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 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.
Real Estate Developer Announces $100M Revitalization Fund
NEW ORLEANS – New Orleans based real estate developer Anthony Marullo has launched the $100 million Louisiana Revitalization Fund aimed at “investing in the revitalization of the hospitality and other service-based industries that have recently suffered due to the pandemic,” according to a press release from SVN | Urban Properties Real Estate.
The Meineke Care Care Center at 4243 Canal Street, the first property bought by restaurateur-turned-property-developer Anthony Marullo out of a $100 million "war chest" he's raised from local investors and banks to buy up commercial properties.
The goal of the fund, said Marullo, is to have available capital to purchase commercial real estate to help infuse businesses by offering lease-back options to business owners or masters of their craft/trade. In other words, business owners in need of capital can sell their property to investors and then sign a lease to continue working on the premises.
“The demand from investors was overwhelming and I am proud to announce we are overfunded,” said Marullo. “Lease-back real estate structuring can be a great investment for both the developer and the operator. It gives the operator the cash infusion needed while giving the developer a solid return.”
Marullo selected Tim Thompson, head of brokerage for SVN | Urban Properties, as the exclusive broker for the fund. Several local financial institutions have been chosen as strategic partners for the fund’s transactions. The fund will focus on the investment and redevelopment of commercial real estate to serve the hospitality and service-based industries. The fund plans to invest strategically into all four of the state’s major metropolitan areas – New Orleans, Baton Rouge, Shreveport and Lafayette.
“I believe these industries that have been negatively impacted during the pandemic can experience a very aggressive ’V’ shape recovery if capitalized properly,” said Marullo. “Strategic partnerships between developers and operators will greatly boost these industries and help attract talent that may have left due to Covid-19. With the state ending the federal unemployment aid July 31, we hopefully will see a large return to work in these industries that the businesses so desperately need.”
The Louisiana Revitalization Fund is encouraging all hospitality and service-based industry professionals to reach out if they are looking to come home or need a cash infusion in their business through real estate backing.
“Whether you are a talented chef or savvy mechanic, we are asking all operators to reach out and see how the fund can assist you in your respective industry, said Marullo. “How can we collaborate to help kick start these industries.”