Stirling Properties Completes Acquisition and Financing to Develop Offices at Mid-City Market in New Orleans
Stirling Properties is excited to announce the execution of development financing and construction commencement for the Offices at Mid-City Market, a 54,000 square foot, mixed-use complex in the burgeoning Mid-City neighborhood of New Orleans
The Offices at Mid-City Market will feature approximately 31,000 square feet of prime office space along with 9,000 square feet of retail and restaurant space. The building design will include parking, additional greenspace and water management. Prior to closing the construction loan the building was nearly 50% pre-leased.
Gallo Mechanical, LLC, a leading mechanical contracting company in the Gulf South, will be the first office tenant, encompassing 16,000 square feet. Gallo is relocating their corporate headquarters from Metairie to New Orleans. “We are excited to be moving our headquarters back to New Orleans as we celebrate our 70th anniversary this year!” stated David Gallo, President and CEO. Orangetheory Fitness, a fitness studio that specializes in hour-long group interval training workouts, will open their first Louisiana location at Offices at Mid-City Market comprising of 3,000 square feet.
“We are excited about the ability to continue the enhancement of the quality of life in Mid-City, one of New Orleans’ many unique and exciting neighborhoods,” stated Lewis Stirling, Executive Vice President for Stirling Properties.
Located adjacent to Stirling’s recently completed Mid-City Market development, this building encompassing an entire city block was originally constructed in 1954 and was most recently the home of Loubat Foodservice Equipment Company. Stirling Properties plans to maintain the historic integrity of the existing structure while renovating the interior into a combination of office and retail space and thus bringing a prominent neighborhood building back into commerce.
Fidelity Bank of New Orleans provided financing and Stirling will utilize the same architectural firm that designed Mid-City Market, VergesRome Architects. Ryan Gootee General Contractors will commence construction in April and the first tenants will take occupancy before the end of this year.
Stirling’s recent projects in New Orleans include: Magnolia Marketplace, a 106,000 square-foot shopping center located at the corner of S. Claiborne Avenue and Toledano Street; Mid-City Market, a 108,000 square-foot Winn-Dixie anchored shopping center located at North Carrollton Avenue and Bienville Street; as well as the full renovation of the former American Legion building located on Magazine Street into a new 13,000 square foot Walgreens Marquee Store. Since 2011, Stirling Properties has invested over $120 million in the City of New Orleans.
For more information and leasing opportunities, contact Mac Bauer at mbauer@stirlingprop.com or 504-620-8131.
President’s Message: It’s a New Day in New Orleans!
Last week, we celebrated the Grand Opening of Mid-City Market in New Orleans. This Winn-Dixie anchored, urban shopping center is a milestone for Stirling Properties, as it’s our largest ground-up shopping center development in the City of New Orleans in our company’s 37 year history! It also represents one of the most significant retail developments in New Orleans since Hurricane Katrina, taking once blighted and vacant properties and returning them to commerce. This project creates over 500 new jobs and generates projected annual retail sales of over $61 Million.
Mid-City Market is the culmination of over 4 years of work and it was a challenge to put (and keep) all the pieces together. Few companies could take on a project of this complexity and succeed, but Stirling Properties was up for this challenge.
I want to commend our incredible team who worked on this project for a job well done! There were many points in time where it looked like the deal was dead, but our Stirling team worked diligently to complete it. It was through their hard work and perseverance that this inner-city project materialized.
I also want to commend Mayor Mitch Landrieu for his vision and leadership and Councilwoman Susan Guidry for her incredible support and drive to help make this a reality for Mid-City.
The Mid-City Market project is a result of over $40 Million in private investment and demonstrates our strong belief in the City of New Orleans and the civic and business leadership which has created an environment where businesses are confident to invest. A plethora of national and regional rankings paint a truly remarkable picture of New Orleans as THE city on the move, which is in stark contrast to previous decades.
This project, combined with our other projects completed to date, brings Stirling’s investments to over $120 Million in the City of New Orleans in just the last 3 years. All of us at Stirling Properties are confident in the direction of New Orleans, and Mid-City Market shows our continued commitment to the market. This project was the first for us in many ways and certainly will not be the last.
President’s Message: Lucky 13!
As we embark upon a new year – 2013 (lucky 13!), I look back in amazement at how much our Stirling team has accomplished over the last twelve months.
We started the year with the acquisition of Avant Properties in Shreveport, Louisiana and capped it off with our recently announced joint venture development deal with CBL Properties of the Fremaux Town Center in Slidell, Louisiana.
In between those two milestone bookends, consider the following list of other accomplishments:
- The kickoff of Mid-City Market in New Orleans.
- The historic redevelopment of the American Legion Building into a state of the art Walgreens Drug Store on Magazine Street in New Orleans.
- The opening of The Fresh Market on St. Charles Avenue in New Orleans.
- The $24 million acquisition of Tiger Manor Apartments in Baton Rouge.
- The securing of two new Walgreens development deals in Terrytown & Gulfport.
- The opening of Sam’s Club at River Chase in Covington.
- The successful closing of over $100 million in financing.
- The increase of over 16% of our commercial brokerage volume.
And while all of this was happening, we were also able to implement a new, state-of-the-art accounting software, introduce a brand new corporate website and complete a major restructuring of the company.
These accomplishments are all tributes to the outstanding team of professionals at Stirling Properties. We are now setting our sights on an outstanding new year and plan on making some additional major announcements soon. 2013 will certainly be a banner year – and lucky too.
