Project Management of a New Slidell Storage Facility Led by Local Commercial Real Estate Firm
Construction of a 130,200 Square-Foot Self Storage Building is Underway
New Orleans (January 9, 2022) – Urban Properties Real Estate, a local commercial real estate firm, specializing in project management and development, is pleased to announce that it is leading the project management of the new Fremaux Self Storage building at 1818 McKinney Road in Slidell. Construction on the three-story building began last October and is slated for completion by late this summer.
The addition of this property to Urban’s growing project management portfolio demonstrates the company’s ability to manage large-scale new construction projects from the ground up. Michael Bucher, Partner/Managing Director for the firm, and Dick Cyr, CRRP, are leading the project management team for the development of this 808-unit building, which will also offer 80 storage spaces for RVs and boats, next to the TownePlace Suites by Marriott in Slidell.
Ariel Valli of Valli Architectural Group is leading the design and Kent Design Build of Mandeville, led by Jacob Palmisano, will handle construction. Duplantis Design Group (DDG) of Covington is the civil engineer on the project. Once complete, the facility will be managed by Sean Landry at Expert Storage Management of Metairie.
This is Urban’s fourth project for the owner, Lavin National based in Covington. Current projects include property and asset management of a medical office building at 3100 Galleria Drive in Metairie and the Fremaux Shopping Center at 1806 Lindberg Drive in Slidell, along with leasing of the Fremaux medical office building at 1810 Lindberg Drive.
“Being brought in to oversee the construction of this project by the owners is a testament to our client’s trust in us and Urban’s comprehensive project management services,” said Mr. Bucher. “We are delighted to partner with this team of class-A industry professionals to execute the development of this building and contribute to the growth of the Fremaux commercial corridor in Slidell.”
Local Investors Acquire Former Times-Picayune / Drive Shack Property
SVN | Urban Properties Assists in the Acquisition of Howard Avenue Site
New Orleans (November 30, 2022) – SVN | Urban Properties, a New Orleans-based commercial brokerage, property management and development firm, represented the buyer of the former Times-Picayune site at 3800 Howard Avenue, where Drive Shack had begun construction on its now stalled project.
Advisor Sam Hurley and Eugene Schmitt, Managing Partner at SVN | Urban, represented the buyers, brothers Alex and Nick Xiao, who plan to develop an entertainment golf concept. “I am grateful for the opportunity to advise the Xiao brothers on this complex transaction,” said Hurley. “I have been very impressed with the brilliant team they have assembled to develop this iconic site, which will become the gateway entrance to our CBD. This concept will be first class in technology, entertainment, and cuisine all built on a local flair.”
This acquisition is a starting point to develop a fully-integrated entertainment concept for the city. Flite Golf & Entertainment is the primary technology and operations consultant on the project with the architectural, engineering, and construction teams to be announced shortly. The $40 million project is called 504 Golf with plans to open as early as Spring 2024.
CRE Firm Completes Multi-Family Redevelopment in Old Jefferson Near Ochsner
SVN | Urban Properties is Now Leasing One & Two Bedroom Units at the Studio Arms Apartments
New Orleans (November 1, 2022) – Urban Properties Real Estate, LLC, a New Orleans-based commercial brokerage, property management and development firm, has completed the full renovation of the Studio Arms Apartments, a three-story multi-family property located at 261 Jules Avenue off of Jefferson Highway near Ochsner Health System’s main campus.
The ribbon cutting ceremony will take place on November 14th at 11 a.m. with Councilman Deano Bonano in attendance.
Urban Properties began the renovation of the 37-unit apartment building last fall. The updated building offers modern units and amenities in an area that lacks updated options. The existing structure was built in 1962, totaling 21,000 square feet on one-half acre of land in Jefferson Parish.
Michael Bucher, Partner and Managing Director at Urban Properties, led the acquisition of the property and its renovation. “Studio Arms adds the first multi-family property to our real estate portfolio. We thought this was an excellent opportunity to meet the housing demand for area healthcare workers near Ochsner’s largest hospital system.” said Bucher.
CICADA was the architect on the project and Reeves Construction Group was the contractor. Urban Properties handled the project management of the entire renovation process. SVN | Urban Properties is currently leasing the units and then will oversee property and asset management of the property. For leasing information, please call: (504) 264-6141 or visit www.studioarms.com.
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.”
Commercial Real Estate Firm Expands Its Operations Team
New Orleans (October 3, 2022) – SVN | Urban Properties, a commercial brokerage, property management and development firm, is pleased to announce it has hired Ryan Bridges as Associate Advisor.
The newest addition to the firm, Bridges will focus on expanding the firm’s coworking concept, UrbanHUB, and will also support the brokerage and property management teams. She will obtain her real estate salesperson license in 2023, adding another dynamic member to SVN | Urban’s growing brokerage team.
Prior to joining SVN | Urban, Bridges spent the past four years in hospitality operations for Sonder ranging from warehouse logistics to property management and operations management. Before that, she spent more than five years in procurement for Boeing. Originally from Virginia, she holds a Bachelors of the Arts in Sociology from the University of Virginia.
“We are excited for someone with Ryan’s experience to join our team in this dual role,” said Michael Bucher, partner and Managing Director of the firm. “Ryan’s operations and property management background will be pivotal to expanding our coworking concept across the GNO area and bring a level of sophistication to projects that can be enhanced by that dedication and attention.”
In her spare time, Bridges began her journey as a birth doula supporting parents through their pregnancy and birth journeys. She loves making memories with her family, usually trying new local restaurants and you can find her practicing to be a contestant on her favorite Food Network shows.
Local Commercial Real Estate Firm Awarded Property & Asset Management of Medical Office Building
Growing Its Property & Asset Management Portfolio to More Than 550,000 Square Feet
New Orleans (August 22, 2022) – SVN | Urban Properties, a local commercial brokerage, property/asset management and development firm, is pleased to announce that it was recently awarded the property and asset management of the Galleria Medical Office Building at 3100 Galleria Drive in Metairie, bringing its management portfolio to more than 550,000 square feet.
The firm took over management of the property earlier this month. The three-story, 51,000 square-foot building is physician-owned and expands the firm’s managed medical office portfolio to seven properties and more than 250,000 square feet across four Louisiana Parishes. In addition, SVN | Urban has added retail centers in Slidell, Mandeville, Metairie, and New Orleans East this year. These latest assets enabled the firm to expand its team with the hire of a Property Manager, Keith Gross.
SVN | Urban Properties provides asset and property management services for more than 25 properties in six Parishes across the state including the greater New Orleans metropolitan area, Lake Charles, and Shreveport. The firm manages multiple types of commercial investment properties across a variety of asset classes such as industrial, office, medical office, retail, restaurants, shopping centers, short-term rentals, and even coworking spaces. SVN | Urban will also be adding a boutique hotel / hospitality to its managed property portfolio in early 2023.
“Our management style focuses on maximizing our clients’ return on investment by maintaining superior tenant relations, demanding accountability from vendors and service providers, and taking an active, hands-on approach,” said Katherine Bowler, Asset and Property Manager at SVN | Urban Properties “It is important to have a team like ours, as opposed to a singular employee, that pays attention to all the details early on in order to maximize long-term profitability.”
SVN | Urban takes a holistic approach to asset management as it offers services from day-to-day property operations to portfolio oversight, as well as assessment and implantation of asset leasing strategies. For more information on SVN | Urban’s asset management services, please contact katherine.bowler@svn.com.
Commercial Real Estate Firm Expands Its Property Management Team
New Orleans (August 17, 2022) – SVN | Urban Properties, a commercial brokerage, property management and development firm, is pleased to announce it has hired Keith Gross as a Property Manager.
The newest addition to the firm, Gross will support the Property / Asset Management team by managing all aspects of the firm’s daily property management operations, which includes the oversight of 25 properties, totaling more than 550,000 square feet across six Louisiana Parishes.
“Keith is the perfect fit to lead the expansion of our property management business, which started in 2019 with one property and has rapidly grown through the pandemic,” said Mike Bucher, partner and managing director of the firm. “Our clients value our detail-oriented approach to property management, and Keith’s background in construction and project management will enable us to enhance the property management services that we offer.”
Gross comes to SVN | Urban with a very diverse professional background. After graduating with a Bachelor’s degree in accounting from the University of Central Florida in 2010, he worked as a financial analyst as well as costuming project specialist for The Walt Disney Company until 2019. Since 2020, Gross has focused primarily on construction and property management in the New Orleans area. When not at the firm’s coworking space, Urban HUB, his hobbies include traveling, outdoor activities and sports, and spending time with his family and friends.
Growing Hospitality Company Acquires Historic French Quarter Property
SVN | Urban Properties Assists in the Acquisition of K-Paul’s Louisiana Kitchen Building
New Orleans (July 5, 2022) – SVN | Urban Properties, a New Orleans-based commercial brokerage, property management and development firm, represented the buyer of the French Quarter building that housed the historic K-Paul’s Louisiana Kitchen at 416 Chartres Street.
Tyler Robinson, a founding Partner at SVN | Urban, assisted the buyer, Robert Thompson, in the most recent acquisition for his hospitality company, Angevin & Co. “Working with Robert on another strategic acquisition for his hospitality company has been so rewarding,” said Robinson. “It gives me such a sense of accomplishment to assist him in building his brand and growing his footprint in the New Orleans hospitality industry.”
This acquisition represents another great opportunity for Thompson to put his food and beverage expertise to work in New Orleans, following recent acquisitions of The Frenchmen and Whitney Hotels. “French Quarter Boulangerie,” an all-day breakfast, lunch and bakery restaurant is scheduled to open in the second half of 2023.
The all-day café will offer pastries, croissants, breads, desserts, and coffee to go, along with wine, beer and cocktails. The 12,000 square-foot space will be “a thoughtfully imagined space with food hall style counter service and a focus on fresh baked breads, pastries and iconic southern and classic French dishes influenced by the history of the French Quarter.”
“SVN | Urban Properties assisted with site selection within the French Quarter for an ideal space to expand on my food and beverage background,” said Thompson. “When the iconic K-Paul’s space came to market, I felt like it was a big undertaking, but also something that was important to pursue for the City. This historic property is worthy of new life and I know my team and I will evolve it in a way that honors its past while modernizing it for locals and tourists alike.”
Robinson also represented Thompson / Angevin & Co. in two other recent hospitality acquisitions. “The team at SVN | Urban really understands the market both- from a real estate investment standpoint and a location, customer-centric point of view. They take a holistic approach when it comes to client service in terms of being strategic in site selection, market location and developing relationships,” said Thompson.
“Working with clients like Robert is invigorating - his love for New Orleans and his energy and enthusiasm for his respective visions is admirable,” said Robinson. “It is an honor to be his local real estate advisor, we are cut from the same cloth in a lot of ways. I don’t see him slowing down any time soon.”
About Angevin & Co.
Angevin & Co. is focused on providing creatively inspired, neighborhood-centric hospitality experiences where our lobbies, bars and restaurants are the beating heart of our hotels. Led by hospitality industry veteran, Robert Thompson, Angevin & Co. develops the concepts and operates boutique hotels and their bars, cafes and full-service restaurants across the country, spanning from the Rocky Mountains to the southern U.S., and based in New Orleans, LA.
Commercial Real Estate Firm Expands Its Operations Team
New Orleans (June 28, 2022) – SVN | Urban Properties, a commercial brokerage, property management and development firm, is pleased to announce it has hired Alex Fugatt as Office Manager / Bookkeeper.
The newest addition to the firm, Fugatt will manage all aspects of the firm’s daily office operations, including oversight of the financials and bookkeeping for the firm and client properties alike. Both areas are vital to the firm’s success and require an organized, numbers-minded professional, and Fugatt has the expertise to optimize this role.
“We are delighted for Alex to join our team in this dedicated role,” said Eugene Schmitt, partner and managing director of the firm. “Alex’s professionalism and background in accounting will bring efficiency to this area of the business and streamline our processes, allowing our partners and brokerage team to focus on the real estate deals at hand.”
Prior to joining SVN | Urban, Fugatt’s background has primarily been working in an executive support role with start-ups and small businesses in the construction and technology industries. Originally from Lake Charles, she is a graduate of McNeese State University. When not at the firm’s coworking space, Urban HUB, she plays in two kickball leagues and enjoys traveling and spending time with her dogs, Evie & Twiggy, and her cat, Lucy.
Henry Shortess & Carly Ibach - 2022 Excellence in Construction & Real Estate honorees
Announcing the 2022 Excellence in Construction & Real Estate honorees
Architects
Keith Barre’
Blake Bergeron
Justin Greenleaf
Kristine Kobila
David M. Lachin Jr.
Javier Marcano
Vanessa Schneider
Erik Wismar
Commercial Real Estate Agents
Carly Ibach
Gordon McLeod
Henry Shortess
Melissa S. Warren
Developers
Matthew Altier
Vanessa Levine
Thomas Richards
Engineers
Mary Schambeau Johnson
Johann Palacios
Morgan Rongey
Estimator
James P. Christovich
General Contractors
Jace Kuhlmann
Bryan Masters
Ryan D. Mayer
Barry J. Siegel
Lending/Bonding Agent
Remi Bourque
Project Managers
Stephen Abadie
Travis Bernhard
Sean Chaney
Max Ferran
Casey Ginder
Kevin Sprehe
Pat Thomas
Bill Tomasak
Residential Real Estate Agents
Delisha Boyd
Kristen Boyd
L. Bryan Francher
William “Buddy” King
Margaret Brady Maxwell
Linda Nguyen
Rodney Nugent
Jiarra Rayford
Jeri Wheeler
Katie Witry
Rising Star in Construction
Dane Landry
Charlie Ward
Tom Weathers
Rising Star in Real Estate
Scott Matthews
Justin W. Thibodeaux
Subcontractors
Marc Cordes
Ben Gootee
Dwayne Hammer Sr.
A special Excellence in Construction and Real Estate insert profiling all honorees will run in the July 15 issue of CityBusiness.
Commercial Real Estate Firm Celebrates its Seventh Year in Business
Commercial Real Estate Firm Celebrates its Seventh Year in Business
SVN | Urban Properties Exceeds Goals, Grows Team & Joins Global Network
New Orleans (May 5, 2022) – SVN | Urban Properties, a local commercial brokerage, property management and development firm, is celebrating its 7th anniversary, marking a record-breaking year exceeding goals, growing its team, and joining the SVN global network.
Led by its four Managing Directors, Eugene Schmitt, Tyler Robinson, Timothy Thompson and Michael Bucher, SVN | Urban Properties offers its expert commercial real estate brokerage, development and property/asset management services across Southeast Louisiana. This anniversary marks numerous milestones for the company:
The firm’s brokerage team had their best year to date in 2021, and the firm’s total real estate transactions eclipsed $300,000,000 since the company was formed (May 2015).
The property/asset management team now manages more than 550,000 square feet and asset manages more than $100 million in real estate assets.
The firm’s development/project management team has seven active projects with a large-scale development on the horizon this summer.
This past year, the firm’s partners also launched the Urban Venture Fund with plans to deploy capital into regional real estate investments over the next several years.
This positive trajectory and momentum led the firm to join one of the industry’s most recognized brands, SVN®. Operating as SVN | Urban Properties, and becoming the New Orleans franchise, the firm is capitalizing on the expanded reach of SVN International Corp. (SVNIC, headquartered in Boston, MA) and joins an international network of 1,600+ Advisors in 200 offices serving over 500 markets. The strategic partnership allows the firm to gain unlimited access to industry-leading commercial real estate tools, technology, and systems that maximize clients’ time and returns.
“We formed Urban Properties during Jazz Fest 2015, so our anniversary always has an extra vibrancy and meaning to it,” said Tyler Robinson, Partner and Managing Director at SVN | Urban Properties. “We are delighted to be able to celebrate back at the fest this year with our larger-than-life team. We are amazed at how far we’ve come and are excited about everything we will continue to achieve. We would not be where we are today without the team we’ve built and our clients believing in and investing in us along the way.”
To service the increased business opportunities over the last year, the firm has grown its team to 11 professionals and is actively hiring – both in operations and on its licensed agent advisory team. SVN | Urban Properties is entering its eighth year in business and is located at Urban HUB in the Lower Garden District at 1582 Magazine Street, New Orleans.
Tyler Robinson Recognized as Q1 2022 CoStar Quarterly Deals Winner
Tyler Robinson was recognized as a Q1 2022 CoStar Quarterly Deals winner by CoStar.
Tim Thompson Honored with Crexi's Platinum Broker Award 2022
Tim Thompson recently received the Platinum Broker Award 2022 from Crexi.
We are now, SVN | Urban Properties
Urban Properties Expands and Strengthens Client Services By Joining SVN® in New Orleans
The strategic partnership brings new and expanded brokerage and property management services to the greater New Orleans metropolitan area.
New Orleans, La (March 8, 2022) – Urban Properties Real Estate, LLC, a commercial real estate brokerage, development and property management firm based in New Orleans, is excited to announce it has joined one of industry’s most-recognized brands, SVN®. Operating as SVN | Urban Properties, the firm now harnesses the expanded reach of SVN International Corp. (SVNIC), headquartered in Boston, MA, joining an international network of 1,600+ Advisors in 200 offices serving over 500 markets.
Led by its four partners, Managing Directors Eugene Schmitt, Tyler Robinson, Michael Bucher and Timothy Thompson, SVN | Urban Properties offers its expert commercial real estate brokerage and property/asset management services across Southeast Louisiana. Through this new strategic partnership, the entire SVN | Urban Properties team gains unlimited access to industry leading-edge commercial real estate tools, technology, and systems that maximize clients’ time and return.
“Our top priority is getting the most value for our clients and we believe national exposure via a top commercial real estate brand that markets to the entire brokerage community is the most effective way to do that,” says Eugene Schmitt, Partner/Managing Director of SVN | Urban Properties. “With SVN we gain expanded visibility and marketing dexterity to deliver the best value possible no matter the geography or asset class. We now not only reach business owners across town, but also investors across the globe.”
SVN is the only major commercial real estate brand that markets all its qualified properties to the entire brokerage and investment community. Participating in approximately $12.5 billion in sales and leasing transactions in 2020, SVN Advisors shared commission fees with co-operating brokers in order to close more deals in less time and at the right value for clients. Advisors also reap the benefits of our SVN | Live™ Open Sales Call, cloud-based technology and national product councils. This open, transparent, and collaborative approach to real estate is the SVN Difference.
To learn more about SVN | Urban Properties, visit www.urbanproperties.com.
About SVN | Urban Properties
SVN | Urban Properties was founded in 2015 to serve clients’ real estate needs in the Greater New Orleans market. As part of the SVN® brand, they are able to represent clients in sales, leasing, and management in over 500 markets. SVN Advisors represent more than 6,000 clients worldwide in auction services, corporate real estate, distressed properties, golf & resort, hospitality, industrial, investment services, land, medical, multifamily, office, retail, self-storage, and single tenant investments. All SVN® offices are independently owned and operated. For more information, visit http://www.svn.com or www.urbanproperties.com.
Local Commercial Real Estate Firm Grows Its Asset Management Portfolio
New Orleans (February 16, 2022) – SVN | Urban Properties Real Estate, a local commercial brokerage, property/asset management and development firm, is pleased to announce that its property and asset management portfolio has grown to more than 500,000 square feet in the past two years.
SVN | Urban Properties provides asset and property management services for more than 20 properties in four cities across the state including the greater New Orleans metropolitan area, Lake Charles, and Shreveport. The firm manages multiple types of commercial investment properties across a variety of asset classes such as industrial, office, medical office, retail, restaurants, shopping centers, short-term rentals, and even coworking spaces. SVN | Urban Properties will also be adding a boutique hotel / hospitality to its managed property portfolio in early 2023.
SVN | Urban Properties takes a holistic approach to asset management as it offers services from day-to-day property operations to portfolio oversight, as well as assessment and implantation of asset leasing strategies. For more information on Urban’s asset management services, please contact Katherine@urbanproperties.com.
““Working with our clients to maximize their investments while limiting their workload, has been a priority in growing the asset management side of our firm. It’s a service line we continue to optimize to better serve our current and future clients. Each client is different, and every property is unique, which therefore requires a different level of focused services. It is rewarding to see our continuous growth in this area since its inception within the firm.” ”
$822M Texas transaction includes 2 New Orleans hotels
Texas real estate investment company Summit Hotel Properties is adding two downtown New Orleans hotels to its growing portfolio.
The publicly-traded company, based in Austin, has acquired a dual-branded Marriott hotel located at 1600 Canal St. in a building that previously housed offices for the University of New Orleans. The company also plans to purchase a Canopy by Hilton that is expected to open this year in the former Oil & Gas Building at 1100 Tulane Ave.
The Canal Street hotel sold for $31 million earlier in January, according to Orleans Parish conveyance records. The 13-story building reopened as a hotel in 2018 after undergoing top-to-bottom renovations.
A 74-room SpringHill Suites occupies floors two through six, and a 105-room TownPlace Suites extended-stay property is on floors seven through 13. The two brands, both operated by Marriott International, share amenities including a single lobby, registration desk, breakfast area and ground-floor bar. Both are managed and operated by the same entity and staff.
A notable feature of the property, built in the 1960s, is its rooftop, which was transformed into a multi-use area overlooking Canal Street and the Caesars Superdome with an outdoor bar, exercise room and guest laundry area.
Documents filed with the city show a construction value of $15.86 million for the roughly 131,000-square-foot renovation. The purchase was recorded on Jan. 14.
“The announcement reinforces our optimism about the outlook for our business and validates our unique ability to source and pursue a broad range of capital alternatives and external growth opportunities given our strong liquidity profile, well-positioned balance sheet and overall resilient portfolio,” said Jonathan Stanner, Summit Hotel Properties’ president and CEO, in a statement.
The seller is Dallas-based hotel developer NewcrestImage, and the purchase was part of a much larger acquisition by Summit Hotel Properties of properties in NewcrestImage’s portfolio. The initial closing included 26 of the 27 hotels held by NewcrestImage, totaling 3,533 guestrooms, two parking structures and other financial incentives.
The remaining hotel to be acquired by Summit is the Canopy by Hilton when it opens in the former Oil & Gas Building. The company expects to close on the transaction in the first quarter of this year, according to a news release. The 176-room hotel will have a Cajun/Cantonese restaurant named Ginger Roux, helmed by chef Jonathan Hostetler. A meeting space with a terrace balcony was also in the development plans.
The acquisitions total $822 million and will make NewcrestImage one of the largest shareholders of Summit Hotel Properties. The dual-branded Marriott hotel and Canopy by Hilton are the only New Orleans-area hotels that are part of the purchase.
The acquisitions bring Summit’s total number of properties to 101 in multiple states. Summit also owns three other Marriott hotels in downtown New Orleans and two in Metairie that were purchased for $135 million in 2013.
The transaction follows a string of high-profile purchases in New Orleans over the past six months.
New Orleans hotelier Joe Jaeger sold the 220-room Bourbon Orleans at the corner of Bourbon and Orleans streets in July to Maryland-based investment firm DiamondRock Hospitality Company for $81 million. Jaeger sold the Whitney Hotel at 610 Poydras St. to Mississippi native Robert Thompson in December for $16.9 million. Thompson also acquired the Frenchmen Hotel for an undisclosed sum in June.
Tyler Robinson, an agent with New Orleans commercial real estate firm SVN | Urban Properties, represented Thompson in both deals. He said it’s not uncommon for owners and operators to sell a hotel property, like the dual-branded hotel, a few years after being placed into service, but Hurricane Ida slowed these deals.
Robinson said he’s seen occupancy rates for leisure travel rise in the city even with some COVID-19 mandates still in place. Leisure travel, he said, rebounds quicker after economic downturns, and he expects business travel to increase later in 2022.
“That does not go unnoticed by all the investors out there,” he said “I think the hospitality sector will stay robust, and we will see this trajectory continue this year and into next year.”
Frenchmen Hotel to reopen in February
By: Andrew Valenti, Reporter January 21, 2022
The renovated Frenchmen Hotel is set to reopen soon.
Its new owner, Robert Thompson, confirmed the 27-room hotel has scheduled a grand opening on Feb. 1 after undergoing six months of renovations. The property at 417 Frenchmen St. is at the foot of the thoroughfare near Esplanade Avenue and not far from the various music clubs that have reopened since the COVID-19 pandemic shut them nearly two years ago.
Thompson, a Mississippi native who moved to New Orleans last year to be closer to his business ventures, purchased the hotel last year and said his development team spent $4.5 million on rehabilitation. Some of the changes include new bathrooms and vintage décor and designs in the hotel rooms, new plaster and motorized equipment for the pool and a fresh coat of paint on the interior and exterior of the property.
The 27-room count includes four suites. While there were no structural changes to the rooms’ configurations, Thompson said the number of beds at the property has increased, with an additional bed in each suite.
The Frenchmen Hotel
Opening February 2022
The biggest changes guests will see are a reworked and renovated rooftop bar, along with the hotel’s new bar on the ground floor, Midnight Revival, that offer traditional cocktails such as a Mai Tai and a Sazerac as well as drinks unique to the space.
Thompson said the Midnight Revival will also function as a live entertainment space that could host up to 300 people.
“We want to keep the authenticity and consistency that makes Frenchmen Street so special in the eyes of locals and the tourists that know about it,” he said.
Tyler Robinson, an agent with SVN | Urban Properties who represented Thompson in the Frenchmen Hotel transaction, said the reimagined property will play well with the thoroughfare’s mainstays such as The Maison, Snug Harbor and d.b.a while offering something slightly different.
The Frenchmen Hotel’s music venue will include a covered outdoor area with a craft cocktail menu that not many nearby businesses have.
The majority of music and entertainment venues on Frenchmen Street have reopened, and “The feeling I get is that there’s a beginning of a revival on Frenchmen Street,” he said.
The development was expected to open in the fourth quarter of last year, but Hurricane Ida caused labor shortages and material delays that put the project behind schedule by a month.
The property was built in 1860 as a set of cottages and spent some time as a bordello before becoming a hotel. Thompson purchased the property on June 3 through his company, Angevin & Co., from local developer Zach Kupperman.
A 25-year veteran of the hospitality industry who created the now-defunct Punch Bowl Social in Denver, Colorado, Thompson’s acquisition of the Frenchmen Hotel was the first in his expanding New Orleans portfolio.
Along with Cleveland-based historic redevelopment firm GBX Group, he acquired the Whitney Hotel at 610 Poydras St. in December for $16.9 million from New Orleans hotelier Joe Jaeger. Thompson said the development team will partner with Denver-based FAM Design on renovating the hotel and add a restaurant, a craft cocktail bar and a flower shop.
Commercial Real Estate Firm Redevelops Multi-Family Building in Old Jefferson
SVN | Urban Properties Adds to its Real Estate Portfolio with Recent Partnership
New Orleans (October 12, 2021) – SVN | Urban Properties, a New Orleans-based commercial brokerage, property management and development firm, has partnered with real estate investor Anthony Marullo to purchase a multi-family property at 261 Jules Avenue off of Jefferson Highway near Ochsner Health System’s main campus.
Rendering courtesy of CICADA
The existing three-story structure was built in 1962, totaling 18,800 square feet on one half acre of land in Jefferson Parish. USVN | Urban Properties is planning a cosmetic renovation of the 36-unit (32 one-bedroom and 4 two-bedroom) apartment building. The renovated apartment building will offer modern multi-family residential housing in an area that lacks updated options.
Michael Bucher, Partner and Director of Development at SVN | Urban Properties, is leading the acquisition and renovation. “We are pleased that Marullo chose to partner with SVN | Urban Properties on this multi-family opportunity in Jefferson,” said Bucher. “Our firm saw this as a unique opportunity to add multi-family to our real estate portfolio, as well as meet a need for suitable housing for area healthcare workers in close proximity to Ochsner’s largest hospital in its system.”
CICADA is the architect on the project, Hive Construction is the contractor, and The First Bank provided the financing. SVN | Urban Properties will handle the project management of the renovation process, along with leasing of the units and then overseeing property and asset management of the completed development. Move in is slated for late Spring 2022.
This is SVN | Urban Properties’ second notable project with Marullo in the past several months. SVN | Urban Properties was selected as the exclusive broker and property/asset manager for the Louisiana Revitalization Fund, a $100 million real estate fund. Since inception, the fund has deployed over $20 million in Metairie, New Orleans, and Shreveport, LA.
Rendering courtesy of CICADA
Office occupancy dipped in 2021 as pandemic persisted
By: Andrew Valenti, Reporter October 6, 2021 - c/o New Orleans CityBusiness
As 2021 began and the COVID-19 pandemic continued, there were fewer tenants at some New Orleans-area office buildings.
A recent report from Corporate Realty shows occupancy dropped at the Central Business District’s 14 Class A office towers, from roughly 85% in the fourth quarter of 2020 to 84% in the first quarter of this year. That put around 133,000 square feet of space back on the market at the buildings, which are typically more modern and have higher rental rates. Second and third-quarter reports were not yet available as of September.
In 2019, occupancy was at 87% in downtown New Orleans, where there is a total of 8.9 million square feet of Class A office space and 818,000 square feet of Class B space.
Occupancy has been more stable at the three Class B buildings downtown, holding steady at roughly 78% from the fourth quarter of 2020 to the first quarter of this year.
At Metairie’s five Class A towers, occupancy dipped from about 87% in the fourth quarter of 2020 to 86% this year. Occupancy in the area’s 13 Class B buildings remained virtually unchanged at 87%.
Much of the loss in the downtown New Orleans high-rise space can be attributed to a drop in occupancy at 1515 Poydras St., from 52% in the fourth quarter of last year to 38% this year, which put 74,000 square feet of space back on the market. In 2019, the tower’s occupancy was 59%.
Officials at the 27-story building announced in August they plan to convert the 529,000-square-foot structure into a mix of rentable apartments, condos for sale, offices and retail. The multifamily aspect would occupy the 14th to 27th floors, or roughly 60% of the building. The ground floor would consist of retail, and the remainder of the square footage would remain as office space.
The downtown market saw one of its biggest losses in 2020, when General Electric shuttered its space in Place St. Charles as part of a $2 billion cost-cutting measure.
Real estate experts have said it’s not yet certain how the pandemic may affect the market’s future. Some companies have returned full-time to the office, while others have continued remote work or a hybrid model.
The market has seen some smaller lease renewals and new leases within the past year. LCMC Health inked a deal for 41,000 square feet in the Energy Centre on Poydras Street for its corporate offices on the 24th and 25th floors as well as a ground-floor clinic.
Gaines Seaman, a senior advisor with Stirling Properties who handles leasing at the Pan American Life Center at 601 Poydras St. and other large office leases in the metro area, said he has seen a 2% dip in occupancy in the downtown Class A office buildings since the pandemic began.
While its long-term effects have yet to be realized, Seaman believes that as leases mature, more tenants will reduce space.
“However, with that said, many tenants still feel the office is most productive for communication, collaboration and training,” he said.
Seaman said many tenants were initially hesitant to commit to longer-term leases while they were trying to grasp the effects of COVID-19 and how their businesses would function moving forward.
A standard office lease before the pandemic was about 10 years. Seaman said landlords are now having to offer more improvement dollars to keep tenants, especially those who are retrofitting spaces due to how COVID has affected the way they work. He said rental rates have dipped some but that will be short-lived.
SVN | Urban Properties head of brokerage Tim Thompson said he has seen an increase in non-downtown Class A office space. SVN | Urban Properties handled leasing at The Stables, a recently redeveloped group of four low-rise buildings in the Lower Garden District. The developer, Inhab Group, expects to complete the fourth and final phase of the project sometime next year.
Thompson said the firm filled the development “quicker than anticipated,” with some of its tenants leaving downtown for places that have free and ample parking and shorter commute times. The Stables offers more than 30 complimentary off-street parking spots.
“People don’t seem to want the traditional downtown space,” he said.
Law firm Forrest, Cressy & James moved to The Stables from a CBD office tower in November 2019. Eliza James, a partner at the firm, said the firm wanted a space that had a modern and hip aesthetic, is easily accessible to clients and conducive to having collaborative work areas for attorneys and staff. An added bonus, she said, is the on-site space that can be used to host events.
“The Stables provides all these things with the unique New Orleans charm of a meticulously restored building,” James said.
The local office market is feeling less of an effect from Hurricane Ida’s landfall nearly six weeks ago.
The Category 4 storm did not have the same impact on the area’s high-rise buildings as Hurricane Katrina in 2005, where damaging winds and flying debris shattered windows on multiple structures.
While the Galleria in Metairie sustained some damage in Ida, Corporate Realty president Mike Siegel said downtown New Orleans office buildings remained virtually unscathed. All downtown properties where Corporate Realty handles leasing reopened by Labor Day, Siegel said.
“This was not another Katrina event,” he said.
But Siegel said the storm added more headaches for building owners and tenants who have ongoing concerns surrounding the pandemic.
“What people don’t like is uncertainty,” he said. “This just adds to it.”
ADORE A-List 2021: Tyler Robinson
CHRIS GRANGER
Describe what you love about what you do.
I love that I get to interact with amazing people every day. From the team at Urban to the folks behind our world class food scene to the entrepreneurs out there starting businesses, the people of this city never cease to energize me.
Why in New Orleans?
I chose to live in New Orleans because there is no other place with the soul that resides in this city. It's in the music, the heat, the river, the art, the food, and the people. I find it difficult to visit a place for too long where the culture just isn't as rich.
What about New Orleans inspires you?
This is a city with many opportunities, but what really inspires me is the set of challenges that come with the city. Economic, social justice, equity, violence, politics, city services and more — these are present within almost every block of this city. I am committed to working within the context of addressing and carrying an awareness of these challenges.
Something about New Orleans that can always put you in a good mood.
Sweating, smiling, and just generally vibing at a DJ Soul Sister show. I can walk into that experience in the worst mood and I just can't keep my feet from stomping/gliding/skipping/whatever else I do when I'm "dancing."
Describe your charitable work or favorite causes.
I'm a big believer in what the Lafitte Greenway provides for our residents and have always supported the Friends of the Lafitte Greenway and its mission. I'm also a big fan of what my friend Kaysie Bolton has created with Bayou Blend. A portion of the proceeds from the products go to benefit an autism center or foundation. It's great work and I always wear her creations with pride.
CHRIS GRANGER
Favorite restaurant: Zasu
Favorite bar: Tell Me Bar (coming soon)
Favorite simple indulgence: Creole Creamery
A book you are reading now: Recapture the Rapture by Jamie Wheal
Favorite destination: The Galapagos
First thing you do when you wake up: Walk my dogs through the Bywater
Favorite new business: Vibrant Market
Interviews have been edited and condensed.
This article appeared in the A-List 2021 Issue of Adore Magazine.