Uptown Commercial Historic Development Now Complete
Ground Floor Fully Leased to Four Commercial Tenants, with DEVENEY as Anchor Tenant
(NEW ORLEANS) – October 19, 2022 – The historic mixed-use redevelopment of 1733 Constantinople Street is now complete and offers a new destination in the active Baronne Street corridor in Uptown New Orleans.
The 11,600-square-foot, two-story building is adjacent to Martin Wine Cellar and features four commercial tenants. DEVENEY, a full-service marketing agency, is the anchor tenant at 1733 Constantinople Street. The three remaining commercial tenants face Baronne Street and include:
· Zee’s Pizzeria, now open at 3914 Baronne St.
· Lucy Boone Ice Cream, coming soon at 3916 Baronne St.
· Sol Cura, hair & skincare, slated for this fall at 3920 Baronne St.
The newly revitalized building offers a variety of space and sizes for commercial use on the ground floor, created with the goal of providing an Uptown home for local, growing companies, as well as four residential apartment units on the second floor. Genevieve Douglass and Henry Shortess at SVN | Urban Properties exclusively listed the retail units in the development.
“Assisting the owners of this building with their vision for the redevelopment and helping to bring it to life, was such a rewarding project,” said Genevieve Douglass, the leasing agent for SVN | Urban Properties. “We wanted to provide a mix of public-facing businesses to drive traffic to the block and cater to the neighborhood residents. It was a great opportunity to showcase a revered marketing leader and give three other outstanding local businesses their first brick-and-mortar locations and a storefront for their patrons to visit.”
The building was originally a theater built in 1917, and local architecture firm, CICADA, and general contractor, Perrier Esquerré Contractors, brought this historic property back to life after being out of commerce for more than a decade. This new development contributes to the vibrant Milan neighborhood, situated across from Beth Biundo Sweets, and in between two nearby and noteworthy hotel renovations, The Chloe and Columns.
“Part of our agency’s culture and history is restoring deteriorated historic property (starting in the Garden District 25 years ago, then the Faubourg Marigny, then Magazine Street in the Lower Garden District) and contributing to the economic strength of its neighborhood,” said John Deveney, president of DEVENEY. “DEVENEY is proud to contribute to the incredible renaissance of the Baronne Commercial District in the Milan neighborhood of New Orleans. Embracing the remnants of memories past has made for an inspiring workspace that cultivates creativity and collaboration.”
Local Developer Managed the Redevelopment of the Former Winn Dixie in Mandeville
New Orleans (July 26, 2022) – SVN | Urban Properties, a local commercial brokerage, property management and development firm, recently completed the renovation at 619 N. Causeway Blvd., Mandeville, transforming half of the former Winn Dixie into the newest location of Altitude Trampoline Park. The 30,000 square foot park opened on Friday, July 22.
This is the second Altitude location in the greater metropolitan area, with the first being on Northshore Blvd in Slidell, and the second renovation that SVN | Urban has overseen for the franchisees. Michael Bucher, Managing Director, and Dick Cyr, Project Manager, led the redevelopment and project management, and Tyler Robinson, Managing Director, handled the leasing of the space for SVN | Urban Properties.
The Dimension Group, an architecture firm out of Dallas, led the design and DonahueFavret Contractors, based in Mandeville, handled the construction. The park features over 10,000 square feet of trampoline area, a multi-sport court, two golf simulators, a kids’ play area, four party rooms, and a small restaurant and bar.
“Being brought in to oversee the project by the franchise owners for a second location is a testament to Urban’s client-centric approach to providing comprehensive project management services,” said Mr. Bucher. “Even though this was the second time building out a trampoline park, each project presents unique challenges and this one was no different. Our team, led by Dick Cyr and DonahueFavret, did a tremendous job of transforming this vacant grocery store into a much-needed entertainment amenity for the North Shore in just five months.
Robert Thompson Buys the Whitney Hotel from Joe Jaeger
NEW ORLEANS – Entrepreneur Robert Thompson’s hospitality firm Angevin & Co. has partnered with Cleveland-based real estate investment company GBX Group to purchase the Whitney Hotel from hotelier Joe Jaeger for $16.9 million.
Thompson, creator of the Punch Bowl Social “eatertainment” concept, moved to New Orleans in early 2021. He purchased the Frenchmen Hotel (417 Frenchmen St.) in June.
With the acquisition of the Whitney Hotel, located at 610 Poydras Street in the Central Business District, Thompson said he has established “gateways” to the French Quarter from two sides.
“It is a privilege to honor the legacy of the Whitney Hotel by preserving its history while reimagining its future,” said Thompson in a press release. “We’re going to bring new energy to this legendary property, reimagining experiences. This means opening the first on-site restaurant in the property’s history – a vegetable-forward, Southern restaurant – as well as a thoughtful cocktail bar that transitions from afternoon happy hour to late-night last calls.”
The Whitney Hotel building was originally constructed as a bank. Now registered as a National Historic Landmark, the former Whitney Wyndham has 93 guest rooms, 24 suites and 30-foot lobby ceilings. Jaeger bought it from developer Paul Flower in 2014 for $10.4 million. Angevin & Co. will work with design partners FAM Design to make “top-to-bottom” renovations and updates.
“When Robert articulated his vision for the Whitney, I knew the property would be in great hands,” said Jaeger, who has sold several of his New Orleans hotels since the start of the pandemic. “Robert is looking at both the Whitney, and the city, with fresh eyes, and the ideas he’s bringing to the forefront will have a positive and lasting impact on the hospitality and tourism industry in New Orleans.”
GBX specializes in preserving and operating historic real estate in urban markets. The Whitney Hotel is anticipated to re-open to guests in early 2023. Tyler Robinson at SVN | Urban Properties represented Angevin & Co. on the transaction.
Categories: Hospitality, Real Estate, Today’s Business News
Local Real Estate Firm Launches $30 Million Venture Fund
New Orleans (January 10, 2022) – Local commercial real estate firm, SVN | Urban Properties (“Urban”), is proud to announce that it has closed its first round of funding commitments and officially launched the Urban Venture Fund, L.P. The Urban Venture Fund (the “Fund”) will seek to deploy more than $30 million into Gulf South real estate over the next three years.
“The creation of the Urban Venture Fund is a natural next step for the leadership at SVN | Urban Properties,” said Eugene Schmitt, Director of Asset Management for SVN | Urban Properties. “We created and structured the Fund to serve as a non-institutional alternative for local and regional investors seeking to capture strong returns while also investing in the region they call home.”
Sponsored by the principals of SVN | Urban Properties, the Fund is a callable seven-year, closed-end fund, targeting middle market ($2-$10 million) investment opportunities across a variety of product types, including multifamily, industrial, hospitality, office, and retail in New Orleans and the surrounding area.
While the Fund’s first round of capital commitments closed earlier this month, the sponsors continue to accept subscriptions from potential investors. The second and final round of capital commitment is slated to close in the first quarter of 2022. For more information, please contact SVN | Urban Properties at info@urbanproperties.com.
Marli Quesinberry, founder of MQ Consulting and former Vice President of Investor Relations for Cousins Properties (CUZ), will co-sponsor the Fund and serve as Fund Administrator. Fishman Haygood was the legal counsel for the formation of the fund.
Biz Talks - Episode 50: Commercial Real Estate Market Improving – But Pandemic Effects Still Unclear
The COVID-19 pandemic affected the residential and commercial real estate markets very differently. In New Orleans and elsewhere, home prices climbed as buyers sought more space and listings became scarce. The work-from-home trend, meanwhile, has emptied out office buildings while health restrictions reduced foot traffic in hotels, restaurants and stores. In this week’s podcast, Henry Shortess of Urban Properties Real Estate gives his take on regional commercial real estate trends.
Episode 50: Commercial Real Estate Market Improving – But Pandemic Effects Still Unclear
04/13/2021 Rich Collins
The COVID-19 pandemic affected the residential and commercial real estate markets very differently. In New Orleans and elsewhere, home prices climbed as buyers sought more space and listings became scarce. The work-from-home trend, meanwhile, has emptied out office buildings while health restrictions reduced foot traffic in hotels, restaurants and stores. In this week’s podcast, Henry Shortess of SVN | Urban Properties gives his take on regional commercial real estate trends. LISTEN HERE!
Henry Shortess Bio
Henry Shortess joined SVN | Urban Properties as an agent in the summer of 2019. Prior to Urban, Shortess was an equity research associate for two years with Johnson Rice & Co., a boutique energy-focused investment brokerage firm in New Orleans. Shortess graduated from Louisiana State University with a Bachelor’s degree in Business Management, and was also a member of the men’s basketball team as a walk-on before earning a scholarship in his final semester. He holds a master’s degree in energy management from Tulane University’s A.B. Freeman School of Business. Shortess enjoys exploring all that New Orleans has to offer, including its world-class food and music scene.