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.
Biz New Orleans - May Issue
Biz Talk Podcast - Episode 50
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Henry Shortess with SVN | Urban Properties shares his thoughts on how remote work has changed the commercial market in the region.
Tim Thompson
Head of Brokerage, SVN | Urban Properties
Over the last few years, we have assisted Anthony Marullo in acquiring hundreds of units throughout the NOLA metropolitan service area, which he converts to voucher programs because of the lack of supply in New Orleans. New Orleans is short tens of thousands of units. Marullo is willing to spend the money to upkeep, renovate and continue to operate affordable housing. We are currently assisting Marullo in closing on two complexes in Uptown New Orleans.
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People this Week: New hires, promotions, awards
SVN | Urban Properties has hired Katherine Bowler as assistant director, property and asset management.
Katherine Bowler as assistant director, property and asset management.