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  #15561  
Old Posted Mar 20, 2019, 8:15 PM
buckett5425 buckett5425 is offline
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Originally Posted by tennis1400 View Post
its called market forces and economics.. you want cheaper housing make it easy to build more... not really rocket science!

I just dont understand the point of it doesnt feel right? why should it matter what feels right to you? Are you the owner ? did you invest your own personal capital into these projects? Just a really pompous thing to assume your views are somehow supposed to be valued in a private, market driven economy! Unless you are personally investing in these projects I dont think anyone is interested in what feels right to you. Frankly, the market can care less!
The Wisnia projects were backed by low interest HUD loans, that require almost no capital, and Fed/State tax credits. That is NOT free market.

The only winner here was Wisnia, who benefited from socialism for the rich and flipped the properties at first chance, pocketing the equity. Again, that is not free market.
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  #15562  
Old Posted Mar 20, 2019, 8:37 PM
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Originally Posted by tennis1400 View Post
its called market forces and economics.. you want cheaper housing make it easy to build more... not really rocket science!

I just dont understand the point of it doesnt feel right? why should it matter what feels right to you? Are you the owner ? did you invest your own personal capital into these projects? Just a really pompous thing to assume your views are somehow supposed to be valued in a private, market driven economy! Unless you are personally investing in these projects I dont think anyone is interested in what feels right to you. Frankly, the market can care less!
This coming from the guy who voted for Trump.
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  #15563  
Old Posted Mar 20, 2019, 9:45 PM
broadmoor broadmoor is offline
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Bus trips from Baton Rouge, New Orleans for 99 cents? New company has unique plan to woo customers



https://www.theadvocate.com/baton_ro...eafc25a4b.html
I would literally pay...50 times that amount to take a train instead. One of these days...
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  #15564  
Old Posted Mar 21, 2019, 1:17 AM
York1 York1 is online now
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I would literally pay...50 times that amount to take a train instead. One of these days...
Not living in New Orleans, I've not heard in quite a while about any plans or dreams of a light rail system to Baton Rouge.

Is that idea completely dead, or is there any movement in plans for that beyond just talk?
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  #15565  
Old Posted Mar 21, 2019, 1:29 AM
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New Orleans is getting another new luxury riverboat in 2020

https://www.nola.com/business/2019/0...t-in-2020.html

American Queen Steamboat Co. will debut a new riverboat in New Orleans in 2020.

American Countess, which is currently being built in Houma, will have room for 245 passengers and offer Mississippi River itineraries, ranging from six to 15 days, according to a news release. The riverboat’s inaugural trip is set for April 2020.







What should Harrah's owe for license renewal? More than $146M House called for, study says

https://www.theadvocate.com/baton_ro...d6b34550e.html

When Harrah’s New Orleans Casino sought a 30-year renewal of its state license to operate last year, the state House asked for too little money, while the Senate demanded too much.

That’s the key finding of a study released Tuesday by a New Orleans consulting firm on a measure that was hotly debated during the 2018 legislative session before failing on the final day.

Extending the license is worth between $266 million and $330 million in current dollars, according to the 132-page study by United Professionals Co., which is part of the Sisung Group.


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  #15566  
Old Posted Mar 21, 2019, 1:37 AM
jjslonaker jjslonaker is offline
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Quote:
Originally Posted by tennis1400 View Post
its called market forces and economics.. you want cheaper housing make it easy to build more... not really rocket science!

I just dont understand the point of it doesnt feel right? why should it matter what feels right to you? Are you the owner ? did you invest your own personal capital into these projects? Just a really pompous thing to assume your views are somehow supposed to be valued in a private, market driven economy! Unless you are personally investing in these projects I dont think anyone is interested in what feels right to you. Frankly, the market can care less!
I'm not trying to get political seeing as to how this is a development forum but this is a pompous statement. Why do we even bother having zoning laws then? I'd rather have neighborhoods with locals that actually live there and add value to our city over a few wealthy folks, half of whom don't even live here, running a fake hotel making things unaffordable. I too have had a pretty big group of friends over the past few years be displaced by STR's in multiple neighborhoods. I don't like seeing all of these apartments downtown and homes elsewhere changing to cater to tourists. If they're having trouble renting units in the CBD after getting tax breaks for housing maybe that should point to over-inflated post Katrina pricing and lower due to your "market forces". Also we all know this, things are harder to build here because this city is historic and unique, and you know what, the reason it still looks the way it does is thanks to preservation and making it hard to build new things. We've have had a bunch of new housing stock added in recent years, especially in the CBD, as we all know, but now it's turning into fake hotels. So I don't see how saying easily build more housing to fix prices, then when that happens and the new housing gets taken away and removed for fake hotels and then going on to imply get over it because of the ~FrEe MaRkEt~ is going to fix anything.

Last edited by jjslonaker; Mar 21, 2019 at 1:48 AM.
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  #15567  
Old Posted Mar 21, 2019, 1:38 AM
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What should Harrah's owe for license renewal? More than $146M House called for, study says

https://www.theadvocate.com/baton_ro...d6b34550e.html

When Harrah’s New Orleans Casino sought a 30-year renewal of its state license to operate last year, the state House asked for too little money, while the Senate demanded too much.

That’s the key finding of a study released Tuesday by a New Orleans consulting firm on a measure that was hotly debated during the 2018 legislative session before failing on the final day.

Extending the license is worth between $266 million and $330 million in current dollars, according to the 132-page study by United Professionals Co., which is part of the Sisung Group.


[/QUOTE]


Curious to see what becomes of this, do y'all think the state should put out a bid to different casino brands?
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  #15568  
Old Posted Mar 21, 2019, 4:20 AM
FenderOz FenderOz is offline
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Originally Posted by buckett5425 View Post
The Wisnia projects were backed by low interest HUD loans, that require almost no capital, and Fed/State tax credits. That is NOT free market.

The only winner here was Wisnia, who benefited from socialism for the rich and flipped the properties at first chance, pocketing the equity. Again, that is not free market.
While I agree here on a personal level, and I've made my issues with STRs clear on this forum before, to my knowledge Wisznia followed the rules. One can blame the rule-makers, sure, but to blame Wisznia is like blaming someone who hires a good accountant to reduce their tax obligations as much as possible. Now if I'm wrong and rules were broken, I'd assume the state/Fed govts could sue and get some money back...

On the bright side, even though I don't like all of these STRs and hotels displacing apartments, we did redevelop the properties and add commerce to parts of downtown that used to be blighted, empty, and depressing. On the not so bright side, it's tourist traffic and the city seems no more better off to the locals who live here. Just one step closer to achieving the "DisneyLandrieu" status we used to joke about.
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  #15569  
Old Posted Mar 21, 2019, 12:05 PM
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Originally Posted by sooperpaz View Post
This coming from the guy who voted for Trump.
Omg you are so clever and really told me !
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  #15570  
Old Posted Mar 21, 2019, 12:10 PM
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Quote:
Originally Posted by jjslonaker View Post
What should Harrah's owe for license renewal? More than $146M House called for, study says

https://www.theadvocate.com/baton_ro...d6b34550e.html

When Harrah’s New Orleans Casino sought a 30-year renewal of its state license to operate last year, the state House asked for too little money, while the Senate demanded too much.

That’s the key finding of a study released Tuesday by a New Orleans consulting firm on a measure that was hotly debated during the 2018 legislative session before failing on the final day.

Extending the license is worth between $266 million and $330 million in current dollars, according to the 132-page study by United Professionals Co., which is part of the Sisung Group.



Curious to see what becomes of this, do y'all think the state should put out a bid to different casino brands?[/QUOTE]


Personally i havent been impressed with how harrahs has managed the casino so far , so ideally would like to see multiple bidders. Even if we eneded up with harrahs at the end of the process my guess is it would still result in a much better offer for us especially from a development perspective. Whoever wins the bid it should require a certain amount if investment in the property or deal is canceled. No false promises! Either that or allow a second land based casino to anchor the power plant building on the river


That said ... reading the article i fully expect the state will renew their lease and demand some investments as well as the state will leaglize sports betting for them
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Last edited by tennis1400; Mar 21, 2019 at 12:24 PM.
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  #15571  
Old Posted Mar 21, 2019, 12:23 PM
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Quote:
Originally Posted by buckett5425 View Post
The Wisnia projects were backed by low interest HUD loans, that require almost no capital, and Fed/State tax credits. That is NOT free market.

The only winner here was Wisnia, who benefited from socialism for the rich and flipped the properties at first chance, pocketing the equity. Again, that is not free market.
There are rules and regulations he followed to redevelop the property. He still took a risk to redevelop the Saratoga which many people may not appreciate now but at the time that area was a literal no mans land. The incentives the government offered helped to spearhead redevelopment of that portion of the CBD. So tax incentives were used to encourage the free market to take chances on that area of town and it paid off longterm for the city.
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  #15572  
Old Posted Mar 21, 2019, 1:09 PM
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608 Harrison Ave, 606 Harrison ave ·New Construction · Ref Code:A1547K
Download (7) Print Summary Submit Add to Watch List
Type:
New Construction
Applicant:
Tracie Medus
Status:
Application Submitted
Date Filed:
3/20/2019
Closed:
No
Description:
606-608 Harrison ave was combined into one piece of land. 606 Harrison ave is exsisting mixes use tri-plex. Changing stairs in front and 608 is a lot to be built on for mixed use.






1000 Block of Canal:









Hard Rock Hotel:











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  #15573  
Old Posted Mar 21, 2019, 1:21 PM
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Canal Crossing :










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  #15574  
Old Posted Mar 21, 2019, 3:21 PM
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McShane Place Mixed-Use Development
Site work, paving and new construction of a mixed-use development in New Orleans, Louisiana. Working plans call for the construction of a 11-unit multi-residential development; retail development; and one-unit residential development.
Plans call for the construction of a 3-story single family home, a one story multi-residential development, and a 3-story mixed-use building.






426 Gravier St·Renovation (Structural) · Ref Code:5U18DV
Print Summary Submit Add to Watch List
Type:
Renovation (Structural)
Applicant:
Verges Rome Architects
Status:
Application Submitted
Date Filed:
3/15/2019
Closed:
No
Description:
CBD HDLC ARC submittal for interior renovation to existing 3 story structure for conversion to apartments, and proposed mezzanine addition over partial 3rd floor.






535 Gravier St: Semple Brown, applicant; 535 Gravier LLC, 535 Gravier LLC, owner; Removal of
existing storefront and canopy and installation of new storefront on Gravier St. side of
building
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  #15575  
Old Posted Mar 21, 2019, 5:35 PM
Nickapedia Nickapedia is offline
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Quote:
Originally Posted by buckett5425 View Post
The Wisnia projects were backed by low interest HUD loans, that require almost no capital, and Fed/State tax credits. That is NOT free market.

The only winner here was Wisnia, who benefited from socialism for the rich and flipped the properties at first chance, pocketing the equity. Again, that is not free market.
Availing oneself of all of the means of financing possible is a rational course of action. The federal and state historic tax credit are publicly available programs that are available to anyone whose renovation meets the program requirements. You dont need a license or a college degree to be a developer, anyone is free to try to redevelop any property they like. That isnt socialism for the wealthy. You may not like the historic tax credits but you cannot blame the developer for using them. I would also argue that the credits have done amazing things for this city. without them, half the buildings in downtown new orleans would still be vacant. I would hope most people would see the benefit to the city for not only returning those buildings to commerce to rejoin the tax rolls, provide jobs and/or housing and a host of other benefits but also the negative impact that blight can have on a community. It is also unfair to blame developers for letting property go (or flipping as you called it). All investments (and yes whenever you have to raise $$ from other people then you have to at the very least partially view houses/apartments etc as investments) need to have an exit strategy. Owners and investors cannot be forced to stay in investments in perpetuity so yea, Wiznia was always going to get out at some point. Not to mention that Wiznia may be gone from the maritime and saratoga, but the City is left with a tax paying assets (whereas before wiznia it had two blighted liabilities) and wiznia has the capital it needs to build steven's garage and the two saints co-living apartment building (if neighbors dont block it from happening). The two saints co-living project is a market driven attempt to tackle affordable housing in New Orleans, so the city comes out even further ahead in the long run with more housing and more jobs and thus the virtuous cycle continues. Economics is not a zero sum game.
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  #15576  
Old Posted Mar 21, 2019, 7:17 PM
buckett5425 buckett5425 is offline
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Originally Posted by Nickapedia View Post
Availing oneself of all of the means of financing possible is a rational course of action. The federal and state historic tax credit are publicly available programs that are available to anyone whose renovation meets the program requirements. You dont need a license or a college degree to be a developer, anyone is free to try to redevelop any property they like. That isnt socialism for the wealthy. You may not like the historic tax credits but you cannot blame the developer for using them. I would also argue that the credits have done amazing things for this city. without them, half the buildings in downtown new orleans would still be vacant. I would hope most people would see the benefit to the city for not only returning those buildings to commerce to rejoin the tax rolls, provide jobs and/or housing and a host of other benefits but also the negative impact that blight can have on a community. It is also unfair to blame developers for letting property go (or flipping as you called it). All investments (and yes whenever you have to raise $$ from other people then you have to at the very least partially view houses/apartments etc as investments) need to have an exit strategy. Owners and investors cannot be forced to stay in investments in perpetuity so yea, Wiznia was always going to get out at some point. Not to mention that Wiznia may be gone from the maritime and saratoga, but the City is left with a tax paying assets (whereas before wiznia it had two blighted liabilities) and wiznia has the capital it needs to build steven's garage and the two saints co-living apartment building (if neighbors dont block it from happening). The two saints co-living project is a market driven attempt to tackle affordable housing in New Orleans, so the city comes out even further ahead in the long run with more housing and more jobs and thus the virtuous cycle continues. Economics is not a zero sum game.

I've participated in several HUD projects, it goes without saying it is a giveaway to the wealthy. That said, with a little know how, *anyone* can apply for HUD financing, however only those with means would possess the skills to do so. I would argue it's one of the quickest ways to build wealth and would recommend it to all.

It is logical a developer would use any legal funding available to them. My issue is with the use of HUD financing and to be honest, the program as a whole. HUD socializes the risk associated with a project and in return, the project is expected to benefit the public in several ways, some of which you've described. Wisznia promoted his projects in this manner, but the projects didn’t live up to his promises. First, Wisznia turned away prospective tenants and converted a majority of the units to STR's, an action prohibited with a federally backed mortgage. Secondly, Wisznia promised to bring residential units to downtown and even with an exit strategy, its presumed these units will remain as part of the local housing stock. Instead, the buildings are being converted to hotels. Was this the best use of the HUD program? Would HUD have invested in the project if after ten years it was aware the buildings would become hotels? Was this the highest and best use for the public and city? I don't think it is.

When projects are evaluated only on the basis that they "create jobs" or are "a tax paying asset" it DOES feel like a zero sum game. I applaud the development happening in the CBD, however I think it's fair to feel that these particular deals left the community cheated, especially considering the projects were sold as benefiting the community in more ways than simply generating taxes.

For the record, I support federal and state historic tax credits. My earlier reply was to point out to another commenter that there was more at work here than *just* the free market.

I typically avoiding sharing my thoughts on this forum to avoid conversations like this, but thank you for the response and challenging my opinion.
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  #15577  
Old Posted Mar 21, 2019, 7:45 PM
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Hard Rock Hotel facade just passed my house....so clearly thats about to start going on




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  #15578  
Old Posted Mar 22, 2019, 12:34 AM
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Ugh what an ugly project. I was hoping it would get better with the change to Hard Rock, but they kept the design.
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  #15579  
Old Posted Mar 22, 2019, 4:23 AM
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LSU moves forward with new $100 million Mid-City housing complex for med students
https://www.theadvocate.com/new_orle...49e566da7.html

Pretty massive project - 600 beds of student housing at the corner of Poydras and Galvez. They own a couple of other lots right next to this, would be nice if they worked with the developer to bring some additional housing and maybe retail and hotel to that strip of Poydras. Something like a slightly less luxury South Market would be great near the med school and hospitals.
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  #15580  
Old Posted Mar 22, 2019, 12:59 PM
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Originally Posted by sooperpaz View Post
This coming from the guy who voted for Trump.
My 401K is doing just fine. So take your political BS somewhere else. Thanks.
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