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Alabama Historic Tax Credit Program

Birmingham Alabama

In 2013, the state of Alabama along with 33 other states, adopted a Historic Tax Credit program to help revitalize historic properties across the state. This tax credit program, when coupled with the federal Historic Tax Credits, can boost economic vitality in much needed areas as well as encourage development of nearby buildings. Thus far the program has awarded some $60 million in historic tax credits to support 39 qualified projects with a capital investment of close to $400 million. Further, for every $1 tax credit allocated approximately $3.90 is returned to state and local collections over a 20 year period.

The credits are set to expire in May and Lawmakers are debating whether to extend this program for another 7 years, a move which I fully support! Please reach out to your local congressman and urge them to support the extension of the state Historic Tax Credit.

To get all the facts and learn more about the properties that have benefited from the State Historic Tax Credit program, read John Sharp’s article on al.com.

February 25, 2016|Alabama, Blog, Involvement|

Is History Repeating Itself?

Baton Rouge Capital

Over the last few weeks, the spotlight has been on the devastating budget deficit facing the state of Louisiana. Lawmakers are contending with a budget shortfall ranging upwards of $950 million with only 4 months to close it.

But Louisiana’s budget deficit is not a new problem. In fact, over the past 10 years, we have seen the same issue time and time again. History is repeating itself and it’s time to find a long-term solution.

Our budget difficulties stem from a combination of significantly less state revenue—the decline in post-Hurricane temporary economic growth and federal recovery funds, the onset of a national recession, and the sharp decline in oil prices—coupled with years of poor decisions and short-term fixes on behalf of our elected officials.

So here we are, in yet another crisis being heavily—and very publicly debated. We are hearing scare tactics and rhetoric from both sides. Governor Edwards’ plan is to create new revenue from taxes, while many Republicans are advocating for substantial changes in the Louisiana budget structure as a whole. The answer is a balance of both.

Did you know Louisiana’s budget is 44% larger than it was 10 years ago—and our state spends more per capita than any other state in the South? In addition, most of Louisiana’s $25 billion state budget is considered off-limits to annual review or reductions. This budget structure must be reformed. Click here to read more startling facts on Louisiana’s budget problems.

Now, the Governor is proposing as much as $2 billion in new revenue from taxpayers to fund state and local government to continue to operate, but raising revenue alone is not the solution.

While I agree that prudent tax increases are inevitable at this point, before lawmakers look to taxpayers to fill the budget gap, I would encourage them to look within and #FixGovtFirst.

It is critical that short-term fixes do not have negative long-term impacts on our state. We have had too many made in the past that we are still struggling with. Right now, we have a unique opportunity to address these budget issues and prevent this historic cycle from repeating itself.

For example, one specific revenue that can help is e-fairness legislation, such as the Marketplace Fairness Act, that would provide for the collection of state and local sales tax on Internet purchases.

Several sources estimate that Louisiana and its local governments lost nearly $400 million in 2012 from foregone Internet sales tax revenues—and possibly considerably more in the current year as more consumers turn to the Internet to purchase goods and services. These dollars could go a long way in reducing the state’s crippling budget deficit.

This is not a new or increased tax, just a loophole in the law. Under current legislation, consumers and businesses are required to pay sales and use taxes on the goods they purchase, but they are simply not—98% of people choose not to pay or report electronic purchases.

Contact your representatives and make your voice heard. Two bills on e-fairness legislation, House Bills 6 by Rep. Steve Pugh, R-Ponchatoula, and 30 by Rep. Walt Leger, D-New Orleans—and as many as 100 others—could be reviewed by the House Ways and Means Committee as early as this week.

Click here to learn more, see recent legislative updates and Take Action by emailing elected officials about your priorities. Tell #lalege it’s time to #FixGovtFirst.

February 24, 2016|Blog, Corporate, Involvement|

Stirling Properties and CBL & Associates Properties, Inc. Announce New Tenants and Updates to Phase II of Fremaux Town Center in Slidell, Louisiana

Fremaux Town Center Labeled Aerial 11-27-2015

Stirling Properties and CBL & Associates Properties, Inc. are excited to announce new tenants and updates to Phase II of Fremaux Town Center in Slidell, Louisiana.

  • Recently leased Books-A-Million will be moving from its current location at Northshore Square Mall to occupy a 7,500-square-foot space at Fremaux Town Center and is expected to open on March 3rd.
  • Allure Nail Spa, a 1,944-square-foot nail salon will open in the spring of 2016.
  • LensCrafters, providing prescription eyewear and sunglasses, will occupy 3,830 square feet and will open in the spring 2016.
  • 5 Below discount store will occupy 8,024 square feet and is expected to open April 6th.

Previously announced Pier 1 Imports will open March 21st and Capital One on March 28th. Aveda and Goodyear are expected to open in the spring of 2016, with Chico’s opening in the third quarter. Tesla Motors has completed their installation of 8 charging stations.

Red Robbin at Fremaux Town Center

Phase II tenants currently open and operating include Red Robin, Zales, Francesca’s, Off Broadway Shoe Warehouse, Victoria’s Secret, Buckle, Charlotte Russe, LOFT, Bath & Body Works, Journeys, Claire’s and Which Wich.

“Stirling Properties is thrilled to add even more great retail and restaurant options that will further solidify Fremaux Town Center as a premier regional shopping and entertainment destination, as well as a vital economic contributor to the area,” said Senior Vice President of Development Townsend Underhill. “Fremaux Town Center offers a one-of-a-kind retail experience in the City of Slidell and St. Tammany Parish, with many retailers and restaurants that are new to the Northshore.”

Victoria Secret at Fremaux Town Center

Fremaux Town Center is located on more than 80 acres at the southwest corner of Interstate 10 and Fremaux Avenue in Slidell, Louisiana near the city of New Orleans.

The first phase of construction for Fremaux Town Center included roughly 350,000 square feet of retail anchored by Dick’s Sporting Goods, Kohl’s and Best Buy. Phase II, anchored by Dillard’s, celebrated its grand opening late last year and added roughly 283,000 square feet to the existing shopping center. Following the opening of Phase II, a large portion of tenants reported increased foot traffic and sales.

More than 47 retail outlets and restaurants are currently operating in the center. Junior anchors include TJ Maxx, Michael’s and PetSmart. Outparcels include Longhorn Steakhouse and Cheddars, with several outparcel opportunities still available. A variety of spaces exist for small shops and junior anchors to benefit from the opportunities these national anchors and high traffic counts present.

Construction continues on Springs at Fremaux Town Center, a 296-unit apartment complex, and is on track to be 100% completed in March with residency available. Additionally, two sites are under contract to hotel developers, and construction should start in the second quarter of 2016.

For leasing information, contact Ryan Pécot at 337.572.0246 / rpecot@stirlingprop.com or Tim Gilmore at 423.490.8358 / Tim.Gilmore@cblproperties.com. For more information regarding our services, please visit us at www.stirlingproperties.com. For information on Fremaux Town Center, visit www.fremauxtowncenter.com.

Stirling Properties Announces Recent Transactions in Mobile, Alabama

Welcomes new tenants to Bel Air Office TowerBel-Air-Tower_edit

Stirling Properties commercial real estate company announces two new tenants and one renewal at Bel Air Office Tower in Mobile, Alabama.

  • Bankers Life and Casualty Co., offering life insurance and retirement planning services, will occupy 4,399 square feet for a 5-year lease term and is expected to open in March 2016.
  • Walker Jewelers, a fine jewelry retailer occupying 1,722 square feet, has renewed its lease for a 3-year term.

Bel Air Office Tower is located at 851 I-65 Service Road in Mobile, Alabama. Stirling Properties worked on behalf of the owner in cooperation with Cushman & Wakefield/EGS Commercial Real Estate for all of the listed transactions. For more information, please contact Jason Scott, Senior Sales and Leasing Executive with Stirling Properties in Mobile.

Stirling Properties is located in One St. Louis Centre, 1 St. Louis Street, Suite 4100 in Mobile.  For more information regarding our services, please visit us at www.stirlingproperties.com.

February 12, 2016|Agents, Alabama, Commercial, Deals, Gulf South, news, Press Releases|

Stirling Properties Announces New Tenants to Offices at Mid-City Market in New Orleans

OfficesMCMphoto

Stirling Properties is pleased to announce new tenants Sola Salon and Billes Partners to the Offices at Mid-City Market in New Orleans, Louisiana.

Billes Partners–a planning, project development, architecture, interior design, and graphic design firm–will occupy roughly 3,000 square feet and plans to open by early-March 2016.

Sola Salon Studios, a 4,295-square-foot franchise hair salon plans to open this summer.

Previously announced Gallo Mechanical, LLC and Orangetheory Fitness are currently open and operating. Exceptional Dental and H-3 Aesthetics & Dermatology are on track to open this spring.

A formal ribbon cutting ceremony is being planned and will be announced in the near future.

Offices at Mid-City Market, is a 54,000 square foot, mixed-use complex in the burgeoning Mid-City neighborhood of New Orleans. Located adjacent to Stirling’s recently completed Mid-City Market development, this building was originally constructed in 1954 and was most recently the home of Loubat Foodservice Equipment Company. Throughout the course of this development, Stirling Properties has maintained the historic integrity of the existing structure while renovating the interior into a combination of office and retail space and consequently brought a prominent neighborhood building back into commerce.

For more information and leasing opportunities for Offices at Mid-City Market, contact Joe Gardner at jgardner@stirlingprop.com or 504-620-8140.

Stirling Properties Names Saban Sellers As Sales and Leasing Executive

Saban Sellers Sales and Leasing ExecutiveStirling Properties is pleased to announce Saban Sellers as Sales and Leasing Executive for its Commercial Brokerage Division in New Orleans, Louisiana. Sellers will work from the company’s New Orleans Office located at 615 Baronne Street, Ste 100.

Prior to joining Stirling Properties, Sellers began his career in commercial real estate in 2014 working for NAI Latter & Blum out of Baton Rouge.

Sellers graduated from Louisiana State University’s E.J. Ourso College of Business with a Bachelor of Science in Finance. During his college tenure, Sellers was a member of the LSU Lacrosse team where he also took a position on the team’s Board of Directors as Treasurer.

Sellers can be reached at 504.620.8122 or ssellers@stirlingprop.com.

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