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.
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.
Commercial Real Estate Firm Expanding Team
New Orleans (August 17, 2021) – SVN | Urban Properties, a commercial brokerage, property management and development firm, is pleased to announce the addition of Sam Hurley to its team.
As a licensed real estate agent, Hurley will assist in generating leads for the brokerage team and work directly with team members on facilitating those deals. In addition to his brokerage work, Hurley will assist in fundraising efforts for the Urban Venture Fund, an in-house development fund seeking to raise $25 Million in capital. He will also assist with special projects from the property management and project management service arms of the firm.
“We are excited to welcome Sam to our rapidly growing team,” said Michael Bucher, partner and director of project management for the firm. “Sam’s entrepreneurial acumen and background in finance will enable him to support various initiatives across SVN | Urban Properties’ real estate platforms.”
Prior to joining Urban, Hurley was an operations specialist with Levelset, a local tech startup in New Orleans. The New Orleans native attended Tulane University, receiving a Bachelor of Science in Finance & Management with a specialization in Entrepreneurship. He was also a member of the Tulane football team (Roll Wave!). In his spare time, Hurley enjoys exercising with his pup (Titan) and golfing.
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.”
SVN | Urban Properties Assists in the Acquisition of Historic Marigny Boutique Hotel
As Tourism Picks Back Up, So Does Commercial Real Estate
New Orleans (June 21, 2021) – SVN | Urban Properties, a New Orleans-based commercial brokerage, property management and development firm, represented the buyer of a historic boutique hotel, The Frenchmen Hotel, at 417 Frenchmen Street in the Marigny.
Tyler Robinson, a founding Partner at SVN | Urban Properties, assisted the buyer, Robert Thompson, in the most recent acquisition for his hospitality company, Angevin & Co. “We are pleased that Robert chose to partner with our firm on this unique investment opportunity in the Marigny,” said Robinson. “Working with, and getting to know, Robert and his team has been a rewarding experience for me personally, and it has also been the perfect opportunity for SVN | Urban Properties to increase our activity in the hospitality space.”
It came down to great timing and a select opportunity for Thompson to infuse his food and beverage background and wide breadth of industry knowledge into the hospitality sector. He plans to elevate the customer experience at the hotel’s two bars (which account for a quarter of the hotel’s footprint) so that they become a focal point of the rebranded hotel.
Robert Thompson, Founder of Angevin & Co.
According to a press release Angevin & Co. released earlier this month, “The Frenchmen was constructed on the legendary Frenchmen Street in 1860, and the historic integrity of the building will be preserved while undergoing a top-to-bottom renovation that reimagines the property.” This includes plans to upgrade all 27 guest rooms, revitalize the two bar spaces, and refresh the pool and outdoor common areas.
“The Frenchmen was actually the first hotel we looked at, but we continued to tour a lot of other properties, both on and off the market,” said Mr. Thompson. “Then we came back to this boutique hotel knowing it was the right move, based on size and location. The team at Urban really helped guide me in terms of site selection, market location and developing relationships – they were an instrumental part of this strategic acquisition.”
In addition to representing Thompson, SVN | Urban Properties also invested in the project. “We first worked with Robert before he sold his previous entertainment concept, Punch Bowl Social, when it was planning to enter the New Orleans market,” said Robinson. “We have always appreciated his vision for bringing new energy to old spaces and are excited to invest alongside him as he begins to make his mark on New Orleans.”
Robinson is also optimistic about the future of hospitality in New Orleans after the pandemic and the prospects for local commercial real estate, “We continue to see a high demand for hospitality and F&B opportunities from our clients – both on and off-market.”
About SVN | Urban Properties
SVN | Urban Properties is a boutique real estate consulting, development, brokerage, and property management firm focused on urban projects in the greater New Orleans area. Clients are investors and business owners that value investing in socially vibrant urban projects that enhance neighborhoods to drive long-term value. With backgrounds in development, finance, and asset management, coupled with the understanding of the local market, the firm is able to craft innovative and practical real estate solutions.
Urban’s roots are in landlord representation – with collectively more than 40 years in representing property owners and investors all with various types of commercial buildings, including retail, office, restaurant, hospitality, and industrial properties. The firm works with clients to find the best tenants that will maximize their property’s performance and provide the highest return on investment.
New Orleans is a broad and nuanced market, and SVN | Urban Properties takes a holistic approach to help clients identify strong investments. The firm has experience in land banking, development, project management, and property management experience. With a strong understanding of clients’ strategic goals, Urban Properties makes timely recommendations based on market conditions.
Connect on Facebook, follow on Instagram (@urban_properties) and LinkedIn. For more information, visit www.urbanproperties.com.
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.
Smaller, low rise office development ‘The Stables’ nearly full
By: Andrew Valenti, Reporter June 9, 2021
The Stables under construction in 2020. Photo courtesy Inhab Group
A former storage space for French Quarter horse carriages in the Lower Garden District that has been converted to offices and retail is nearly fully leased.
According to a news release, “The Stables,” a group of four low-rise buildings, is three quarters leased. The developer, Inhab Group, plans to begin work on the fourth and final phase of the project in the coming months, with an expected completion date next year.
The first building, located at 1222 Annunciation St., is a preexisting structure that was rehabilitated last year and now houses a law firm in the roughly 2,500 square-foot space. The second building, located at 1229 Saint Thomas St., opened last September and is now home to architecture and interior design firm Farouki Farouki and Inhab Group’s offices. The structure also has a co-working space and event space which includes roll-up doors with access to a common area courtyard.
The third building, at 1235 Saint Thomas St., is slated for completion in the fall. San Francisco-based tech firm Taulia will occupy the 2,400 square-foot space on the second floor. A wine bar called The Tell Me Bar and a local landscape architecture firm will move in on the first floor.
The fourth building, at 1239 Saint Thomas St., will offer 3,200 square feet. SVN | Urban Properties agent Henry Shortess, the listing agent for the development, said a retail operator has signed a letter of intent to occupy the ground floor. Shortess declined to provide the name of the tenant but said it would be a seafood restaurant concept. The remaining 1,700 square feet is still available for lease on the second floor, he said.
Shortess said it was initially difficult to find retailers because they wanted additional clarity regarding the city and state’s COVID-19 mandates and capacity restrictions. Now that most of those have been lifted, potential tenants felt more comfortable moving forward with their plans.
“That was a process that played out for the better part of a year,” he said. “It was challenging for many operators to hone in on a certain date where they could be open or what the operating capacity could be. I think that turned into more of a wait-and-see game.”
Rental rates are on the higher side at The Stables, at $28 per square foot compared to the Central Business District where 15 Class A towers averaged $19.55 per square foot in 2020. Rates for the downtown market’s 11 non-Class A buildings averaged $16.44 per square foot, according to a year-end report from Corporate Realty.
But many experts believe some office tenants are either looking for low-rise space that has free parking or downsizing because of ongoing concerns over the pandemic and realizing employees can still be productive while working from home, leading to a hybrid model. The Stables offer more than 30 complimentary off-street parking spots.
According to a report by Forbes in April, 29% of business leaders believe three days a week in the office is the ideal model moving forward, and 20% feel that one or two days is acceptable as of March. As of January, 83% of companies felt that working from home was successful, up 10% from June 2020, the report said.
“It’s probable that the days of casual co-working and spending nearly all your waking minutes at the office will be in the past for most of us,” the article said. “In the future, we’re likely to see some of the most important aspects of office culture return, combined with the continued success of remote working.”
The Stables in Lower Garden District Almost Fully Leased
NEW ORLEANS (press release) – The Stables Development, a work/play community created by Inhab Group in the Lower Garden District, continues to attract interest from both food & beverage users and office tenants. To date, SVN | Urban Properties has leased a total of approximately 7,400 square feet with an average lease term of five years (plus options to renew).
The development includes four buildings, filling almost an entire city block, which have been opening in phases:
1222 Annunciation St. is a preexisting structure, and the 2,567 square feet was fully leased to a local law firm.
1229 Saint Thomas St. opened last September and is occupied by Farouki Farouki and Inhab’s offices, in addition to a micro-office/alternative workspace component and event space which includes roll up doors with access to a common area courtyard. Tenants are encouraged to utilize the development’s common areas for company functions and to also explore opportunities to collaborate with other tenants.
1235 Saint Thomas St. (slated for completion fall 2021) was recently fully leased. Taulia, a global fintech company headquartered in San Francisco, occupies the entire second floor. The Tell Me Bar will occupy half of the ground floor and a local landscape architecture firm signed on to take the remaining space on the ground floor.
1239 Saint Thomas St. (available in 2022) will offer approximately 3,200 square feet of additional commercial space. Urban has already secured a letter of intent from a tenant for the ground floor, leaving 1,724 square feet available for lease on the second floor.
With three quarters of the development now fully leased, Inhab plans to begin construction on the fourth and final building of The Stables. In addition, after seeing very high demand for the micro-office solutions in Building 2, Inhab also plans to expand the development’s alternative workspace component within the building by adding more desks and creative solutions for this growing segment of the overall office market.
SVN | Urban Properties is exclusively listing the development which is currently leasing at $28 per square foot on a gross basis. The development also offers 30+ complimentary onsite parking spaces (reserved spaces are also available for a nominal monthly fee), a true differentiator versus other comparable prospects currently on the market.
“Working with Mike Bertel on this project has yielded tremendous results for all parties involved, and most importantly, created an environment for local and global companies to pursue their respective goals and missions. Mike’s positivity, expertise and commitment to his vision were instrumental in bringing this development to life during what was a very difficult year. We are proud of what we were able to curate and look forward to working on similar projects in the future” said Henry Shortess, leasing executive for SVN | Urban Properties.
For more information, visit https://www.thestableslgd.com/.
Announcing the 2021 Excellence in Construction & Real Estate honorees
Announcing the 2021 Excellence in Construction & Real Estate honorees
By: Natalie Chandler, Editor May 19, 2021
New Orleans CityBusiness has chosen its 2021 Excellence in Construction and Real Estate class, recognizing professionals who have led the way in the areas of investment, jobs created and potential impact in the New Orleans area. The honorees are:
Architects
Steven Bingler
Kyle D. Domangue
Justin Greenleaf
Charles Neyrey
E. Will Tregre
Commercial Real Estate Agents
Josh Fogarty
S. Parkerson McEnery
Developers
Mac Bauer
Jackie Dadakis
Paul Flower
David Fuselier
Robin Keegan
Tyler Robinson
Philip Sherman
Estimators
André Camenzuli
Patrick N. Descant
General Contractors
Ryan Allen
Erin Comeaux
William Cummings
Michael DeGruy
Chris Michel
Home Builders
Stephen Fleishmann
Tim O’Rourke
Katy Reynolds
Angelica Rivera
Interior Design/Staging
Allison Looper-Chalmers
Project Managers
Michael Bucher
Michael Cooper
Trevor Dowd
David E. Dupré
Blake Thomas Gidman
Matt Rome
Mark Salvetti
Lee Wilkens
Residential Real Estate Agents
Glennda Bach
David Favret
Micah Loewenthal
Melissa Burns McClendon
Brett A. Rector
Lisa Shedlock
Liz Tardo
Rising Star in Construction
Bradley Holland
Rising Star in Real Estate
Gary Anderson
Amy Breen
Herbert Dubuisson
Subcontractors
Mindy Nunez Airhart
Lawrence Bernard
Kurt Garris
Ben Gootee
Kyle Sharbonno
A special Excellence in Construction and Real Estate insert profiling all honorees will run in the July 30 issue of CityBusiness. A virtual event celebrating our honorees is scheduled for noon July 27. To register for the event, contact Marilyn Miller at mmiller@nopg.com. For more information contact Natalie Chandler at nchandler@nopg.com.
Biz New Orleans - May Issue
Biz Talk Podcast - Episode 50
Commercial Real Estate Market Improving But Pandemic Effects Still Unclear
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.
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.
Biz NO - Mixed-Use Development on Constantinople Under Construction
A nearly $2 million historic redevelopment of the 11,600-square-foot building at 1733 Constantinople Street – next to Martin’s Wine Cellar – is slated to be complete this summer.
The architecture group CICADA and the construction team at Perrier Esquerré Contractors were tapped to bring this historic property back to life. The newly revitalized building will offer a variety of spaces for commercial lease on the ground floor and four residential apartment units on the second floor.
Mixed-Use Development on Constantinople Under Construction
03/29/2021 Site Staff
The former Fine Arts Theater at 1733 Constantinople Street will be home to new residences and commercial units. (Photo provided by SVN | Urban Properties)
NEW ORLEANS – A nearly $2 million historic redevelopment of the 11,600-square-foot building at 1733 Constantinople Street – next to Martin’s Wine Cellar – is slated to be complete this summer.
The architecture group CICADA and the construction team at Perrier Esquerré Contractors were tapped to bring this historic property back to life. The newly revitalized building will offer a variety of spaces for commercial lease on the ground floor and four residential apartment units on the second floor.
“The restoration is a balance of old and new. It contributes to the heritage of the city by preserving the considerable cultural, social, and architectural history represented by the century-old Fine Arts Theater built in 1917,” said Perrier Esquerré Contractors Project Manager Lee Cooper in a press release. “And the design was redone using best practices to make the commercial spaces as responsive as possible to COVID protocols and sensitivities, such as private entrances for each space, and touchless entry.”
The development will be anchored by DEVENEY, a local marketing firm, using 4,700 square feet and fronting Constantinople Street. The new units provide an inspiring workspace for design, technology, and engineering professionals, as well as contemporary food and beverage, fitness, and retail concepts. Currently, there is a planned fitness concept, as well as a boutique medical user that hopes to be part of the project.
“Being able to breathe new life into this building and bring it back into commerce in a thoughtful way has been one of the most enjoyable challenges we’ve worked on to date,” said CICADA Partner James Catalano. “We wanted to honor this historic structure by keeping its original theater spirit, while also adding new design elements and spaces that work for the modern user. Our team is proud to be a part of the larger revitalization of this Baronne Street corridor by reviving this historic neighborhood gem.”
SVN | Urban Properties is listing the three commercial downstairs units in the development, which are currently leasing at $22-25 per square foot gross. Click here for more information.
Biz NO - SVN | Urban Properties Adds Kate Whalen to Team
SVN | Urban Properties Adds Kate Whalen to Team
03/19/2021 Site Staff
NEW ORLEANS – SVN | Urban Properties, a New Orleans-based commercial brokerage, property management and development firm, has announced the addition of Kate Whalen to its brokerage team.
Whalen moved from the Dallas Market where she gained commercial brokerage expertise as an associate with White Box Real Estate. As an agent with Urban, she will broker real estate transactions for clients and the firm. Whalen will serve tenants and landlords on Urban’s behalf. Whalen’s expertise will also aid in developing presentations, proposals, and market studies for brands and concepts looking to expand into the New Orleans MSA.
“Recruiting out of market talent at Urban is critically important as it brings new perspectives into our team while expanding our reach and expertise,” said Tim Thompson, head of brokerage at SVN | Urban Properties. “Kate is also originally from New Orleans, so she inherently understands the nuances of our city. We are ecstatic to have her perspective and personality as part of our team.”
Prior to this role with SVN | Urban Properties, Whalen spent the last four years in Dallas working in commercial real estate as a tenant representative at Whitebox Real Estate. Kate holds a bachelor’s degree in communication studies and a minor in public relations from the University of Alabama.
Whalen is excited to be back in New Orleans and is looking forward to getting reacquainted with all that the city has to offer. In her spare time, she enjoys traveling, cooking, and spending time in Audubon Park.
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SVN | Urban Properties has hired Katherine Bowler as assistant director, property and asset management.
Katherine Bowler as assistant director, property and asset management.
Shuttered Eiffel Society building hits the market for lease
Shuttered Eiffel Society building hits the market for lease
By: Andrew Valenti, Reporter December 10, 2020
One of the more unique-looking buildings on St. Charles Avenue is looking for a new tenant.
Photo courtesy SVN | Urban Properties
The structure that housed the former Eiffel Society, located across from the Pontchartrain Hotel in the Lower Garden District, is up for lease seven months following the special events venue’s closure. The owners, listed in public records as Mesa, LLC, are asking $13,500 per month, according to a flyer from the listing brokerage, SVN | Urban Properties.
The property has approximately 12,500 square feet of space with 30 on-site parking spots, the flyer said. A walkway leads to the raised polygonal glass and metal structure that fronts St. Charles Avenue.
The building also has a unique history, built from 11,062 pieces of a restaurant that was originally housed in the Eiffel Tower in Paris, according to the Eiffel Society website. The restaurant, built in the 1930s, was deconstructed in 1981 after engineers inspecting the 1,000-foot structure determined that the nearly century-old tower was too weak to continue to support it, according to the flyer. Local businessman McDonald Stevens bought the dismantled restaurant and shipped the remains to New Orleans. Construction wrapped up on the structure in 1986.
SVN | Urban Properties director Eugene Schmitt said there are no “preconceived notions” on what the future holds for the property, as the zoning, MU-1, allows for a range of residential and commercial uses. He said the facility shuttered its doors in May.
Schmitt feels there is a natural synergy of the former event space, with the Pontchartrain Hotel across the street and other hotels along St. Charles and the surrounding area.
“The possibilities are endless,” he said.
According to a New York Times article from 1986, Stevens bought the remains of the Eiffel Tower restaurant for $525,000 in 1983 and construction began in New Orleans the following year. Stevens died a few months later, and construction stopped while his business partners, John Onorio and Daniel Bonnot, sought new financing. Construction resumed in 1985, and the property opened as Restaurant de la Tour Eiffel in 1986.
”We tried to put the old restaurant in a setting that would be sympathetic to the original, with the same kinds of shadows and same kind of play with light. We elevated it 16 feet off the ground so you have to walk up to it or take the elevator,” project architect Stephen Bingler told the New York Times.
The restaurant closed in 1989 and would later become an events facility known as the Red Room and Cricket Club before becoming Eiffel Society in 2010.
The Secretary of State’s Office lists the officers of Mesa, LLC as S. Ann Mahorner and Elizabeth Landis. Tim Thompson of SVN | Urban Properties is the listing agent for the property.
It has been a rough go of it for the tourism and hospitality industry, as the COVID-19 pandemic slammed the breaks on large gatherings and leisure and business travel this year. The closing of Eiffel Society is another in a long list of New Orleans businesses to feel the effects of the viral outbreak and its financial fallout.
Louisiana Restaurant Association officials have projected as much as 30% to 40% of New Orleans-area restaurants would be lost. K-Paul’s Louisiana Kitchen permanently shut its doors earlier this year after operating in the French Quarter since 1979. It is not the only local restaurant to make that decision – Semolina in Metairie and Cake Café, a bakery in the Marigny, closed in June. The future remains murky for others, including Liuzza’s Restaurant & Bar, a mainstay in the Mid-City dining scene, which went on the market in November for the first time since opening in 1947. The asking price for the iconic neighborhood restaurant is $2.4 million.
RentCheck Chooses Urban HUB for Flexible Office Space
SVN | Urban Properties is pleased to announce that RentCheck has chosen Urban HUB as its new office location. RentCheck is a rapidly growing and highly innovative property management solution company with strong roots in the New Orleans startup community.
The addition of RentCheck underpins Urban HUB’s mission to provide a collaborative community for New Orleans’ most vibrant individuals and teams while offering a setting that enables companies to continue to grow their businesses.
Marco Nelson, co-founder of RentCheck along with Lydia Winkler, commented that Urban HUB provides “the ultimate flexibility” when it comes to lease terms. This ability to remain nimble is vital for a company that plans to add team members in the near-term and ultimately graduate to a longer-term, more standalone office solution. Complementing a flexible lease structure is the actual physical layout of Urban HUB, an aspect of the co-working setting that RentCheck has thoroughly enjoyed. A mix of formal conference rooms, private phone booths and standing desks enable all of Urban HUB’s members to maintain a high level of efficiency in day-to-day operations.
Katherine Bowler, SVN | Urban Properties’ newly appointed Director of Urban HUB, sees the addition of RentCheck as “the perfect space for an empowering business to continue excelling in their work, especially during COVID when a flexible office solution is exactly what they needed during this time. We’re excited that Urban HUB can meet the need for what some companies and individuals are looking for as we hope to expand this concept into other New Orleans neighborhoods.”
Tim Thompson, partner at SVN | Urban Properties, is delighted that RentCheck decided to join Urban HUB and is “looking forward to sharing ideas with an exciting company within the real estate space.” Furthermore, Thompson sees RentCheck’s entrepreneurial drive as the same sort of spirit upon which SVN | Urban Properties was founded nearly six years ago. “We all want each other to succeed and feel that Urban HUB provides a platform to go after our dreams.”
Urban HUB offers flexible membership options plus a variety of amenities for both individuals and teams. Tenant capacity is currently regulated to abide by COVID guidelines in New Orleans, and regular cleaning/sanitation measures have been implemented in order to maintain a safe working environment.
Three membership types are available including:
Dedicated Desk - $400/month
Hot Desk - $250/month
Daily Desk - $30/day
To schedule a tour and learn more about renting a desk for you or your team at Urban HUB please contact us at urbanhublgd@gmail.com, 504.264.6145 x 8 or visit urbanhub.work.
Michael Bucher Made Partner of SVN | Urban Properties
New Orleans (November 10, 2020) – SVN | Urban Properties, a New Orleans-based commercial brokerage, property management and development firm, is pleased to announce that Michael Bucher has become a partner in the firm.
Bucher joins the firm’s three founding partners as the most recent addition to Urban’s executive team. Bucher initially joined the firm in the summer of 2017 as its Director of Project Management, responsible for managing SVN | Urban Properties' development and project management initiatives from entitlements through delivery. His current projects include the renovation and expansion of Avala Hospital in Covington as well as the historic renovation of the former Union Savings Bank Building at 353 Carondelet, New Orleans into the new headquarters for Fidelity Bank.
“Mike has been the perfect fit for our team, his development expertise is invaluable, and I’m proud to announce his partnership,” said Eugene Schmitt, Director & Partner, SVN | Urban Properties. “Mike’s vigor and passion for our industry makes him a natural fit for our leadership team. We have a lot of projects in the pipeline and having Mike onboard in this role will help us grow in the trajectory we’ve envisioned for our firm.”
Prior to joining Urban, Mike served as VP of Development at Stirling Properties where he was responsible for leading new and ongoing development projects with a specialization in office and medical office product types. In addition, Mr. Bucher managed Stirling Properties’ New Orleans office at the Pan American Life Center, where he was responsible for new business development, specifically focused on the New Orleans market.
Mike is an active member of the Urban Land Institute (ULI), and the International Council of Shopping Centers (ICSC), for which he was a member of the Centerbuild “20 Under 40” inaugural class. Mr. Bucher holds a B.S. in Business Administration from Villanova University, and an M.B.A. from the University of Virginia’s Darden School of Business, with specializations in corporate finance and investment banking.
About SVN | Urban PropertiesSVN | Urban Properties is a boutique real estate consulting, development, brokerage, and property management firm focused on urban projects in New Orleans. Clients are investors and business owners that value investing in socially vibrant urban projects that enhance neighborhoods to drive long-term value. With backgrounds in development, finance, and asset management, coupled with the understanding of the local market, the firm is able to craft innovative and practical real estate solutions.
Connect on Facebook, follow on Instagram (@urban_properties) and LinkedIn. For more information, visit www.urbanproperties.com.
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Fidelity Bank opens new HQ in former Union Savings & Loan building
From the New Orleans CityBusiness article By: CityBusiness staff reports November 4, 2020
Fidelity Bank has opened its new corporate headquarters at 353 Carondelet St. in a historic building once occupied by the former Union Savings & Loan.
The nationally historic registered building was originally built in 1850 and designed by architect George Purves as part of a row of eight commercial buildings historically known as Union Row. In 1958, the building was redesigned by August Perez & Associates to its current mid-century modern design.
Fidelity moved its corporate headquarter from Place St. Charles to the second floor at 353 Carondelet and celebrated the opening on Monday. The first floor now serves as a new full-service bank branch featuring personal consultative service by experienced bankers and also highlighting fully automated solutions that meet the varying needs of a modern diverse client base, a news release said.
The architect was Trapolin Peer which specializes in sensitive historic renovations, and the construction company was Ryan Gootee General Contractors. SVN | Urban Properties handled the project management overseeing the construction/buildout of the historic renovation along with the interior buildout of Fidelity Bank’s offices on the first and second floors.
For details on the renovation, click here.
“We’ve been committed to the city of New Orleans and the Gulf South for 112 years,” Fidelity president and CEO Chris Ferris said. “Now, we have our own property for our corporate headquarters in the heart of downtown New Orleans, and we completed these massive renovations respectful of the mid-century design and to preserve the cultural history.”
Developer and RAMM Real Estate president Richard Roth is owner of the property.
“Both Mary Martin and I appreciate the uniqueness of this building featuring a mid-century design in the New Orleans CBD,” he said. “We are elated that Fidelity will be here for good and will repurpose the property as a corporate headquarters providing a beautiful new workspace for team members and a new state-of-the-art bank to serve local businesses and residents.”
Founded in 1908, Fidelity Bank is an $900 million in assets mutual financial institution chartered by the state of Louisiana.