President’s Message: Forging Ahead in 2014
It hardly seems possible that we are beginning another year. It seems as if I was just emailing about the start of “Lucky 13“!
“Lucky 13” kicked off with our announcement of a joint venture with CBL & Associates Properties, Inc. to develop Fremaux Town Center in Slidell, Louisiana, and in just 2 months, we will have the grand opening of Phase I. The year ended with the successful closing of the land acquisition and development financing for Magnolia Marketplace in New Orleans, a partnership with JCH Development that will break ground this month.
In between those 2013 bookends, we also accomplished:
- Openings of Walgreens on Magazine Street in New Orleans and in Gulfport, MS
- Securing contract for management of Louisiana Boardwalk in Bossier City
- Grand opening of Mid-City Market in New Orleans
- Opening of our Mobile, AL office
- Expansions of our existing shopping centers – Stirling Bossier, Stirling Lafayette, River Chase (Covington) and MacArthur Village (Alexandria)
- Renovation of Tiger Manor Apartments in Baton Rouge
- Financing of over $174 Million
- Acquisition of United Plaza VIII in Baton Rouge
As proud as I am of our team for all of these accomplishments and more, I am even more proud of the spirit of team and caring for others. Through the leadership of the Stirling Stewardship Committee, the Stirling team significantly contributed money, essential items, and most importantly generously volunteered their personal time for causes such as Habitat for Humanity, food collection drives, breast cancer walks, YMCA Corporate Cup and Volunteers of America’s Christmas Wish Project.
It is because of this talented, dedicated, and motivated team that we are able to achieve so much. I am proud to be part of such a team. Looking ahead to 2014, it will be a very exciting year for Stirling as well as the Gulf South.
Stirling Communities Update: Tiger Manor Improvements Completed!
Since our last Stirling Communities update, Tiger Manor has come a long way and the renovations are 100% complete! The $1.4 Million in renovations were completed a couple months ago and included these major renovations:
- Complete exterior repaint of all buildings
- New primary entrance road off E. State Street
- Card Access Security Gate Systems
- New management office
- Pool Renovations
- Landscaping and Irrigation
- Parking Lot Repairs
Tiger Manor is currently experiencing a strong summer lease-up season with 5% rental increases on average on the new leases being signed.
Stirling Communities Update: Tiger Manor Improvements
Tiger Manor, a 287-unit student housing property situated just outside the North Gates of LSU, was acquired in September 2012 and added to the Stirling Communities portolio of multi-family properties. Since the acquisition, $1.4 Million in renovations to Tiger Manor are well underway, and are approximately 60% complete. All renovations to the complex are expected to be complete by April 15, 2013.
Major renovations include:
- Complete exterior repaint of all buildings
- New primary entrance road off E. State Street
- Card Access Security Gate Systems
- New management office
- Pool Renovations
- Landscaping and Irrigation
- Parking Lot Repairs
Tiger Manor – New Exterior Paint
Tiger Manor – New Primary Entrance from East State Street
Tiger Manor – Card Access Security Gate Systems – Lake Crest Gate Under Construction
Tiger Manor – New Management Office Renovations Underway
Tiger Manor Pool 1 Renovations – New Deck, Coping, and Resurface Underway
Tiger Manor Pool 2 Renovations – New Coping, Tile, Resurface and Suntan Ledge Underway
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.
