Stirling Properties Buys Land to Develop Urban Shopping Center in New Orleans

NEW ORLEANS, Louisiana —- (FEBRUARY 16, 2012) Stirling Properties is pleased to announce the closing of the land acquisition and development financing for Mid-City Market, a 107,713 square-foot, Winn-Dixie anchored shopping center  located in New Orleans, LA along the North Carrollton Avenue commercial corridor.  Mid-City Market’s many amenities will include terraced outdoor seating and pedestrian plazas, benches, bike racks, trellises, and native landscaping throughout to compliment the proposed Lafitte Greenway pedestrian and bicycle pathway which will border Mid-City Market.  The proposed Greenway was a critical component and feature in the collaborative design effort of Mid-City Market.  According to Townsend Underhill, Vice President of Development for Stirling Properties, this project will positively impact the Carrollton Avenue Corridor in Mid-City New Orleans.  “Another step in the City’s recovery is being represented by redeveloping a blighted site into one of the City’s premier retail environments.  Additionally, the investment in Mid-City Market will bring hundreds of new local jobs, significant sales and property tax dollars, and improved quality of life to residents of Orleans Parish.  We are very thankful for the support of the City, particularly Mayor Mitch Landrieu’s and Councilwoman Susan Guidry’s offices, in helping make this project a reality.  Stirling Properties worked closely with the City over the past year and we are grateful for their cooperation and leadership in moving this project forward,” stated Mr. Underhill. To create space for a new 53,000 square foot Winn-Dixie, demolition of the former Bohn Ford dealership building will start immediately.  Stirling Properties also plans to construct three new buildings on North Carrolton Avenue and renovate an existing building on site to create space for new retailers and restaurants.  In addition to Winn-Dixie, tenants with executed leases in the development include Office Depot, Neighborhood Pet Market by Jefferson Feed, Felipe’s Taqueria, Pinkberry Frozen Yogurt, Five Guys Burgers and Fries, and Pei Wei Asian Diner.  Mid-City Market is already 80% pre-leased with other tenant announcements forthcoming.  The contractor chosen for Mid-City Market is Donahue Favret Contractors Inc.  Mid-City architecture firm VergesRome Architects is handling the design which will exemplify principles of adaptive reuse of a site as well as creative architectural design in a neighborhood context.   The entire Mid-City Market shopping center will open in the first quarter of 2013 as one phase.  For more information about Mid-City Market, contact Townsend Underhill at tunderhill@stirlingprop.com or (985) 246-3785.