RIVERSTREET VENTURE Nueva Orleans, LA Table of Contents 02 - - PowerPoint PPT Presentation
RIVERSTREET VENTURE Nueva Orleans, LA Table of Contents 02 Divulgacin y Confjdencialidad 04 Resumen de Inversin 06 La Oferta 09 Aspectos Destacados de la Inversin 12 Proforma 15 Market Overview 25 Executive Overview 28 Informacin General
Nueva Orleans, LA
02 Divulgación y Confjdencialidad 04 Resumen de Inversión 06 La Oferta 09 Aspectos Destacados de la Inversión 12 Proforma 15 Market Overview 25 Executive Overview 28 Información General sobre Riverstreet 33 Development Overview 40 Location Overview 47 Appendix I - Recent Articles
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El material informativo adjunto contiene cierta información confjdencial relacionada con el negocio y asuntos de la Iniciativa Riverstreet y sus fjliales y empleados, y cierta información relacionada con el proyecto. El material informativo es preliminar y no pretende incluir toda la información que un potencial inversionista podría desear. Ni la Iniciativa Riverstreet, ni las partes mencionadas en el presente documento, representan ni garantizan, de manera explícita ni implícita, la precisión ni la integridad del material informativo, y no se asume ninguna responsabilidad legal ni justifjcada con respecto al mismo. Quien reciba esta información acepta que mantendrá y tratará la información adjunta con la más estricta confjdencialidad. No divulgará ni permitirá que nadie más divulgue, sin previo consentimiento, el contenido del material informativo a ninguna entidad, salvo a los asesores, socios, abogados del Inversionista, y a otras partes directamente involucradas en la inversión del inversionista en la Iniciativa Riverstreet.
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Nueva Orleans es actualmente uno de los únicos mercados, en los Estados Unidos, que cuentan con una demanda de vivienda mayor a su oferta
la ciudad, como su conveniencia para el transporte hacia el distrito comercial se compraran favorablemente con la costa de Nueva Jersey sobre la rivera del rio Hudson al otro lado del centro de Nueva York. Este aspecto único le da a la propiedad un potencial inmensurable de valorización, así como la que han experimentado las áreas re urbanizadas de la Ciudad de Jersey y de Hoboken en los últimos años. Combinando estos factores básicos de bienes raíces con la actual demanda reprimida, así como el resurgimiento de la ciudad, se obtiene una
Nueva Orleans demuestra una necesidad considerable de viviendas en alquiler. El proyecto "Federal City", a una milla de nuestra ubicación, generará 10,000 empleos para Algiers durante los próximos años, aumentando la demanda de vivienda. Nuestra oferta es simple y la rentabilidad es signifjcativa. Nuestro análisis del mercado de alquiler establece que las tarifas del mercado se encuentran por encima de $2 por pie cuadrado, aunque utilizamos una modesta cantidad de $1.90 en nuestro análisis inicial de la Fase I. El siguiente análisis demuestra la rentabilidad de esta inversión para la Fase I, que incluye el potencial para ambos créditos tributarios federales, así como nuevos créditos tributarios del mercado que pueden proporcionar "recursos" considerables para el proyecto.
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La Iniciativa River Street se complace en ofrecerles la oportunidad de desarrollo, construcción y manejo de 370 nuevos apartamentos en alquiler, junto con 42,000 pies cuadrados de espacio para servicios comerciales, directamente frente al río Mississippi en el barrio Algiers de Nueva Orleans. El terreno se encuentra bajo contrato y los planos arquitectónicos con las legitimaciones requeridas se encuentran en proceso. Proponemos una inversión de $7 millones para cubrir los costos del terreno, tarifas adicionales de arquitectura, ingeniería y honorarios, y costos indirectos, junto con el procesamiento fjnal del plano del sitio, y la obtención de todas las aprobaciones relacionadas previas a un permiso de construcción. La inversión será tratada como un préstamo, y pagará un interés anual del 8% pagadero mensualmente. Al completarse la construcción, y al momento de la disposición de una hipoteca permanente, el préstamo será reembolsado, y el inversionista tendrá entonces derecho a una participación de 5% en el fmujo de caja del proyecto. La siguiente página contiene el uso de los fondos de la inversión y un cálculo del rendimiento hasta el momento del reembolso.
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Q3
300,000 $ 40,000 $ 535,001 $ 1,061,664 $ 25,000
25,000 $ 140,001 $ 5,000 TOTALES $ 300,000 $ 1,100,000 $ 40,000 $ 6,758,337 $ 4,400,000 $ 150,000 $ 150,000 $ 75,000 $ 513,337 $30,000 Q2
300,000
620,001 $ 1,596,665 $ 50,000 $ 100,000 $ 25,000 $ 140,001 $ 5,000 Q4 $ 300,000 $ 300,000
820,001 $ 241,663 $ 50,000
25,000 $ 140,001 $ 5,000 Q1 $7,000,000
200,000
383,334 $ 2,216,666 $ 4,400,000 $ 25,000 $ 50,000
93,334 $ 15,000 Inversión Cargos de préstamo Arquitectos e Ingenieros Impuestos a bienes raíces Saldo de fondos disponibles Pago de primera hipoteca Supervisión administrativa Costos de zonifjcación, diseño de plano del sitio Tarifas de procesamiento Gastos fjnancieros Honorarios Legales
USO DE LOS FONDOS DE LA INVERSIÓN
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Barrio Francés.
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Vista desde 3 pisos del centro y del Barrio Francés Vista desde 4 pisos
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Costo del Terreno Tarifas de Procesamiento Honorarios de Arquitectos Tarifas y Gastos Incurridos por Concepto de: Cambio de Zonifjcación, Reuniones de Planeación Modelos de Plano del Sitio, Barrio Reuniones y Contribuciones Costos de Ingeniería Costos de Préstamo: Avalúo Seguro de Título Tarifas de Préstamo Impuestos a Bienes Raíces Seguro Contra Riesgos de Construcción Honorarios Legales Supervisión Administrativa Costos de Agencia de Arrendamientos Compra de Calle Lamarque Costos de Construcción: (1) Costos Directos de Apartamentos (2) Costos Directos de Espacios Comerciales Intereses de Hipoteca de Construcción Défjcit de Alquiler y Gastos Varios
$ 30,000 35,000 350,000 100,000 425,000 $ 61,050,000 3,570,000 $ 4, 025,000 450,000 2,600,000 1,800.000 300,000 940,000 225,000 400,000 150,000 150,000 64,620,000 3,420,000 600,000 $ 79,680,000
(3)
RESUMEN DE COSTOS
(370 UNIDADES EN ALQUILER Y 42,000 PIES CUADRADOS DE ESPACIO COMERCIAL) (1) Área bruta en pies cuadrados de 407,000 @ $150 por pie (2) Área bruta en pies cuadrados de 42,000 @ $85 por pie (3) Se anticipa que $20,000,000 serán fjnanciados con Créditos tributarios federales así como Créditos tributarios de nuevos mercados.
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(1) Alquiler basado en 349,650 pies cuadrados para alquilar @ $1.90 por pie (2) Alquiler comercial @ 30 triple neto por pie (3) Hipoteca de 30 años @ interés del 5% (4) Défjcit de alquiler proporcionado en costos de construcción
Año 2 (estabilizado) $ 7,972,000 (398,600) 1,260,000 (63,000) 8,770,400 $ 350,800 2,220,000 3,821,400 6,392,200 $ 2,378,200 Año 1 $ 3,986,000 630,000 _ 4,616,000 $ 184,600 925,000 3,821,400 4,931,000 (4) $ (315,000)
PROFORMA DE ALQUILER
(1) Ingresos por Alquiler @ $1.90 por pie2 Menor Disponibilidad (2) Alquiler Comercial Menor Disponibilidad Ingreso Neto de Alquiler Costos Tarifas de Administración Costos Operativos (3) Servicio de Deuda Flujo de Caja Neto por Operaciones
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The Greater New Orleans, Inc., a regional economic development alliance serving the 10-parish region of Southeast Louisiana, has gathered the below third-party recognition the Greater New Orleans region has received over the past few years.
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STATISTICS, TESTIMONIALS, AWARDS AND RANKINGS
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ECONOMIC DEVELOPMENT
TALENT WORKFORCE
ENTREPRENEURSHIP
The New Orleans region is the economic hub of southeast Louisiana. The economy continues to diversify in the post Katrina environment. The labor force has made a signifjcant rebound in the years following Katrina. The New Orleans metro area had roughly 603,000 jobs in 2005 prior to Katrina. At the low point after the storm the area had just over 428,000 jobs. However, by August 2015 the area reported having 563,000 jobs. With a growing population (up 31.5% since Katrina) and improving business climate New Orleans expects to see continued job creation into the years ahead. As of August 2015, the Bureau of Labor Statistics reported the non-seasonally adjusted unemployment rate for the New Orleans MSA stood at 6.1 %, indicating a year-over-year decrease of 1.3 percentage points from August 2014 unemployment of 7.4%. The New Orleans economy is heavily infmuence by the Trade, transportation, and utilities, education and health services, leisure and hospitality, professional and business services, and government industries. According to the BLS Employment Survey (CES) for the New Orleans MSA, job growth has averaged 5,750 annually over the past four years. Contraction in the
Education and Health Services, Retail Trade and Lodging/Hospitality sectors. Over the past four years, the Education and Health Services sector has registered the largest gains. The Education and Health Service industry is expected to experience a spike resulting from hiring for the new University Medical Center and VA Hospital, plus hiring related to the continuing build-out of the bioscience, research and patient care facilities near the new hospitals and existing medical
(1,100 jobs), and the VA hospital is expected to be turned over to the VA in early 2016 with the opening set for late 2016. The jobs attributed to the VA Hospital average $96,000 annually. Both hospitals are part of the Medical Districts nearly $3 billion development on a 70+ acre hospital campus that will also include The Louisiana Cancer Research Center and The New Orleans Bio Innovation Center. These projects are expected to generate nearly 10,000 new high paying jobs in the next 5 years, with over 20,000 jobs expected to be created once the Medical District has been fully built-out. Economic diversifjcation continues, with knowledge-based industries such as higher education, research and scientifjc/technical occupations as well as heavy construction and engineering showing solid expansion. New Orleans is also showing results in entrepreneurial ventures. Additional job growth has been coming from the fjlm industry as Louisiana has topped Los Angeles and New York in terms of fjlm production. Roughly 30% of forecasted employment growth in the region is in occupations that are considered high-wage.
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NEW ORLEANS ECONOMY AND EMPLOYMENT
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EMPLOYMENT BY SECTOR INDUSTRY AUG '15 % Mining 7,300 1.3% Construction 29,300 5.2% Manufacturing 29,200 5.2% Trade, transportation & utilities 116,400 20.7% Information 8,100 1.4% Financial Activities 27,200 4.8% Professional & business services 73,100 13.0% Education & health services 92,900 16.5% Leisure & hospitality 85,500 15.2% Other services 23,900 4.2% Government 70,100 12.5% TOTAL JOBS 563,000 100.0%
The South Market District and the core neighborhoods of downtown New Orleans are located on some of the highest ground in the city, and as a result, experienced very little fmooding from Hurricane Katrina. Residents, businesses, and property owners were able to quickly return and stage a full recovery. These core neighborhoods have been the largest contributor of growth in New Orleans and constitute a hub of creative, intellectual energy. Prior to Katrina, people worked in the CBD and then commuted back their homes in one of the City's 23 neighborhoods. Since then, there has been an urban explosion in CBD with the addition of residences, grocery stores, restaurants, retail space, and infrastructure to support a metropolitan lifestyle. In addition, there have been major enhancements to the sports and entertainment district, a $285 million renovation of the Hyatt Regency New Orleans, and the addition of the Loyola Street Car line that opened in January 2013. This transit system has revitalized the area by offering easy access to the city's key destinations including the Amtrak train station, Mercedes-Benz Superdome, French Quarter, Garden District, City Hall, and the advancing medical district. With these more cosmopolitan offerings, there has been an infmux
The New Orleans CBD has the highest concentration of white collar employment in the region (64,000). Employment growth in the area is solid, and positively impacted by the construction of two new hospitals as well as cancer research and bioscience facilities in the adjoining Medical District. There is already successful precedent for downtown living, notably upper-tier apartment properties. The daytime population in the downtown area is estimated at nearly 134,000 and the 24-hour resident population downtown is growing sharply.
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DOWNTOWN NEW ORLEANS
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DOWNTOWN NEW ORLEANS
DOWNTOWN BY THE NUMBERS
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SPORTS AND ENTERTAINMENT
The sports-related entertainment venues added around the nearby Superdome, along with supporting retail such as restaurants, the large expansion of close-by medical complexes, and the addition of a signifjcant volume of other offjce, retail and residential, have all acted in concert to ignite Downtown New Orleans. The South Market District is broadly recognized in the market now as a high-end, quality and inviting residential and retail address that has already captured some of this extraordinary growth. The later phases of development in the South Market District will capitalize on successful precedent established.
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CONDOMINIUM MARKET OVERVIEW
Local brokers active in the market scale the New Orleans condominium inventory between 3,000 and 4,000 units. Within this set only 1,536 units in 28 condominium communities were located in the CBD / Warehouse District neighborhoods that surrounding the Project. The majority of the units located in the CBD / Warehouse district, roughly 88%, are Low to Mid Tier condominiums units that are inferior to the Project. Only 12% of the existing condominium units located in CBD / Warehouse district are characterized as upper-tier in terms of quality and prestige that would be considered comparable to the Property. The upper-tier condominium market in the CBD / Warehouse district is small in scale and supply constrained, with only 8 units currently available on the market, including 425 Notre Dame which recently came to market. SUPPLY The demand for condominium housing in New Orleans is currently fueled by the drastic growth of the Downtown population, a growing desire to re- locate to New Orleans from out-of-market residents, the increased desire for a second home, upgrading from Downtown residents that currently lease
Upper Tier condominium units.
in the market and about half the renters at the Paramount came from outside the area. According to recent sales at 425 Notre Dame, about 25% of the owners purchased units as a second home.
pronounced in the Fall of 2015 and 2016 -- timed with later phases of the South Market District. DEMAND
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CONDOMINIUM MARKET OVERVIEW
Local brokers active in the market scale the New Orleans condominium inventory between 3,000 and 4,000 units. Within this set only 1,536 units in 28 condominium communities were located in the CBD / Warehouse District neighborhoods that surrounding the Project. The majority of the units located in the CBD / Warehouse district, roughly 88%, are Low to Mid Tier condominiums units that are inferior to the Project. Only 12% of the existing condominium units located in CBD / Warehouse district are characterized as upper-tier in terms of quality and prestige that would be considered comparable to the Property. The upper-tier condominium market in the CBD / Warehouse district is small in scale and supply constrained, with only 8 units currently available on the market, including 425 Notre Dame which recently came to market. ANALYSIS The demand for condominium housing in New Orleans is currently fueled by the drastic growth of the Downtown population, a growing desire to re- locate to New Orleans from out-of-market residents, the increased desire for a second home, upgrading from Downtown residents that currently lease
Tier condominium units.
in the market and about half the renters at the Paramount came from outside the area. According to recent sales at 425 Notre Dame, about 25% of the owners purchased units as a second home.
pronounced in the Fall of 2015 and 2016 -- timed with later phases of the South Market District. From 2013 through 2014, all market indicators were positive as the high-end CBD / Warehouse District Condominium market experienced increases in total sales volumes, number of units sold, and price per SF. Year-over-year sales volume increased 80% while the number of units sold increased 67%, up to 45 units sold in 2013, compared to 27 units in 2013. The average sale price per square foot increased 12% up to $471.73 PSF. DEMAND
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CONDOMINIUM MARKET OVERVIEW
There are 108 units in 3 condominium communities proposed which would be considered directly competitive to the Project. However, all of these units are expected to be delivered after The Standard. The 32 units located at 746 / 752 O'Keefe and 749 St. Charles are expected to deliver early 2018. Additionally, the 76 units at the Four Seasons, which will be included in the redevelopment of the World Trade Center, will most likely be delivered no earlier than late 2018. The Standard is well positioned to capture the demand for upper-tier ground up construction given that it will be delivered before the competitive projects above. SUPPLY ANALYSIS
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DOWNTOWN, NEW ORLEANS ALGIERS DISTRICT
The Project is located in the Algiers District, which connects the Central Business District, the historic Warehouse/Arts District, and the Sports Entertainment District. The South Market District is a mixed-use, transit-oriented development combining fjrst-class housing with retail, restaurants and entertainment venues in the heart of New Orleans' downtown
and activity is transforming New Orleans' downtown into a vibrant mixed-use center and restoring its place as one of the premier shopping, entertainment and residential districts in the country. The retail mix has been designed to blend familiar national and regional names with unique local retailers and restaurateurs. The housing component includes a diverse mix
class" participating in the region's rapidly expanding knowledge-based economy.
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Un desarrollo residencial de uso combinado de mediana altura de 14 acres según lo aprobado por la Ciudad de Nueva Orleans en 2007, contará con aproximadamente 1500 unidades en varias fases. La construcción comenzará en 2016 con una conclusión sustancial de la fase 1 a fjnales de 2018, con una
El desempeño del mercado de apartamentos en Nueva Orleans fue consistentemente fuerte hasta fjnales de 2014. Este fue el caso en la mayoría de los sectores geográfjcos de la región así como por tamaño y antigüedad de la propiedad. Hasta fjnales de 2014, la ocupación promedio de apartamentos entre las 43,434 unidades encuestadas se encontraba en el 95.6%. Este es el mayor nivel de ocupación en toda la región alcanzado desde poco después de Katrina, y un claro refmejo de dos tendencias que han infmuenciado el mercado durante los últimos dos años: 1) demanda estable debido a empleos, y 2) adiciones al inventario relativamente dispersas. La primera tendencia es la fuerza subyacente que alimenta el crecimiento de familias y por lo tanto la demanda neta de mayor cantidad de unidades para alquiler. La parte de oferta en la ecuación también cuenta con varias dimensiones que han infmuenciado las condiciones del inventario en el mercado. La construcción de nuevas unidades multifamiliares no necesariamente ha aumentado el marcador durante los últimos años, y la mayoría de las nuevas adiciones permitidas al inventario han sido mayormente contratadas en los distritos de Orleans y St. Tammany. Desde 2010, la Ofjcina Nacional de Censos de los EEUU recopiló un total de 2,552 nuevas unidades permitidas en las
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Paisaje urbano conceptual dentro de la comunidad
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jurisdicciones de emisión de la región, o unas 510 unidades anuales. Cerca del 60% de estas unidades (1,524) fueron sumadas al inventario de apartamentos del distrito de Orleans, mientras otro 38% o 948 unidades fueron construidas en el distrito de St. Tammany.
* Information from Real Estate Market Analysis, New Orleans & Northshore Regions
La Iniciativa Riverstreet es una nueva villa urbana que ocupará 14 acres a la orilla del río Mississippi, directamente al frente del centro de Nueva Orleans cruzando el río. Con fácil acceso desde el centro, a 15 minutos en auto pasando sobre el importante Puente Crescent City, o mediante un viaje gratuito de 5 minutos en el Ferry de Canal Street hacia el muelle ubicado al lado de nuestro proyecto, la Iniciativa Riverstreet está perfectamente situada para disfrutar un nuevo estilo de vida urbano a la orilla del río. Las atracciones más famosas de Nueva Orleans, desde el Barrio Francés hasta el Lago Pontchartrain se encuentran a una distancia corta, y el mejor estilo de vida de la ciudad se encuentra dentro de un radio de 5 millas. Aquí en el costado occidental del río, el antiguo pueblo portuario de Algiers, conserva su encanto pintoresco y sus monumentos históricos. La Iniciativa Riverstreet extiende su atractivo hasta la orilla del río, con un diseño agradable para los peatones que combina edifjcios medianos con vista al río sobre estacionamientos cubiertos, a lo largo de un camino rodeado de árboles que lleva desde la calle principal del pueblo hasta el río.
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UBICACIÓN
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Varias tiendas, cafés y restaurantes sobre a la calle principal, mientras que las residencias miran a la plataforma de la piscina y al club social de Riverview, así como a al famoso "levee walk." Muchas de las residencias de la Iniciativa de Apartamentos Riverstreet comparten vistas panorámicas del río y de la ciudad.
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Vista conceptual del centro desde la plataforma de la piscina.
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Paisaje urbano conceptual dentro de la comunidad Paisaje urbano conceptual dentro de la comunidad
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The Cotton Mill
The Cotton Mill is centrally located in New Orleans within the Warehouse District next to downtown and the French
a half-acre interior courtyard along with an outdoor swimming pool, fjtness center, entertainment room and 24 hour security. The Warehouse District is an incredibly, exciting place to live, with a number of restaurants and entertainment venues within close proximity.
REPRESENTATIVE PROJECTS:
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1201 Canal
For 94 years, 1201 Canal Street was home to the Krauss Department Store, once the largest department store in the South. Krauss opened for business on April 13, 103, and expanded over the years to include more than 300,000 square feet on six levels covering two city
round red stools, to the madams and ladies of Storyville who once shopped within the store, the Krauss building enjoys a unique and storied place in New Orleans
transformed through extensive redevelopment to be the new home of 1201 Canal, an upscale community of 122 luxury apartments, 111 for-sale condominiums, and over 25,000 square feet of storefront retail.
REPRESENTATIVE PROJECTS:
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The Beacon
The Beacon at South Market District will offer loft- like living spaces in the heart of New Orleans' historic downtown. The building includes spacious
contemporary fjnishes. Construction of The Beacon has begun and the building will begin welcoming residents in early 2016.
REPRESENTATIVE PROJECTS:
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Four Seasons New Orleans
Carpenter & Co. and Woodward Interests was selected as the City of New Orleans' top choice to lease the World Trade Center for redevelopment. A few Firms collaborated to create a dynamic concept for this historic
Orleans includes 350 guest rooms, 76 luxury residential condos, two signature restaurants more than 20,000 square feet of meeting space, a hotel spa and fjtness center, and a roof-top pool and deck.
REPRESENTATIVE PROJECTS:
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Hibernia Tower
HRI Properties, Woodward Interests and Woodward Design + Build teamed up to convert the building into a new mixed-use development. The building served as the headquarters of hibernia National headquarters
One acquired Hibernia in 2005, regional banking headquarters were consolidated to another property. This downtown landmark still houses the Capital One branch in the buildings ornate fjrst fmoor lobby. The rest
apartments.
REPRESENTATIVE PROJECTS:
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COMPETITIVE SET
The location, size, and superior product of the Project position it perfectly to capture demand in the luxury sector. Provided on the following pages is a snapshot of the sales activity at the four most comparable condominium properties to the Project, which are: 600 Port of New Orleans, 425 Notre Dame, 625 St. Charles Street, and 711 Tchoupitoulas. The competitive set consists of the upper tier condominium buildings located in the CBD/Warehouse District. The Project's competitive set illustrates the robust activity currently being achieved at the most comparable properties to the Project. Recent sales and listings confjrm that ultra-luxury properties are already achieving pricing in excess of the average projected sell out prices at the Project
well north of $800 PSF.
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The central location of the South Market District offers convenient access to all of downtown New Orleans neighborhoods, the Warehouse / Arts District, the Sports & Entertainment District, the French Quarter, and Frenchman Street. The Warehouse/Arts District borders the South Market District to the west. Formerly referred to as the Warehouse District due the large presence
transformation began with the opening of the Contemporary Arts Center in 1976. After the opening of the Contemporary Arts Center, the art community saw massive potential and promise in the neighborhood. The abundant and open spaces of the warehouses were ideal for creating, storing, and displaying artwork. Today, more than 25 galleries call the district home. The Project's Julia Street address merges the South Market District with the Warehouse/Arts District as the majority of these galleries are situated along Julia Street, which is the scene of an evening gallery hop that hosts a mix of art lovers and socialites on the fjrst Saturday night of every month. The Contemporary Arts Center and Ogden Museum of Southern Art are located just 5 blocks from the Project. WAREHOUSE/ARTS DISTRICT
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The Contemporary Arts Center is home to bold experiments in painting, theatre, music, performance art, dance, photography, video, sculpture and more - all celebrating the art of now. The center boasts 30,000 square feet of turn-of-the-century warehouse spaces, including the award-winning architecture of sleek modern galleries, atrium, theaters and studios. Renovated in 1990, the building (a historic 1905, warehouse) mixes the timelessness of New Orleans' historic architecture with contemporary material, open spaces, and site specifjc works by local and internationally known artists. The Contemporary Arts Center
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The Ogden Museum of Southern Art celebrates the art, history, and culture
largest and most comprehensive collection of Southern art in the world, showcasing art from 15 Southern states and the District of Columbia. The Ogden Museum was named and affjliate of The Smithsonian Institute in 2001, become the fjrst museum in Louisiana to receive this prestigious
from New Orleans businessman and philanthropist Roger H. Odgen's collection of Southern art, the museum's collection has grown to include more than 4,000 works donated from individuals and collectors across the Country. This nationally respected collection includes paintings, watercolors, drawings, prints, photographs, sculptures, wood and crafts that embody the visual heritage and history of the American South from ' 1733 to today. The Ogden Museum of Southern Art
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The Sports & Entertainment District is situated east of the South Market District across Loyola Avenue. The district is comprised of the Mercedes- Benz Superdome, the Smoothie King Center (formerly the New Orleans Arena), and Champions Square. The Superdome is home to the New Orleans Saints NFL team and frequently hosts various major sporting events such as, the Super Bowl, College Football Championship Game, and the Final Four. The recently renovated Smoothie King Center is located adjacent to the Superdome. The Smoothie King Center is home the New Orleans Pelicans NBA team and hosts numerous other sporting events and concerts throughout the year. The recently opened Champions Square which is adjacent to the Superdome and Smoothie King Center serves as an outdoor pre/post-event destination for more than 75 sporting events and concerts each year, attraction over 2.5 million visitors. SPORTS & ENTERTAINMENT DISTRICT The French Quarter is located just a few blocks north of the South Market District across Canal
in New Orleans. Not only is it the city's cultural hub, but it is also a community where residents take time to welcome visitors in the streets. Hollywood celebrities and software magnates have joined the residential mix, keeping the glamour of the French Quarter up-to-date, but it is the year-round local residents who keep the neighborhood vibrant. A dominant feature throughout the neighborhood is the stunning architecture. Balconies adorned with intricate ironwork, courtyards fjlled with lush greenery and beautiful fountains showcase the French Quarter's European roots. A majority of the architectural design is the handiwork of the Spanish who ruled and rebuilt the city after two overwhelming fjres in 1788 and 1794. Life in the French Quarter is centered around New Orleans' most famous landmark, Jackson Square. Jackson square is fmanked by historic structures such as the St. Louis Cathedral, the Presbytere and Cabildo (which house the Louisiana State Museums) and the Pontalba Apartments (the oldest apartment buildings in the U.S.). FRENCH QUARTER
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Frenchman Street is located just downriver from the French Quarter. Frenchman Street is best known for the three-block section in the Faubourg Marigny neighborhood and is home to some of New Orleans most popular live music venues such as Snug Harbor, the Spotted Cat, and the
Street emerged as the preferred nightlife entertainment district for locals geared toward authentic New Orleans music and food. FRENCHMAN STREET DISTRICT
RIVERSTREET VENTURE
New Orleans, LA
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The location, size, and superior product of the Project position it perfectly to capture demand in the luxury sector. Provided on the following pages is a snapshot of the sales activity at the four most comparable condominium properties to the Project, which are: 600 Port of New Orleans, 425 Notre Dame, 625 St. Charles Street, and 711 Tchoupitoulas. The competitive set consists of the upper tier condominium buildings located in the CBD/ Warehouse District. The Project's competitive set illustrates the robust activity currently being achieved at the most comparable properties to the Project. Recent sales and listings confjrm that ultra-luxury properties are already achieving pricing in excess of the average projected sell out prices at the Project of $697 PSF, with sell out prices at two comparable properties achieving well north of $800 PSF.
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continued on pg.49
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Nueva Orleans, LA