems like too much time and money on a video if progress wasn't in the works.

Another thing, there's no way that the Towneplace suites/Springhill Suites will be done by October. It looks like they haven't done a thing. The exterior still looks extremely run down. Are they planning to replace those windows?

That building I think opens in October one brand and November the other brand. They work every day including sundays and I can see at night hotel rooms are on already . As for the exterior skin it looks like there is some kind of film on the glasses that they remove that makes the window very reflective ... you can kind of see it in one of my photos . Guess we shall see but the building is far less complicated than the jung

[jjslonaker]

New WWII museum additions look great! And i guess they'll be starting on the hotel in the fall.

I really wish they'd just torn down 1630 Canal, thats an awful building and I don't understand why you'd put millions into it and keep it looking the same

[tennis1400]

Originally Posted by jjslonaker

New WWII museum additions look great! And i guess they'll be starting on the hotel in the fall.

I really wish they'd just torn down 1630 Canal, thats an awful building and I don't understand why you'd put millions into it and keep it looking the same

two words: tax credits... they will make it look pretty decent i think ...


speaking of canal heres some renders for the new B Hotel at 1300 Canal thats being renovated right now:


















Another nice addition for upper canal... going to be a dramatically different area in 6 months... this opens in January 2018


Openings for Upper Canal as of today:

The Jung October 2017 (113 units, 171 hotel rooms, 36 extended stay)

1600 Canal Hotels October 2017 ( 179 Hotel rooms)

B Hotel January 2018 (157 hotel rooms)

Canal Crossing Fall 2018 (330 Units)

1630 Canal Hotel Summer 2018 (224 hotel rooms)

1717 Canal Fall 2018 ( 212 Units)

Bienville Basin- Phase 1, 2,3 open ; 4, 5, 6 under construction- (821 Units)


Thats: 767 hotel rooms and 1476 units opening in next year within a 5 block radius of eachother... and whatever happens with Charity will surely be intense as well... the clean up should be wrapping up this fall on that

[tennis1400]

Originally Posted by jjslonaker

New WWII museum additions look great! And i guess they'll be starting on the hotel in the fall.

I really wish they'd just torn down 1630 Canal, thats an awful building and I don't understand why you'd put millions into it and keep it looking the same

Yeah the three story building is why the canopy hasnt gone up yet.. think they were in each others way

[socigradstudent]

So I was driving past the VA Hospital today and I remember seeing rendering of all glass in this building on the ground floor. However, it is now cement. Does anybody know what happened? It kind of sucks that you can't see inside, considering almost every other aspect of the two hospital is ground-floor see through.



My second questions relates to the glass ground-floor portion of the parking garage that also faces Tulane Ave. They have been doing a TON of work inside of it over the past month, after no activity whatsoever for over a year. Does anyone know what they are putting in them? Offices?

[tennis1400]

Hard to tell about that bottom floor.. probably just got taken out in the design process for some reason



the other thing i cant find permit for

[jjslonaker]

Originally Posted by tennis1400

Yeah the three story building is why the canopy hasnt gone up yet.. think they were in each others way

Makes sense, anxious for that canopy to come up though.. Will really add a lot of drama to the WD skyline!

Also 1300 Canal looks great! I hope as that area progresses we'll see some high-rises fill in those parking lots.

[tennis1400]

Originally Posted by jjslonaker

Makes sense, anxious for that canopy to come up though.. Will really add a lot of drama to the WD skyline!

Also 1300 Canal looks great! I hope as that area progresses we'll see some high-rises fill in those parking lots.

canal crossing may not be very tall but its a huge building... i think 400,000 sqft excluding the garage

[FenderOz]

Am I the only one thinking all these units coming online will drive down prices around downtown? I know a lot of the "apartments" that opened in the CBD are converting to AirBnB...

I wish this wasn't the case but our city just isn't booming enough to justify so many above market units coming online. Should we expect a general deflation in rental prices to match demand, or more AirBnBs for the residential units?

[prokowave]

Originally Posted by FenderOz

Am I the only one thinking all these units coming online will drive down prices around downtown? I know a lot of the "apartments" that opened in the CBD are converting to AirBnB...

I wish this wasn't the case but our city just isn't booming enough to justify so many above market units coming online. Should we expect a general deflation in rental prices to match demand, or more AirBnBs for the residential units?

By the same token, all of the new hotel rooms come online should have some impact on airBnB demand. Area rents are still moving upward and the amount of new supply is actually not that big. We had been seeing population increases of 5-10,000 per year and that slowed a lot in the past year as more and more spaces are taken. Most of the development is in the core of the city and there will always be strong demand there. A few thousand units per year will not have a big impact in a metro of well over a million.

I actually think more housing will help the business market. It is hard to lure new companies if they can't find housing for their employees.

[jjslonaker]

Originally Posted by FenderOz

Am I the only one thinking all these units coming online will drive down prices around downtown? I know a lot of the "apartments" that opened in the CBD are converting to AirBnB...

I wish this wasn't the case but our city just isn't booming enough to justify so many above market units coming online. Should we expect a general deflation in rental prices to match demand, or more AirBnBs for the residential units?

I'll say part of what I do is sell real estate, and I can say there's still a whole bunch of demand, especially on the higher end. Most of the new stuff downtown is nearly rented out or sold, and the Standard is selling really well and it's not even done for another year, a colleague is their sales associate, and they've sold nearly $40mil in units thus far, and just this week 5 more went off the market, all over $1mil+. I'll say if anything we need a lot more units. Yes there's still certain neighborhoods with a bunch of blight but I believe theres only less than 20,000 or so homes left in that state, it was nearly 50,000+ in 2010. The rents uptown have started to very slowly go down, I think do to South Market, and all the new units downtown. And with the city cracking down on airbnb's I've noticed a lot recently of fully furnished places hitting the market that were obviously rentals. Which is good news to have more full-time residents that actually live in the neighborhoods.


I linked an article I read that by 2026, nearly 30,000 jobs in health-sciences will be added to the city. Which is huge news! Because they're not minimum wage jobs either, and a lot of them are high paying. I agree with prokowave that the more units added (as well as flights in), makes it easier to lure more businesses because right now its just expensive. We have an inventory shortage and I'm hoping the boom across the city, especially downtown will continue. If you look at denver they brought average rent down by nearly $600 because they're building like crazy downtown. I think thats what we need to continue to do. And luckily there's a lot of vacant parking lots to do it on! As more of these new developments rap up and sell/rent out, I think we'll see it continue to snowball. (Also obviously the hotel front is doing extremely well too, especially with tourism back up so much)

http://www.theadvocate.com/new_orlea...6925ebd8c.html

[sguil1]

Originally Posted by socigradstudent

So I was driving past the VA Hospital today and I remember seeing rendering of all glass in this building on the ground floor. However, it is now cement. Does anybody know what happened? It kind of sucks that you can't see inside, considering almost every other aspect of the two hospital is ground-floor see through.



My second questions relates to the glass ground-floor portion of the parking garage that also faces Tulane Ave. They have been doing a TON of work inside of it over the past month, after no activity whatsoever for over a year. Does anyone know what they are putting in them? Offices?

UMC is renovating the ground floor of that parking garage to expand their clinic services. Will be additional primary care offices I believe

[tennis1400]

Originally Posted by sguil1

UMC is renovating the ground floor of that parking garage to expand their clinic services. Will be additional primary care offices I believe

Cool thats really convenient

[FenderOz]

Thanks for the replies, guys. Last time I was in town my buddy who has a rental in the University area of Uptown was talking to me about all of the rental oversupply down there, that he was struggling to rent his unit and his real estate friend showed him the map of all the open rental around him -- maybe no one wants to live that far uptown anymore?

My other buddy in real estate pointed to the AirBnBs coming online en masse in those downtown apartment conversions that completed a year or two ago. Maybe I'm being pessimistic but I hope we don't get blindsided by the popping of a housing bubble downtown... Maybe though there are some neighborhoods booming while the rest remain relatively cheap and flat?

[prokowave]

Originally Posted by FenderOz

Thanks for the replies, guys. Last time I was in town my buddy who has a rental in the University area of Uptown was talking to me about all of the rental oversupply down there, that he was struggling to rent his unit and his real estate friend showed him the map of all the open rental around him -- maybe no one wants to live that far uptown anymore?

My other buddy in real estate pointed to the AirBnBs coming online en masse in those downtown apartment conversions that completed a year or two ago. Maybe I'm being pessimistic but I hope we don't get blindsided by the popping of a housing bubble downtown... Maybe though there are some neighborhoods booming while the rest remain relatively cheap and flat?

Depending on exactly where you're talking about, I think there are a couple of things at play. I think there were a lot of rental units that were being used for airBnBs uptown and other residential areas. With the new regulations these are less profitable and are returning to long term leasing. A lot of that airBnB supply is shifting to the CBD where there are few or no restrictions.

I also think the construction mess is having an impact on demand uptown as well. I know that I avoid the area a lot more than I used to. One more thing is that Loyola has been downsizing, both in enrollment and staff, so that doesn't help.

[tennis1400]

Eveything eventually balances out :the air bnb registrations downtown are just smartt for anyone to do. Just gives you the option to do if you have a place avaialble. Plus one of the things that makes nola attractive is affordability ; we need to address the high rents here and this supply will definitely help.



Also there is a lot of higher quality facilites coming online than before ... so some of these smaller places that offer no amenities will have to charge accordingly. If im paying 1200 a month im going with the place with pool, rooftop, gym and other services ... eapecially 24/7 emergency repair services.

[SlidellWx]

Totally anecdotal, but a friend of mine currently renting Uptown is closing on a house two blocks off Canal across from the UMC/VA complex due to his landlord saying he can't rent out his spare room on AirBnb anymore. The house is totally new construction, and he can now rent out two rooms instead of one. He was making 3k/month with the AirBnb rental on top of his VA job income. When he was house shopping, proximity to a streetcar line was paramount since that is preferred by AirBnb guests. This was a neighborhood no one would have invested in just a few years ago, btw. Now he's two blocks from the hospitals, Lafitte Greenway, and Canal line. Perfect for AirBnb. He is hoping to make 6-8k/month off AirBnB once he moves in next month.

[tennis1400]

Originally Posted by SlidellWx

Totally anecdotal, but a friend of mine currently renting Uptown is closing on a house two blocks off Canal across from the UMC/VA complex due to his landlord saying he can't rent out his spare room on AirBnb anymore. The house is totally new construction, and he can now rent out two rooms instead of one. He was making 3k/month with the AirBnb rental on top of his VA job income. When he was house shopping, proximity to a streetcar line was paramount since that is preferred by AirBnb guests. This was a neighborhood no one would have invested in just a few years ago, btw. Now he's two blocks from the hospitals, Lafitte Greenway, and Canal line. Perfect for AirBnb. He is hoping to make 6-8k/month off AirBnB once he moves in next month.

Kind of a new neighbor .. yay lol