Early Development Sparks Economic Optimism on the West Bank

A new project in its early stages is already generating optimism for a potential wave of economic growth on the West Bank, an area where past predictions of development following the expansion of the Huey P. Long Bridge have yet to be realized. The project, spearheaded by Atmos, one of the nation’s largest natural gas distributors, is seen as a catalyst for future growth, offering a promising outlook for the region.

At a recent Parish Council meeting, local officials expressed hope that the project would attract additional investments and spur further development in the area. “It’s going to, I believe, create a myriad of opportunities for others to come to that area,” said Councilmember Lee.

Atmos confirmed in an emailed statement that they are in the “initial planning stages” of the project and will provide more details as plans are finalized. The utility company, which already has offices in Marrero, Metairie, and Meraux, is eyeing property in the 1500 block of Nine Mile Point Road for development. The Parish Council recently approved an ordinance to reconfigure the property’s boundaries, making it more conducive to development.

The potential for economic growth in Nine Mile Point, Bridge City, and the surrounding areas has been a topic of discussion since the Huey P. Long Bridge’s expansion in 2013. However, a lack of sewer and water infrastructure has hindered significant development, according to Jerry Bologna, CEO of the Jefferson Parish Economic Development Corporation (JEDCO). To address this, Atmos is partnering with a developer to install the necessary infrastructure on the property, which could pave the way for further development on adjacent sites. While the developer under contract for the property has not been named due to a non-disclosure agreement, the project’s impact is already anticipated to be significant.

Councilmember Lee revealed that Atmos plans to construct a $20 million “multi-purpose building” on the site, which will include both warehouse and office space. Bologna noted that as Elmwood, located on the opposite side of the Huey P. Long Bridge, transitions more toward commercial and retail uses, companies involved in warehousing and logistics might consider relocating to the West Bank.

Mike Sherman, an attorney representing the property’s owners—Marsh Investment Corporation, Marco Inc., and Mullen Properties LLC—expressed his clients’ commitment to driving economic development in the area. “We hope this is only the first of many projects,” Sherman said, highlighting the broader vision for revitalizing the West Bank.

As this project progresses, local leaders and developers alike are hopeful that it will mark the beginning of a new era of growth and opportunity for the West Bank, fulfilling long-held aspirations for the region.

Click Here For the Source of the Information.

The Strange Dynamics of Today’s Housing Market

Anyone currently shopping for a home knows that the market remains tight, with limited options for both new and existing properties. While the housing market is gradually emerging from one of its leanest periods in history, with inventory levels starting to rise, there’s an unexpected twist: the supply of newly built homes appears disproportionately high compared to existing homes. Yet, despite this increase in new home availability, home prices continue to climb, defying traditional market logic where higher supply typically cools prices.

This unusual situation can be traced back to the housing market’s history, particularly the subprime mortgage boom of the early 2000s, which set the stage for today’s complex market dynamics. Currently, there is a 4.4-month supply of both new and existing homes available, with a six-month supply considered balanced. However, new homes now make up a larger share of the market, with a nine-month supply—nearly three times that of existing homes. This discrepancy has been driven by the aftermath of the 2008 financial crisis, shifts in mortgage rates, and the unique pressures of the Covid-19 pandemic, which saw unprecedented demand and record-low mortgage rates. As a result, while supply has increased, particularly in the new home sector, prices remain high due to the ongoing imbalance between supply and demand, further exacerbated by economic uncertainties and the fluctuating mortgage landscape.

Mortgage Rate Volatility and Its Impact on Housing Supply

The current divide in the housing market between newly built and existing homes can largely be attributed to the roller-coaster ride of mortgage rates over the past few years. The pandemic saw rates drop to historic lows, spurring a surge in home purchases and refinancing, which in turn locked many homeowners into low rates. Now, with mortgage rates hovering around 7%, those who locked in lower rates are reluctant to sell, leading to a scarcity of existing home listings. This “lock-in effect” has shifted demand toward new homes, where builders are capitalizing by offering incentives such as mortgage rate buy-downs to attract buyers.

Interestingly, while resale listings have improved slightly, with active listings up 16.5% from the previous year, much of this is due to homes staying on the market longer. The most significant shortages are in the mid-to-lower price tiers, where demand is highest, particularly for homes priced between $100,000 and $500,000. Despite an increase in supply in these tiers, it remains insufficient to meet demand, keeping prices high. In contrast, the luxury market, with homes priced above $1 million, is experiencing a slower supply growth and less price pressure.

As we move through 2024, analysts anticipate that mortgage rates may decrease, potentially easing some of the supply constraints. However, if rates do drop, demand is likely to surge again, putting additional pressure on the already strained supply and keeping prices elevated. While inventory is expected to continue rising, particularly as the lock-in effect wanes, the current dynamics suggest that home prices may remain stubbornly high, especially in markets with low inventory and strong demand. The housing market remains in a delicate balance, with future price movements dependent on the interplay of mortgage rates, supply, and demand.

Click Here For the Source of the Information.

A New Clinic For Senior Citizens in Jefferson Parish

This new clinic will be the second clinic of its type in the area and is also part of Ochsner Health System. This clinic will be in a space that used to be a pizza restaurant in Marrero. The project will require more than $2.8 million to convert the space. This is a perfect location because the median age is 40 and rising.

“We are providing more access to care by responding to when, where and how our patients need us,” said Dr. Kenny Cole, Ochsner’s vice president for clinical improvement. “This unique clinic … will provide participants with access to customized care to ensure they stay healthy and feel connected with resources dedicated to them, including multidisciplinary care teams, fitness coaching and community events.”

The clinic is a 65 plus clinic that will have
physicians, nurse practitioners, physician assistants, a pharmacist, nurse care managers, social workers, dietitians, health coach, fitness instructors and physical therapist. Currently there are Ochsner 65 Plus clinics in Covington, Baton Rouge and Pensacola, Florida, and are under construction at 7060 Veterans Memorial Blvd. in Metairie and near Hilton Head, South Carolina.

Click Here For the Source of the Information.

St. Roch Market Jumping Back From the Panedemic

St. Roch Market, one of the only remaining food halls in New Orleans, almost closed because of losing vendors and having a slow business. CR Coffee Shops which is owned by Kevin Pedeaux came to the rescue.

Pedeaux stepped in an actually took over the lease for the food hall and has been rebuilding and dedicating his money and time to the hall since September. Currently, the hall has eleven vendors with a waiting list. This is amazing news since the historic building that houses St. Roch Market has not been full since before the pandemic.

If your a vendor that still needs a home, there are some other places that have space for food vendors. One is Backatown Plaza market and it is located on Claiborne Avenue. The first phase of the new project will be be able to hold thirty vendors, a stage, rain gardens and other green spaces.

St. Johns is another space, formerly Mayhew Bakery, which will now house Nolita. Nolita has been a staple since three Mardi Gras ago. Owner Martha Gilreath is the founder of Nolita which serves king cakes. Not only will you be able to purchase a king cake, but you will be able to get some crawfish bread, danishes baguettes, and much more.

Gretna will get a new development which will be a three-story building with a restaurant, barbershop and green space. Uptown Brewery is excited to expand to the West Bank along with Port Orleans Brewing. The development is located at Huey P Long Avenue and 2nd Street.

And finally, Seafood Sally’s will reopen with a facelift. This is just in time for Black Restaurant Week in New Orleans. Black Restaurant Week will include Addis Nola, Baby’s Snack Box, Nice Guys Bar & Grill, Nonno’s Cajun Cuisine, Peewee’s Crab Cakes on the Go, Backatown Coffee Parlour, and Meals from the Heart Cafe and much more.

Click Here For the Source of the Information.

Nashville Sake Bar Coming to New Orleans

Algiers Point is a great area in New Orleans, and it has been chosen as the landing spot of a new sake bar. Rice Vice in Nashville is the original bar that was established by a Nashville sake brewery.

The New Orleans Rice Vice will be located at 143 Delaronde St. The bar is now under construction in what used to be a barbershop. It will be a small venture with 20 seats in about 400 square feet. The bar is located next to the Nighthawk Naploletana a new pizza restaurant. Early 2024 is the time frame for the bar’s opening.

“The whole point is to lower the barrier for people who want to explore this,” said Rice Vice founder Bryon Stithem. “It can be as deep learning experience as you want to make it.”

“There was a time when I was working in New York, and had access to all this great sake,” Stithem said. “When I came back to the South, the only way I could get access to the something like that again was to make my own.”

Stithem started his own sake brewery called Proper Sake Co. in Nashville. To showcase his product, Rice Vice opened its doors. The sake bar has been recognized as one of the best bars in the country by Esquire Magazine.

His love for New Orleans brought him here to start another sake bar and its perfect spot was the location in Algiers Point. His partner in the project, Bryson Aust, lives in Algiers Point and is partner also to the new pizzeria.

“Italian food and sake are great together, it’s umami on umami,” Stithem said.

“I started out as someone with an American understanding of sake, that there was hot and cold, filtered and unfiltered, and that was it,” said Aust. “But it really does run as deep as wine.”

Click Here For the Source of the Information.