A Donation for STEM NOLA

Boeing has given a $1 million dollar donation to STEM NOLA’s new project the New Orleans East science education building. The $15 million project is headed by Calvin Mackie who is STEM NOLA’s founder and CEO.

STEM NOLA was founded in 2013 and has expanded since its beginning in Mackie’s, a former engineering professor at Tulane University, garage. Mackie began the program with $100,000 of his own money. Since then, there have been several who have made donations to help the project grow and run. In fact, the US Department of Defense has granted $2.79 million so that the group can reach students across the Gulf Shore that are military connected.

The group now reaches kids from all around the New Orleans metro area providing them with weekly science tutorials. The groups will meet virtually, at parks in the area or during and after school programming. So far, the program has helped 125,000 students since its conception.

“We have to get our kids tinkering, building stuff with their hands, critically thinking, asking why it worked, why it didn’t work….. that’s gonna give rise to the mindsets and skills that are needed in the 21st century,” Mackie said.

The new science building will be built on property that was given to the STEM (acronym for science, technology, engineering and math by Oschner Health. The building will house classroom space and tons of up-to-date technology. So far STEM NOLA has not set a date for the groundbreaking.

So far, along with the $1 million from Boeing, the STEM group has been given $1.25 million from WK Kellogg Foundation, $1 million in CARES Act omey and $2 million in state capital outlay funding. The funds given from Boeing has helped with starting the process of fundraising for the building.

“For the children of New Orleans to have access to this type of space, and the type of equipment and this type of technology hopefully from cradle to career. I think we could change the trajectory of many families, if not the community,” says Mackie.

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Changes to the New Orleans Housing Market

A Bucktown resident put their house on the market in January hoping the nice three bedroom home would sell fast after witnessing the explosion of buyers in the housing market since the Pandemic. After sitting on the market for two weeks with no offers Roxanna Campos was surprisingly disappointed.

“I would have thought we’ have multiple offers by now. If we haven’t had any movement in the next week, we might have to rethink things,” said Campos.

Sellers across the country are facing this same situation. They are having to lower their asking prices and agree on concessions to buyers. In 2022 the volume of home sales was down, and homes were sitting on the market longer according to the Gulf South Real Estate Information Network.

Although home prices did keep rising even with the slow down in the market. In fact, the median sale price in the New Orleans metro area was up 7.8% year over year to $277,000. This was up 24% from the pre-pandemic that was reported at $219,400. The biggest drop in pending sales was in outlying Plaquemines, northern St. Tammany, Tangipahoa and the River parishes.

Why is New Orleans seeing a slowdown? This can be blamed on the rising interest rates, high inflation and the big jump in property and flood insurance rates.

“The insurance rates are literally killing deals. I had a quote for a $10,000 premium for property insurance on a 2,800-square-foot house in Metairie. We couldn’t do the deal. The buyer had to walk away from their dream house,” said broker Jiarra Rayford of Rayford Realty.

Even with the total inventory of homes for sale is up due to the cooler market, the home prices in the area are still reflecting the rise. In some areas, like St. Charles Parish, the home prices doubled. Tangipahoa had the biggest increase up 15%, St. Tammany up 11%, Orleans up 5.8%, and Jefferson was up 5.5%.

In the New Orleans metro area, homes that were priced between $224,000- $350,000 sold the quickest. The average days on the market for these homes was around 32 days. Many agents throughout the area are seeing a shift in sellers. They are being a bit more realistic about their pricing.

“It’s not like the market is dead,” Mirambell said. “I had nine offers last week on a house in Old Metairie. Another one in New Orleans had an escalation clause for $40,000 above list price. So, houses that are updated and have a lot of appeal are still flying off the shelf.”

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A New Orleans Riverfront Development Expansion Approved

The development that runs along the riverfront of Ernest N. Morial Convention Center to the Lower Garden District will be expanding. The New Orleans City Council voted unanimously to extend a 47-acre special-zoning distract that allows relaxed height restrictions upriver.

The state owns a good bit of the district but the 16-acre add-on is owned by private owners. This includes property from Orange Street to Celest Street. The owners of this additional portion include Louis Lauricella and Brian Gibbs.

The new plan will also include more affordable housing that was not part of the original development. Now any residential development in the district will have 10% of the units dedicated to people who has an income less than 60% of the area’s median income. In addition, another 10% is set aside for those who do not exceed 120% of the median income.

In the new plan, there will also be a new multipurpose facility that will be located in the parking lot that is right across from the convention center at the Pontchartrain Expressway. Developers would like to see a facility that could potentially house a United Soccer League for New Orleans.

Currently, a great majority of the land is covered with tent encampments. The city wants to develop a plan to help relocate those that are living in tents on the land. “I’ve asked them to study whether or not there’s the feasibility of acquiring a hotel, or some other building to increase housing for people who are unhoused. We have so many abandoned properties, so many abandoned hotels. I think that there’s a possibility of rehabbing those,” explains District B Council member Lesli Harris.

The expanded development will house 900 mixed-income residential units worth around $250 million on the vacant Convention Center land. There will be around 850 apartment/hotel-style units, a hotel with 150 rooms, 400,000 square feet of office space and 140,000 square feet of retail. They will also build a linear park that will help with drainage and add space for public transit facilities.

The plan for the 16-acre parcel that is owned by the two private owners is still up in the air. The owners would like to convert the old power plant into an entertainment venue with a hotel and office space. Harris said this is still being looked at and is debatable whether the plans will be accepted.

“What I would like to do is keep the most impactful activities to the riverside so that it’s not really impeding into the neighborhood,” says Harris.

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A Multimillion-Dollar Tax Break For Plaquemines LNG and Venture Global LNG

Two industrial projects in Plaquemines and Caldwell parishes were granted multimillion-dollar tax breaks which were approved by The Louisiana Board of Commerce and Industry. Venture Global LNG received $29.8 million in payroll rebates for its Plaquemines LNG terminal.

This will be the second state tax break for Plaquemines LNG, the first was in 2016 and was an Industrial Tax Exemption Program. That tax break totaled $83.5 million in the first year of the contract. This was part of the contract they had filed with Louisiana Economic Development which is a state agency. With the new incentive, there will be around 413 new jobs created with a total payroll of $497 million over a 10-year period.

Louisiana Green Fuels plant located in Columbia will be given a break for $33.5 million in property taxes. The Caldwell Parish company is worth around $1.95 billion and will only have to pay around $8.38 million during the first year of its contract with the state. This plant is slated to be operational in 2026.

Company officials say this plant will be used to create renewable diesel. They will convert wood waste into fuel. Five permanent jobs will be created along with 1,050 construction jobs total $248 million total payroll.

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New Project Set To Be in the Old Times-Picayune Building

This project has been in the works for a while now. The site of the former Times-Picayune at 3800 Howard Avenue has been purchased by a couple of Louisiana businessmen who want to revisit the idea of turning the site into a golf-entertainment project.  The project is slated to be up and running by early 2024. 

In 2016 the site was sold to a developer named Joe Jaeger who purchased it for $3.5 million and was set on turning the property into a Drive Shack.  COVID-19 hit and the company that owned the franchise,  Driveshack, fell into financial trouble. The company agreed to a 20-year lease with the developer so he began construction in 2019 only for them to back out of the deal. Since then, the building has sat vacant and crumbling.  The site soon became a dumping ground for tires and other waste.

The site is now owned by brothers Alex and Nick Xaio who want to finish the golf-entertainment venue.  In fact, they are in the works of trying to purchase the plans from Driveshack.  They have now partnered with Flite Golf & Entertainment to complete the project.  The venue will be very much like a Topgolf which combines golf with indoor entertainment along with food and bar services.

“We’ll follow the same format, but we plan to add a little bit more cool stuff to make it different,” says Alex Xiao.  There will be targets on the driving range that will explode when hit from the third tier, and there will be more traditional range on the second tier.  The project will be called 504 Golf and will employ around one hundred.

“The sale of this property is a great step in the right direction. I am excited to have these local entrepreneurs in District B, bringing not only an opportunity for family entertainment but also creating well over 100 jobs in the city,” praises Lesli Harris, Councilmember for District B.