NEW ORLEANS | Project/Development Thread

[ericlrush1]

Originally Posted by NOLAslimm

once the people get to Union station, they should utilize the street cars, that will get you to most main places including the foot of canal

as for the airport, they should just shore the old tunnel under the runway up properly and use that area, will get you across the airfield quick

What would really help with connectivity downtown is adding streetcar tracks to Julia (between Loyola & the river) & Elysian Fields (between St Claude & the river) to create a downtown loop. Streetcars could go both clockwise & counter clockwise.

Once the train is operational from Baton Rouge/MSY, it would allow people to transfer to the streetcar from Union Terminal & get to pretty much any destination in the CBD, Warehouse District, French Quarter or Frenchman area.

All streetcar lines also need to be in dedicated lanes that aren't mixed with vehicle traffic but that's a different discussion.

[broadmoor]

Originally Posted by ericlrush1

What would really help with connectivity downtown is adding streetcar tracks to Julia (between Loyola & the river) & Elysian Fields (between St Claude & the river) to create a downtown loop. Streetcars could go both clockwise & counter clockwise.

Once the train is operational from Baton Rouge/MSY, it would allow people to transfer to the streetcar from Union Terminal & get to pretty much any destination in the CBD, Warehouse District, French Quarter or Frenchman area.

All streetcar lines also need to be in dedicated lanes that aren't mixed with vehicle traffic but that's a different discussion.

Good idea about a loop! And I agree a major problem with the streetcar system is how they manage its interaction with vehicles, and also how frequently they place stops. If they had just slightly fewer stops, dedicated rights of way across the board, and fewer vehicle crossings, I think the whole thing would run a lot more efficiently.

I'm surprised they haven't at least tried reducing stops though because it would be so cheap and easy to do. In some places, there's a stop every other block, and it gets ridiculous if there's someone using each one. They could even invest in shelters at some stops to encourage people to use those more frequently than others, and then they wouldn't even have to eliminate any.

[ericlrush1]

Originally Posted by broadmoor

Good idea about a loop! And I agree a major problem with the streetcar system is how they manage its interaction with vehicles, and also how frequently they place stops. If they had just slightly fewer stops, dedicated rights of way across the board, and fewer vehicle crossings, I think the whole thing would run a lot more efficiently.

I'm surprised they haven't at least tried reducing stops though because it would be so cheap and easy to do. In some places, there's a stop every other block, and it gets ridiculous if there's someone using each one. They could even invest in shelters at some stops to encourage people to use those more frequently than others, and then they wouldn't even have to eliminate any.

They definitely need to reduce the number of stops. The RTA tried to do a 6 month pilot in 2019 to reduce stops & car crossings on the Canal line but they put it off because of push back.

https://rideneworleans.org/speed-up-...et-streetcars/

[NOLAslimm]

bad new for Four Seasons

https://www.nola.com/news/business/n...e=featured-top

[kingque]

Originally Posted by NOLAslimm

bad new for Four Seasons

https://www.nola.com/news/business/n...e=featured-top

Four Seasons will be fine. I saw a few articles like this for some properties here some weeks/months ago, so it's definitely a trend nationwide. Rising construction costs + rising interest rates = ... The slowdown of major development here has been quite noticeable, especially compared to 2018-2019ish. Most of the projects that were built since then were started pre-Covid.

Even hotels that have been here for over a decade are having problems. This one stood out to me because this hotel is pretty nice and in a good location, yet still having financial issues. : https://www.connectcre.com/stories/a...t-at-discount/ .

[sooperpaz]

Originally Posted by kingque

Four Seasons will be fine. I saw a few articles like this for some properties here some weeks/months ago, so it's definitely a trend nationwide. Rising construction costs + rising interest rates = ... The slowdown of major development here has been quite noticeable, especially compared to 2018-2019ish. Most of the projects that were built since then were started pre-Covid.

Even hotels that have been here for over a decade are having problems. This one stood out to me because this hotel is pretty nice and in a good location, yet still having financial issues. : https://www.connectcre.com/stories/a...t-at-discount/ .

I wonder if they could convert some of the residences to hotel rooms if the industry is indeed rebounding. I can't see dozens of people spending $5M+ on a condo downtown. The fact that half of the residential side is sitting empty seems pretty insurmountable.

[kingque]

Originally Posted by sooperpaz

I wonder if they could convert some of the residences to hotel rooms if the industry is indeed rebounding. I can't see dozens of people spending $5M+ on a condo downtown. The fact that half of the residential side is sitting empty seems pretty insurmountable.

I would guess that's what they're going to do. It's not like they're hurting on the hotel side of things. Why not add more rooms?

[BlueDot]

Seems like NOLA is a victim of its own tourism success. I’m sure the city would love to do more then keep adding hotel rooms. The demand for office space is just not as great as it used to be…but they can’t just let properties sit vacant (I’m looking at you Plaza Tower lol). So I get the reasoning for hotel/apartments/condos conversions. But at some point, supply exceeds demand and you’re left with a glut in the market. Then what do you do ?

[NOLAslimm]

Originally Posted by kingque

Four Seasons will be fine. I saw a few articles like this for some properties here some weeks/months ago, so it's definitely a trend nationwide. Rising construction costs + rising interest rates = ... The slowdown of major development here has been quite noticeable, especially compared to 2018-2019ish. Most of the projects that were built since then were started pre-Covid.

Even hotels that have been here for over a decade are having problems. This one stood out to me because this hotel is pretty nice and in a good location, yet still having financial issues. : https://www.connectcre.com/stories/a...t-at-discount/ .

problem is the residental part isnt selling, that was a major part of the project, that would pay for a nice chunk selling all the units, and if you decided to convert to Hotel which they really should do, its going to cost a bunch more money...im sure they dont care about the super rich people like bollinger that has more money than they know what to do with, so much so that he said he doesnt even stay there, he did drop the sales price from $20mil to $19 but said hed just keep it before fire seling it...if you look at the people that do have residence there, im sure that FS doesnt care if you stay or not as long as it paid for and you have the $25k dues each year but most of the residents are in the 60-90+, some wont be around much longer and they will have even more units

[York1]

One of the telling parts of the article involved the fact that these condos are in the New York City ballpark of prices. New Orleans may have enough people who could afford that, but do they want to?

[NOLAslimm]

Originally Posted by York1

One of the telling parts of the article involved the fact that these condos are in the New York City ballpark of prices. New Orleans may have enough people who could afford that, but do they want to?

most are more so for secondary or vacation residents as people like Patrick Payton and micky loomis have their condos there, while sean payton is in denver and Mickey lives in old metairie, Donald "Boysie" Bollinger can see his $20 mil penthouse that he never stays at, from his other penthouse at the Regions building lol..even then, I could go get more sq footage at one river place a short walk away, on the river for a million or two vs $5million starting out

[kingque]

Originally Posted by York1

One of the telling parts of the article involved the fact that these condos are in the New York City ballpark of prices. New Orleans may have enough people who could afford that, but do they want to?

THIS. Particularly Manhattan prices, which are outrageous.

[kingque]

Saw this yesterday and thought it was pretty cool. https://bizneworleans.com/ryan-seacr...rens-hospital/

Ryan Seacrest Foundation Brings Seacrest Studios to Children’s Hospital

[jjslonaker]

Originally Posted by York1

One of the telling parts of the article involved the fact that these condos are in the New York City ballpark of prices. New Orleans may have enough people who could afford that, but do they want to?

Yeah this exactly. They're insanely overpriced and honestly not that breathtaking of condos. Look at The Standard and it totally sold out, has better units, and isn't priced like it's Greenwich Village. The cheapest units in the FS are the high end of the Standard. Also L O L at Bollinger trying to sell his 4000sq ft penthouse for $19.5mil.. Actually makes Manhattan look affordable. Crazy town

[BlueDot]

I wonder when the developers conceived of the idea of those luxury condos ;they took into account that while New Orleans is good mid sized city- it’s not a huge market? Basically it’s not New York, Los Angeles or Chicago. So therefore, it was a big ask to get locals to fork over thousands of dollars for ‘luxury living’. Great idea on paper but not exactly well thought out and executed.

[jjslonaker]

Originally Posted by BlueDot

I wonder when the developers conceived of the idea of those luxury condos ;they took into account that while New Orleans is good mid sized city- it’s not a huge market? Basically it’s not New York, Los Angeles or Chicago. So therefore, it was a big ask to get locals to fork over thousands of dollars for ‘luxury living’. Great idea on paper but not exactly well thought out and executed.

Totally agree.. There seems to be a surprising lack of due diligence. I think we were all expecting there to be a premium price for a FS property but like a small 1 bedroom starting at $2.5mil is just insane.

[Nickapedia]

Originally Posted by jjslonaker

Totally agree.. There seems to be a surprising lack of due diligence. I think we were all expecting there to be a premium price for a FS property but like a small 1 bedroom starting at $2.5mil is just insane.

I think their rationale had to be that it would attract deep pockets from other places looking for a second home in NOLA. I think circa 2019 there was probably a chance that worked, but now post pandemic its really tough. Someone said it buts it is the lack of condo sales that is really hurting the ownership group. I am sure the plan was to use the condo proceeds to pay down the perm debt to a level that hotel operations could support. Now they are probably in a position where current lender is basically saying we never meant for this level of cash to be stuck on this property at this point in time. Given the high interest rate environment that doesn't leave the owners with option to refi or get better debt. So basically they have to renegotiate with the lender. Probably doesnt help that hotel portion is not performing as well as they expected due to covid, slow bounce back and really slow last 6 months of 2024. Taylor Swift and Superbowl on the horizon should help with that side. I would expect lender really doesnt want to take over the property so they will work some kind of extension out and pray for interest rates to come down.

[NOLAslimm]

Originally Posted by BlueDot

I wonder when the developers conceived of the idea of those luxury condos ;they took into account that while New Orleans is good mid sized city- it’s not a huge market? Basically it’s not New York, Los Angeles or Chicago. So therefore, it was a big ask to get locals to fork over thousands of dollars for ‘luxury living’. Great idea on paper but not exactly well thought out and executed.

they expected a few wealthy people and professional athletes would scoop them all up, in the end, it didnt work out as planned

we'll just keep on eye on it and see if they gut a few floors and remodel them to hotel rooms

[NOLAslimm]

Originally Posted by Chris from N.O.

There's been no progress that I can tell on the car wash site but the shopping center on the block of Tulane a block or two downtown from that (same block as the furniture store) has made a lot of progress. I'll try to get a picture of it

I passed down Tulane tonight, been a while since ive gone that way. there is a lot on the nrth side of Tulane, I assume thats the carwash location, its a grass lot, no work being done...same side right past that is a new odd looking building but doesnt look like a shopping center, it is built though.

as for the Trader Joes, there are a few small lots, I dont know where its going but the site where Hilberts collision and Subaru parts was, would that be the location, if so, its still just Hilberts frame from the building

took some pics earlier

Chic fil a at severn and airline is close to open



new building on Tulane, not sure if this is what yall talking about



Charity with the construction elevator



old Hilberts collision site



Caesars hotel



random harrahs hotel

[Chris from N.O.]

Originally Posted by NOLAslimm

I passed down Tulane tonight, been a while since ive gone that way. there is a lot on the nrth side of Tulane, I assume thats the carwash location, its a grass lot, no work being done...same side right past that is a new odd looking building but doesnt look like a shopping center, it is built though.

as for the Trader Joes, there are a few small lots, I dont know where its going but the site where Hilberts collision and Subaru parts was, would that be the location, if so, its still just Hilberts frame from the building

took some pics earlier

Chic fil a at severn and airline is close to open



new building on Tulane, not sure if this is what yall talking about



Charity with the construction elevator



old Hilberts collision site



Caesars hotel



random harrahs hotel

Yeah that new building on Tulane is the one I was talking about. I'm not really remembering what it was planned to be but it was posted here two or three years ago I thought it was going to be a little strip shopping center. The car wash is supposed to be on the rest of the block where Namese was (boil house now?). So the corner of Carrollton and Tulane that isn't Chick-fil-A/the collision center/the shamrock shopping center.

The old Hilbert's lot is for sale. It was supposed to be a Superior Honda service center but I think the pandemic killed those plans.

Trader Joe's is planned for the last block before the medical center. On the Canal Street side of Tulane. It's where the old Pepsi bottling facility was that was torn down a few years ago. I think it was empty for a long time before that because Pepsi moved to Elmwood.