New Orleans Moves Forward with Transformative Riverfront Park Project

The long-anticipated vision for transforming the Mississippi Riverfront into a continuous expanse of public parks is making significant strides. The New Orleans City Council has approved a $15 million investment toward the redevelopment of two historical wharves located in the French Quarter and Marigny. This funding, derived from city bond resources, constitutes half of the total projected cost, with the remaining balance provided by the Audubon Nature Institute, which is spearheading the project.

This ambitious initiative aims to convert a 0.3-mile stretch of the riverfront into a vibrant green space adorned with lawns, gardens, concession stands, and various recreational areas. It is strategically positioned between the developed regions of the upper French Quarter and the Marigny and Bywater neighborhoods. Once complete, the project will create 2.25 miles of continuous riverfront parkland, bridging these historic areas with accessible and engaging outdoor spaces.

Nathan Chapman, president of the Vieux Carre Property Owners, Residents, and Associates, expressed the community’s anticipation and support for this transformative project, highlighting its potential to enhance the quality of life and environmental beauty of the area.

The redevelopment focuses on the wharves at Esplanade Avenue and Gov. Nicholls Street, structures with rich histories dating back to before the 20th century. Initially, the Audubon Institute planned to shoulder the financial burden of this project alone. However, the escalating costs, exacerbated by the pandemic, led to a request for municipal support. Mayor LaToya Cantrell pledged to back the project last year, culminating in the recent allocation of funds.

Despite this significant step forward, various details remain to be finalized, including updated designs, budget forecasts, and construction timelines from the Audubon Institute. Laurie Conkerton, Audubon’s chief administrative officer, has indicated that these critical components are expected to be completed and approved within the upcoming month.

One of the unresolved issues includes the future management and maintenance of the site post-construction, especially considering the estimated $1.5 million annual cost associated with these responsibilities. Discussions have been held with the French Market Corp., which has shown interest in overseeing the site, though no formal agreement has been reached.

This riverfront project is part of a broader effort to revitalize New Orleans’ downtown riverfront from industrial use to pedestrian-friendly spaces. This effort began approximately fifty years ago with the development of Woldenberg Park and the Moonwalk promenade, enhancing the accessibility and enjoyment of the riverfront for both residents and visitors.

Originally, the site’s development plans included more commercialized elements, such as a Ferris wheel and amphitheater. However, following feedback from local communities, the plans have been revised to prioritize open green spaces and public amenities, garnering widespread approval from the neighborhoods affected.

As the city prepares to showcase these new developments by the next year’s Super Bowl, the project represents a significant investment in public spaces and urban greenery, aiming to provide residents and visitors with a continuous, scenic stretch along the Mississippi River, enhancing New Orleans’ unique landscape and cultural heritage.

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The Importance of Shopping Around for Your Mortgage

Finding the right mortgage is crucial to ensuring financial stability and satisfaction when purchasing a home. Surprisingly, many first-time buyers opt for the first home loan offer they receive, potentially missing out on significant savings. The Consumer Finance Protection Bureau highlights a startling trend: nearly half of all mortgage borrowers do not shop around when seeking a home loan.

Given that buying a home is likely the largest purchase one will ever make, committing to a mortgage for 15, 30, or even more years is a long-term financial engagement. The specifics of the loan, including the interest rate and associated fees, can vary significantly between lenders, emphasizing the importance of exploring multiple options.

Strategies for Effective Mortgage Shopping

Experts typically recommend evaluating offers from at least three different lenders, including one’s current bank and a national lender, to ensure a comprehensive view of available rates and terms. Mortgage rates can fluctuate significantly between lenders and from day to day, making comparison shopping a potentially lucrative effort. Even small differences in interest rates can translate into substantial savings over the life of a loan.

Key Considerations When Shopping for a Mortgage:

– Preparation is Key: Gather all necessary financial documents, such as pay stubs, bank statements, and tax returns, before approaching lenders. This preparation can streamline the process and improve your credibility as a borrower.

– Understand Your Credit Score: Your credit score is a critical determinant of loan eligibility and interest rates. Knowing your score ahead of time can help you gauge the likelihood of loan approval and identify areas for improvement if necessary.

–  Compare Quotes: Most lenders offer rate quotes free of charge and without obligation. While this is not the same as obtaining pre-approval, it provides a benchmark for what you might expect in terms of rates and terms. Additionally, utilizing online comparison tools can further aid in evaluating different lenders’ offerings.

– Look Beyond the Rate: While the interest rate is a pivotal factor in choosing a loan, don’t overlook additional fees and costs. Understanding the full scope of the loan’s terms is essential to determining its overall affordability.

– Secure Pre-approval: Obtaining pre-approval from lenders gives a more accurate picture of what they are willing to lend and under what terms. This step is crucial for setting a realistic budget and negotiating power when house hunting.

According to Forbes, obtaining just one additional loan quote can save a homebuyer around $1,500, while comparing two additional quotes can double those savings to $3,000. These figures underline the financial benefits of diligent research and comparison shopping in the mortgage process.

Ultimately, while the task of comparing mortgages may seem daunting, the potential savings and the peace of mind that come with securing the best possible loan terms make it a worthwhile endeavor. By taking the time to thoroughly explore and compare mortgage options, homebuyers can ensure they are making the most informed and financially beneficial decisions for their future.

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36th Annual Spring Pontchartrain Home Show, March 24, 2024

Spring Pontchartrain Home Show at the Pontchartrain Center.

Pontchartrain Center
4545 Williams Blvd
Kenner, LA 70065

March 24, 2024
10am – 5pm

Tickets: Adults (12 and up) $8.00
Children (under 12) Free

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36th Annual Spring Pontchartrain Home Show, March 23, 2024

Spring Pontchartrain Home Show at the Pontchartrain Center.

Pontchartrain Center
4545 Williams Blvd
Kenner, LA 70065

March 23, 2024
10am – 5pm

Tickets: Adults (12 and up) $8.00
Children (under 12) Free

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Big Bass Fishing Rodeo and Fishtival, March 23, 2024

70th Annual Big Bass Rodeo in New Orleans is the oldest freshwater rodeo in the country.

New Orleans City Park
1 Palm Drive
New Orleans, LA 70124

March 23, 2024
6:30am – 12pm

Adults: $10 – $40

Enjoy bankfishing at the rodeo and exhibitors, vendors, raffles, fishing tackle sale and more at the Fishtival.

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