demographic and economic baseline report-appendix

8/7/2019 Demographic and Economic Baseline Report-Appendix

1/80

BIODISTRICT

NEW ORLEANS

Demographic and Economic

Baseline Report

Appendix


2/80

DEMOGRAPHIC AND ECONOMIC BASELINE REPORT - APPENDIX

TABLE OF CONTENTS

Introduction 1

Executive Summary 2

Geographic Defnitions 5

Population 7

A New Housing Typology 9

Prison and Public Housing Populations 10

Geography o Population Recovery 11

Population Projections 13

Households 17 Households in Public Housing 18

Average Household Size 18

Income 21

Per Capita Income 22

Disaggregation o Households by Income Tranche 22

Age o Residents 25

Household Retail Expenditures 27

Housing Units and Housing Value 29

Owner/Renter Breakdown 31

Vacant Housing Units and Properties 32

Residential Real Estate 34

Recent trends in Sales and Rentals 34

Current Units Available or Sale 35

Residential Rental Market 37

Pending Residential Developments 41

Retail Establishments 43

Retail Occupancy and Rental Data 45

New and Proposed Retail Developments 46


3/80

DEMOGRAPHIC AND ECONOMIC BASELINE REPORT - APPENDIX

Restaurants and Bars 49

Commercial Real Estate 51

Occupancy and Price Points Class A Ofces 51

Medical Ofce Space 53

Warehouse and Industrial Space 54

Laboratory Space 55

Pending Commercial Development 55

Hospitality and Special Events 59

Inventory o Hotels 59

Extended Stay Hotels 61

Hotel Occupancy, Room Rates, and Revenues 61

Pending Hotel Developments 62

Conventions and Major Cultural Events 62

Major Institutions 65

Educational Institutions 65

NIH and Venture Capital Funding 66

Healthcare Institutions 69

Other Institutions 70

Employment 73

Employment by Industry 74

Employment and Institutional Employment 76

Conclusion 79


4/80

Page 1

Appendix: BioDistrict New Orleans Data Collection

BIODISTRICT NEW ORLEANS DATA COLLECTION

This document includes the complete inventory of demographic, economic, real estate, and other

data that have been synthesized into the Demographic and Economic Baseline Report, produced

by GCR. These data are also being compiled into a single electronic database, to be submitted to

the BioDistrict.

Each table includes a citation and/or notes about the source material for the data. For more de-

tailed information on the methodologies that were utilized or GCRs reasons for consulting certain

data sources, please contact Rafe Rabalais at [email protected]. Mr. Rabalais, the project

manager for this research, will be able to provide much more detailed explanations than could rea-

sonably be provided within this document.

The many disparate data elements are grouped into a number of discrete categories as illustrated in

the table of contents below:

Map o BioDistrict New Orleans and BioDistrict Expanded Area...5

Population and Households: Population, City o New Orleans: 2000 2010...7

Estimated Population, BioDistrict: 2000 2010...7

Estimated Population, BioDistrict Expanded Area: 2000 2010...7

Group Quarters Population, BioDistrict: 2000 2010...7

Group Quarters Population, BioDistrict Expanded: 2000 2010...8

Population/Household Projections, City o New Orleans: 2011 2020...8

Population/Household Projections, BioDistrict: 2011 2017...9

Population/Household Projections, BioDistrict Expanded: 2011 2017...9

Estimated Households, City o New Orleans: 2000 2010...10

Estimated Households, BioDistrict: 2000 2010...10

Estimated Households, BioDistrict Expanded Area: 2000 2010...10

Average Household Size, City o New Orleans, BioDistrict, BioDistrict Expanded...10

Age: Population by Age, City o New Orleans: 2000 2008...11

Population by Age, BioDistrict: 2000 2010...11

Population by Age, BioDistrict Expanded: 2000 2010...11

Income: Median Household Income, City o New Orleans: 2000 2010...13

Median Household Income, BioDistrict: 2000 2010...13

Median Household Income, BioDistrict Expanded Area: 2000 2010...13


5/80

Page 2


Households by Income, City o New Orleans: 2000 2010...13

Households by Income, BioDistrict: 2000 2010...13

Households by Income, BioDistrict Expanded Area: 2000 2010...14

Per Capita Income, BioDistrict: 2000 2010...14

Per Capita Income, BioDistrict Expanded: 2000 2010...14

Retail Spending: Household Retail Spending, City o New Orleans: 2000 2010...15

Household Retail Spending, BioDistrict: 2000 2010...15

Household Retail Spending, BioDistrict Expanded: 2000 2010...15

Residential Real Estate: Summary Housing Characteristics, City o New Orleans: 2000 2014...17

Summary Housing Characteristics, BioDistrict: 2000 2014...18

Summary Housing Characteristics, BioDistrict Expanded: 2000 2014...19

Owner/Renter Breakdown, BioDistrict: 2000 2010...20Owner/Renter Breakdown, BioDistrict Expanded: 2000 2010...20

Summary o Homes Listed For Sale, BioDistrict and Expanded Area: May, 2010...20

Survey o Homes Listed For Sale, BioDistrict and Expanded Area: May, 2010...21-23

Map o Residential For Sale Properties, BioDistrict and Expanded Area: May, 2010...24

Residential Sales and Price Data, New Orleans and MLS Sub-Areas: 2000 2009...24

Map o MLS Residential Sub-Areas...25

Rental Market Summary Data, New Orleans and Sub-Areas: 2000 2009...25

Prole o Large Multi-Family Structures, BioDistrict and Expanded Area: 2010...26

Survey o Apartments For Rent, BioDistrict: 2010...27

Survey o Apartments For Rent, BioDistrict Expanded: 2010...28-30Pending Residential Developments, BioDistrict and Expanded Area: 2010...31-32

Residential Case Studies...33-36

Commercial Real Estate: Summary o New Orleans Downtown and Medical Oce Market: 2000 2010...37

Survey o Commercial Oce Properties, BioDistrict: 2010...37

Survey o Commercial Oce Properties, BioDistrict Expanded Area: 2010...38-40

Pending Major Commercial Developments: 2010...41

Retail Inventory and Profle: Summary o Retail Establishments by Type, Square Footage, and Sales, BioDistrictand Expanded Area: 2010...43

Retail Occupancy and Rental Rates, New Orleans and Sub-Areas: 2000 2009...44

Inventory o New and Proposed Retail Developments, BioDistrict and Expanded Area: 2010...45

Case Studies o New and Proposed Retail Developments, BioDistrict and Vicinity: 2010...46-48


6/80

Page 3


Key Institutional Data:

Health Care and Educational Institutions Within BioDistrict: 2010...49

Other Major Institutions Within BioDistrict: 2010...50

Hospitality:

Summary o Hotel Inventory, BioDistrict, Expanded Area, and New Orleans: 2010...51

Hotel Occupancy, Rates, and Revenues, New Orleans: 2005 2009...51

Occupancy Rates by Month, New Orleans: 2008...51

Survey o Hotels, New Orleans, BioDistrict, and Expanded Area: 2010...52-54

Survey o Long-term Stay Hotels, New Orleans, BioDistrict, and Expanded Area: 2010...55

Pending Hotel Developments, BioDistrict and Expanded Area: 2010...55

Map o Hotel Locations, BioDistrict and Expanded Area: 2010...56

Medical and Health Care Meetings and Conerences, New Orleans: 2004 2010...56-65

Superdome and New Orleans Arena, Events and Attendance: 2009...65

Industrial Real Estate:Inventory o Industrial/ Warehouse Space, BioDistrict and Expanded Area: 2010...67-68

NIH and Venture Capital Funding:NIH Grant Funding, Top Cities in the United States: Fiscal Year 2009...69-70

NIH Grant Funding, Top Cities in the United States: Fiscal Year 2005...71-72

Venture Capital Funding by State: 2009 2010...73-74

Employment:Total employment, BioDistrict and Expanded Area: 2008, 2009, and 2010...75

Employment by industry, BioDistrict and Expanded Area: 2008 and 2009...75-76


7/80

Page 4



8/80

Page 5


Map o BioDistrict Area and Expanded Area


9/80

Page 6



10/80

Page 7


POPULATION AND HOUSEHOLDS:

Population, City o New Orleans: 2000 2010

Source: Census Bureau and GCR & Associates (2010)

Note: 2010 estimate is rom March 1, 2010; 2000 gure is rom April 1, 2000; all other estimates are rom July 1

Estimated Population, BioDistrict: 2000 2010

Source: Census Bureau, GCR & Associates, and construction updates rom Orleans Parish Criminal Sheris OceNote: 2010 estimate is rom March 1, 2010; 2000 gure is rom April 1, 2000; all other estimates are rom July 1

Estimated Population, BioDistrict Expanded Area: 2000 2010

Source: Census Bureau, GCR & Associates, construction updates rom Orleans Parish Criminal Sheris Oce, and estimates rom HANO (Housing Authority o NewOrleans)Note: 2010 estimate is rom March 1, 2010; 2000 gure is rom April 1, 2000; all other estimates are rom July 1Note: BioDistrict Expanded Area includes the entirety o BioDistrict itsel

Group Quarters Population, BioDistrict: 2000 2010

Sources: 2000 total is rom the Census 2000 block data; 2005 applies the citywide percentage decline in population rom 2000 to the 2000 block le estimates2010 estimate is based on utility estimates or the non-corrections population. Assumption is that remainder o the group quarters population is the same as in 2005(excepting the prison population) based on recovery o Xavier University and assumptions regarding the recovery o other small group quarters acilities. Prison esti-

mates are rom Orleans Parish Criminal District Sheris Oce construction estimates


11/80

Page 8


Group Quarters Population, BioDistrict Expanded: 2000 2010

Sources: 2000 total is rom the Census 2000 block data; 2005 applies the citywide percentage decline in population rom 2000 to the 2000 block le estimates2010 estimate is based on utility estimates or the non-corrections population. Assumption is that remainder o the group quarters population is the same as in 2005(excepting the prison population) based on recovery o Xavier University and assumptions regarding the recovery o other small group quarters acilities. Prison esti-mates are rom Orleans Parish Criminal District Sheris Oce construction estimatesNote: BioDistrict Expanded Area includes the entirety o BioDistrict itsel

Population/Household Projections, City o New Orleans: 2011 2020

Sources: 2000 Census; Census population estimates (2005); GCR population estimate (2010); projection scenarios completed by GCR; scenario 1 was originallyprepared in spring 2008, while scenario 2 was prepared in spring 2009 using an alternate methodology; both scenarios have been reviewed by GCR or accuracy andrelevance; projections deemed most accurate have been includedNote: Size o typical HH and ratio o Population to HH has likely shited since 2000, although nature and scale o the shit are unknown; residential displacement; demo-

graphic change (e.g. loss o public housing and ewer children) could modiy this n umber


12/80

Page 9


Population/Household Projections, BioDistrict: 2011 2017

Sources: 2000 Census; Census population estimates (2005); GC R population estimate (2010); projection scenarios completed by GCR; scenario 1 was originally pre-pared in spring 2008; a scenario 2 was prepared or a citywide population total but not or small area projections; scenario 1has been reviewed by GCR or accuracy andrelevance; projections deemed most accurate have been includedNote: Size o typical HH and ratio o Population to HH may shit ater 2010, although nature and scale o the shit are unknown; residential displacement; demographicchange (e.g. loss o public housing and ewer children) could modiy this number

Population/Household Projections, BioDistrict Expanded: 2011 2017

Sources: 2000 Census; Census population estimates (2005); GC R population estimate (2010); projection scenarios completed by GCR; scenario 1 was originally pre-pared in spring 2008; a scenario 2 was prepared or a citywide population total but not or small area projections; scenario 1 has been reviewed by GCR or accuracy andrelevance; projections deemed most accurate have been includedNote: Size o typical HH and ratio o Population to HH may shit ater 2010, although nature and scale o the shit are unknown; residential displacement; demographicchange (e.g. loss o public housing and ewer children) could modiy this numberNote: BioDistrict Expanded Area includes the entirety o BioDistrict itsel


13/80

Page 10


Estimated Households, City o New Orleans: 2000 2010

Source: Census Bureau and GCR & Associates (2010)Note: 2010 estimate is rom March 1, 2010; 2000 gure is rom April 1, 2000; all other estimates are rom July 1

Estimated Households, BioDistrict: 2000 2010

Source: Census Bureau and GCR & AssociatesNote: 2010 estimate is rom March 1, 2010; 2000 gure is rom April 1, 2000; all other estimates are rom July 1Note: Total number o households does not include individuals in prison, as prison population is not considered a household population.

Estimated Households, BioDistrict Expanded Area: 2000 2010

Source: Census Bureau and GCR & AssociatesNote: 2010 estimate is rom March 1, 2010; 2000 gure is rom April 1, 2000; all other estimates are rom July 1Note: Total number o households does not include individuals in prison, as prison population is not considered a household population.

Average Household Size, City o New Orleans, BioDistrict, BioDistrict Expanded

Source: Census Bureau, GCR & AssociatesNote: BioDistrict Expanded Area includes the entirety o BioDistrict itsel


14/80

Page 11


AGE:

Source: Census BureauNote: American Community Survey data have not yet been released or 2009 and 2010.Also note that the population totals are rom the American Community Survey (ACS). Given the tremendous discrepancy between the Census population estimates andcorresponding ACS population estimates, these numbers provide an accurate representation o the age composition o New Orleans population rather than the rawpopulation in each age category. GCR believes the ACS estimate o total population is overly conservative.

Population by Age, City o New Orleans: 2000 2008

Population by Age, BioDistrict: 2000 2010

Source: Census Bureau

Source: Census Bureau and GCR & AssociatesNote: BioDistrict Expanded Area includes the entirety o BioDistrict itsel

Population by Age, BioDistrict Expanded: 2000 2010


15/80

Page 12



16/80

Page 13


INCOME:

Source: Census BureauNote: American Community Survey data have not yet been released or 2009 and 2010. We assume no increase in median income rom 2008 given the national eco-nomic slowdown and stagnation in median household income at the national levelNote: Income gure does not include individuals in prison, as prison population is not considered a household population.

Source: Census Bureau and GCR & AssociatesNote: American Community Survey data have not yet been released or 2009 and 2010. We assume no wage infation rom 2008 given the national economic slowdownNote: Income gure does not include individuals in prison, as prison population is not considered a household population.

Median Household Income, City o New Orleans: 2000 2010

Median Household Income, BioDistrict: 2000 2010

Source: Census Bureau, GCR & Associates, and public housing gures rom Housing Authority o New Orleans (HANO)Note: American Community Survey data have not yet been released or 2009 and 2010. We assume no wage infation rom 2008 given the national economic slowdownNote: Income gure does not include individuals in prison, as prison population is not considered a household population.Note: BioDistrict Expanded Area includes the entirety o BioDistrict itsel

Median Household Income, BioDistrict Expanded Area: 2000 2010

Source: Census BureauNote: American Community Survey data have not yet been released or 2009 and 2010. We assume no wage infation rom 2008 given the economicAlso note that the household totals are rom the American Community Survey (ACS). Given the tremendous discrepancy between the Census population estimates andcorresponding ACS household estimates, these numbers provide an accurate representation o the income composition o New Orleans households rather than the rawnumber o households in each income category. GCR believes the ACS estimate o total household is overly conservative.Note: Income gures does not include individuals in prison, as prison population is not considered a household population.

Households by Income, City o New Orleans: 2000 2010

Source: Census Bureau and GCR & AssociatesNote: American Community Survey data have not yet been released or 2009 and 2010. We assume no wage infation rom 2008 given the economic slowdownNote: Income gures does not include individuals in prison, as prison population is not considered a household population.

Households by Income, BioDistrict: 2000 2010


17/80

Page 14


Source: Census Bureau, GCR & Associates, and public housing estimates urnished to the Times PicayuneNote: American Community Survey data have not yet been released or 2009 and 2010. We assume no wage infation rom 2008 given the economic slowdownNote: Income gures does not include individuals in prison, as prison population is not considered a household population.Note: BioDistrict Expanded Area includes the entirety o BioDistrict itsel

Households by Income, BioDistrict Expanded Area: 2000 2010

Source: Census Bureau and GCR & AssociatesNote: American Community Survey data have not yet been released or 2009 and 2010. We assume no wage infation rom 2008 given the national economic slowdownNote: Income gure does include individuals in prison, as prison population is part o the overall population o the District.

Per Capita Income, BioDistrict: 2000 2010

Source: Census Bureau and GCR & AssociatesNote: American Community Survey data have not yet been released or 2009 and 2010. We assume no wage infation rom 2008 given the national economic slowdownNote: Income gure does include individuals in prison, as prison population is part o the overall population o the Expanded area.Note: BioDistrict Expanded Area includes the entirety o BioDistrict itsel

Per Capita Income, BioDistrict Expanded: 2000 2010


18/80

Page 15


RETAIL SPENDING:

Source: Consumer Spending data are derived rom the 2005 and 2006 Consumer Expenditure Surveys, Bureau o Labor Statistics; data extrapolated by year and geog-raphy by ESRI; adjusted to median houshold income by GCR & A ssociatesNote: Retail categories are not mutually exclusive and, thereore, will not sum to 100%

Household Retail Spending, City o New Orleans: 2000 2010

Source: Consumer Spending data are derived rom the 2005 and 2006 Consumer Expenditure Surveys, Bureau o Labor Statistics; data extrapolated by year and geog-raphy by ESRI; adjusted to median houshold income by GCR & A ssociatesNote: Retail categories are not mutually exclusive and, thereore, will not sum to 100%

Household Retail Spending, BioDistrict: 2000 2010


19/80

Page 16


Source: Consumer Spending data are derived rom the 2005 and 2006 Consumer Expenditure Surveys, Bureau o Labor Statistics; data extrapolated by year and geog-raphy by ESRI; adjusted to median houshold income by GCR & AssociatesNote: Retail categories are not mutually exclusive and, thereore, will not sum to 100%Note: BioDistrict Expanded Area includes the entirety o BioDistrict itsel

Household Retail Spending, BioDistrict Expanded: 2000 2010


20/80

Page 17


RESIDENTIAL REAL ESTATE:

Source: U.S. Census and ESRI Business Analyst Online.

Summary Housing Characteristics, City o New Orleans: 2000 2014


21/80

Page 18


Source: U.S. Census and ESRI Business Analyst Online. Data based on Census-designated Block Groups most representative o the BioDistrict boundaries.Note: These estimates are based on Census Block Group, rather than Block, data. The aggregate estimates or the number o housing units within the District are lessprecise than those presented in the table showing the breakdown o owners and renters.

Summary Housing Characteristics, City o New Orleans: 2000 2014


22/80

Page 19


Source: U.S. Census and ESRI Business Analyst Online. Data based on Census-designated Block Groups most representative o the BioDistrict Expanded Areaboundaries.Note: These housing gures are or the Expanded Area ALONE and do NOT include the BioDistrict itsel.Note: These estimates are based on Census Block Group, rather than Block, data. The aggregate estimates or the number o housing units within the District are lessprecise than those presented in the table showing the breakdown o owners and renters.

Summary Housing Characteristics, BioDistrict Expanded: 2000 2014


23/80

Page 20


Source: Census Bureau, GCR & Associates

Source: Census Bureau, GCR & AssociatesNote: BioDistrict Expanded Area includes the entirety o BioDistrict itsel

Source: GCR & Associates, Inc. based on MLS listings; data collected May 2010Note: Data or the Buer/Expanded Area are or that area ALONE and do NOT include Properties For Sale within the BioDistrict itsel

Owner/Renter Breakdown, BioDistrict: 2000 2010

Owner/Renter Breakdown, BioDistrict Expanded: 2000 2010

Summary o Homes Listed For Sale, BioDistrict and Expanded Area: May, 2010


24/80

Page 21


Source: GCR & Associates, Inc. based on MLS listings; data collected May 2010

Survey o Homes Listed For Sale, BioDistrict and Expanded Area: May, 2010


25/80

Page 22



Survey o Homes Listed For Sale, BioDistrict and Expanded Area: May, 2010 (Continued)


26/80

Page 23



Survey o Homes Listed For Sale, BioDistrict and Expanded Area: May, 2010 (Continued)


27/80

Page 24


Source: University o New Orleans, Institute or Economic Development and Real Estate Research, New Orleans Metropolitan Real Estate Market Analysis, publishedannually.

Map o Residential For Sale Properties, BioDistrict and Expanded Area: May, 2010

Residential Sales and Price Data, New Orleans and MLS Sub-Areas: 2000 2009


28/80

Page 25


Source: Metro New Orleans Real Estate, retrieved June 1, 2010, http://www.metro-new-orleans.com/index.html

Source: University o New Orleans, Institute or Economic Development and Real Estate Research, New Orleans Metropolitan Real Estate Market Analysis, publishedannually.Note: Refected changes rom year to year may be attributed to variations in reported inormation and survey participants rather than changes in market condition.2005 data not available due to Hurricane Katrina; data excludes townhomes and single amily homes or rent1 Includes recent introduction o Saulet Apartments, 400 units in lease-up at time o survey

Map o MLS Residential Sub-Areas

Rental Market Summary Data, New Orleans and Sub-Areas: 2000 2009


29/80

Page 26


Sources:Low Income Housing Tax Credit (LIHTC) and Community Development Block Grant (CDBG) data based on Louisiana Housing Finance Agency Pipeline Report, January 2010Road Home (RH) Small Rental data provided by Louisiana Recovery Authority, February, 2010Section 8 (S8) data provided by the Housing Authority o New Orleans (HANO), March 2010Data or non-subsidized units provided by GCR & Associates, Inc. based on surveys o rental listings conducted between May 10 and May 25, 2010. Listings includeLatter & Blum, Craigslist, and area property management companies.

Prole o Large Multi-Family Structures, BioDistrict and Expanded Area: 2010


30/80

Page 27


Sources:Low Income Housing Tax Credit (LIHTC) and Community Development Block Grant (CDBG) data based on Louisiana Housing Finance Agency Pipeline Report, January 2010Road Home (RH) Small Rental data provided by Louisiana Recovery Authority, February, 2010Section 8 (S8) data provided by the Housing Authority o New Orleans (HANO), March 2010Data or non-subsidized units provided by GCR & Associates, Inc. based on surveys o rental listings conducted between May 10 and May 25, 2010. Listings includeLatter & Blum, Craigslist, and area property mgmnt companies.

Survey o Apartments For Rent, BioDistrict: 2010


31/80

Page 28



Survey o Apartments For Rent, BioDistrict Expanded: 2010


32/80

Page 29



Survey o Apartments For Rent, BioDistrict Expanded: 2010 (Continued)


33/80

Page 30



Survey o Apartments For Rent, BioDistrict Expanded: 2010 (Continued)


34/80

Page 31


Source: GCR & Associates

Pending Residential Developments, BioDistrict and Expanded Area: 2010


35/80

Page 32



Pending Residential Developments, BioDistrict and Expanded Area: 2010 (Continued)


36/80

Page 33


Residential Case Studies BioDistrict and Expanded Area

Case Studies Subsidized Rentals

200 CarondeletDowntown mixed income housing (60/40 market/aordable)rehab o 1929 skyscraper with 24 stories. Many original artdeco eatures remain including marble lobby, brass doors andlimestone aade. Building amenities include tness center,community lounge, controlled entrance, wi and billiards room.Unit eatures include stainless steel appliances, granite counters,tile fooring, custom window coverings.

Total Units: 190Financing: LIHTC and CDBGDevelopment Cost: $60 milRent: $1100 or 1 BR

Falsta Apartments

Redevelopment o historic Falsta Brewery into mixed incomeapartments. Building eatures include rootop terrace, o-streetparking, wi, community room and computer lab.

Total Units: 147Financing: LIHTC, CDBG and historic tax creditsDevelopment Cost: $30 milRent: $740 or 1 BR

The Crescent ClubNew construction, mixed income development along TulaneCorridor. Building eatures include swimming pool, BBQ area,tness center, business center, clubhouse and o-street parking.

Units include upgraded cabinetry, appliances, in-unit W/D andpatios.

Total Units: 228Financing: LIHTC and CDBGDevelopment Cost: $50 milRent: $1035 or 1 BR

The PreserveNew construction, mixed income development at north endo Tulane Corridor. Building eatures include pool, tnesscenter, outdoor recreation areas with BBQ, business center andclubhouse. Unit eatures include slate fooring, upgraded cabinets

and appliances, patios and in-unit W/D.

Total Units: 183Financing: LIHTC and CDBGDevelopment Cost: $40.6 milRent: $950 or 1 BR


37/80

Page 34


Residential Case Studies BioDistrict and Expanded Area (Continued)

Case Studies Market Rentals

American Can ApartmentsHistoric conversion o ormer warehouse in Mid-City neighborhood.1, 2, and 3 bedrooms oered ranging rom 600-1500 sq.t.Building amenities include pool, sundeck, clubroom, tnesscenter, business center and doorman. Limited number o units areincome restricted.

Construction Cost: N/ARent: $1,000/month or 1 BRTotal Units: 268

925 Common14-story high rise in CBD. Includes long-term and corporateleases. Unit Amenities include stainless steel appliances, granitecounters, high ceilings. Building eatures include tness center,

business center, doorman, valet parking, secured entry, reeinternet.

Construction Cost: N/ARent: $1100/month or 1 BRTotal Units: 108

Union Lots (334 Carondolet)Recently constructed conversion o WPA-era Western Unionbuilding consisting o ull-urnished units in classic mid-centurydesign.Units include concrete foors, granite counters, designatedparking. Community eatures include rootop deck, hot tub and

Japanese garden, tness center, club room and wireless.

Construction Cost: N/ARent: $1,600 or 1 BRTotal Units: 33Civic Lots (547 Baronne)Conversion o 100-year old warehouse. Unit eatures includeoriginal hardwood foors, exposed brick, stainless steelappliances, high ceilings, exposed ductwork. Building amenitiesinclude swimming pool, tness center, rootop lounge and terrace,onsite parking, controlled access.

Construction Cost: $16 milRent: $1275 or 1BRTotal Units: 72


38/80

Page 35



Case Studies Market Rentals (Continued)

Case Studies Condos

930 PoydrasNew construction o 37 foor building. Modern architecture withsky lobby, a mid-level public entertainment space with cityviews. Building amenities include rootop saltwater pool, coeeand tea center, sundeck, tness center, clubhouse, securedentry, on-site parking, LEED certied. Unit eatures include10-oot ceilings, concrete foors, foor-to-ceiling windows, customcabinetry.

Construction Cost: $65 millionRent: $1250 or 1 BRTotal Units: 250

625 St. Charles Ave. CondosHigh end development constructed in 2002. One o the ew newconstruction projects in the Warehouse District as opposed to aconversion project. Building is comprised o 37 units within elevenstories. Building eatures include parking garage, pool, exerciseroom, concierge and reception rooms. Unit eatures includehardwood foors, granite counters, marble baths, 10 ceilings andstorage room. Units start at 1300 sq.t.$480 - $510/sq.t.

909 Laayette CondosAdjacent to the Old Civic Theater Lots. 4-Story building with 12units total. Limited building amenities with low condo ees. Unit

eatures include concrete foors, concrete beams, high ceilings, ostreet parking and large kitchens.~$283/sq.t.

1201 CanalFormer Krauss department store- most recent condo developmentin New Orleans CBD. Includes 111 upscale condos, 122 apartmentsor rent, and 25,000 sq.t. o ground-level retail. Buildingamenities include 24-hour valet parking, concierge, rootop pool,tness center, wireless lounge, rootop dog walk and business

center. Currently 80% sold. Priced rom $160K to $1.1 mil. Uniteatures include wood foors, 12-18 oot ceilings, granite counters,7 t. windows.

Development Cost: $58 millionCost per square oot: $270 - $320


39/80

Page 36



Case Studies Condos (Continued)

1205 St. Charles Ave.This is a 1954 hotel converted into 224 condos. The majority o

units are small studios with kitchenettes. Unit amenities arelimited, but building amenities include secure parking, swimmingpool, tness center, secure entrance and large lobby.~$220/sq.t.


40/80

Page 37


COMMERCIAL REAL ESTATE:

Summary o New Orleans Downtown and Medical Oce Market: 2000 2010

Survey o Commercial Oce Properties, BioDistrict: 2010

Source: Transwestern Commercial Services; data provided May, 2010; sur vey data conducted by GCR & Associates, Inc.Note: Average Cost per Square Foot represents rates quoted to prospective tenants. In practice, costs per square oot can range rom 3% to 10% below quoted rents,particularly or large tenants. The discounted cost per square oot gure or 2010 assumes a 6% discount o o the ocial cost per square oot, based on survey datacompiled by GCR

Sources: Transwestern Commercial Services, data provided May, 2010; Equity Oce Properties, data provided July, 2010; Corporate Realty; Talbot Realty; surveyinormation compiled by GCRNote: Transwstrn = Transwestern; Eq. Oce Prop. = Equity Oce PropertiesNote: Discounted Rent per Square Foot estimated by GCR, based on surveys o large tenants in Downtown oce buildings


41/80

Page 38


Survey o Commercial Oce Properties, BioDistrict: 2010 (Continued)



42/80

Page 39


Survey o Commercial Oce Properties, BioDistrict: 2010 (Continued)


43/80

Page 40


Survey o Commercial Oce Properties, BioDistrict Expanded Area: 2010



44/80

Page 41


Pending Major Commercial Developments: 2010

University

$102

47


45/80


46/80


47/80

Page 44


Retail Occupancy and Rental Rates, New Orleans and Sub-Areas: 2000 2009


48/80

Page 45


Inventory o New and Proposed Retail Developments, BioDistrict and Expanded Area: 2010



49/80

Page 46


Retail Case Studies BioDistrict and Expanded Area

Case Study Carrollton Plaza Shopping CenterThe Carrollton Plaza Shopping Center is a retail shopping center that was heavily damaged aterHurricane Katrina and is currently awaiting re-development by the Feil Organization. Located at 3900S. Carrollton Avenue in New Orleans, the current site plan includes approximately 200,000 square

eet o retail space, with an additional 50,000 square eet located on adjacent parcels developed bythe Feil Organization. The current site plan shows multiple national junior anchor tenants, plus 5 or 6smaller 20,000 to 25,000 square oot spaces or smaller retailers.

Beore the project was put on hold, the New Orleans Times-Picayune reported that the FeilOrganization estimated that the shopping center would provide 650 jobs and $7 million in annualtax revenue. According to the Times-Picayune, the developer expected the project in total to cost $36million, and sought Gul Opportunity Zone bonds and state and ederal New Market Tax Credits tocomplete nancing.

The Feil Organizations cites national economic and retail sector conditions as the reason orthe hold on the development project. Beore Hurricane Katrina, the Feil Organization owned anactive shopping center on the site and is invested locally in other major retail properties. The Feil

Organization appears to be committed to holding the property and to redevelop as market conditionsimprove. The Feil Organization is adamant that no nancing strategy is currently in place.

Case Study Domain Companies Retail Development, corner o Tulane Avenue and S. Salcedo Street

Square ootage: 15,000

Tenants: Capital One bank, Subway restaurant, Crescent Pie restaurant (pizza), a nail salon, a drycleaner, and a wine and tapas bar. There are also 3,500 square eet that have not yet been leased.Also, there are 3,000 square eet o retail in the lower level o the Crescent Club Apartments; thisspace also has not yet been leased. This is outside o the 15,000 in the retail only developmentacross the street on Tulane Avenue.

Rent: $22 per square oot, triple net lease

Development costs: $175 per square oot in hard costs

Financing: Conventional nancing + new markets tax credits + $750,000 urban development actiongrant rom NORA

Overall perspective on the project: residential development drove demand or retail, andDomain was able to convince lenders that the rapid growth in residential living created a needor neighborhood serving retail. Domain strongly believes that the arrival o the hospital and thebeautication o Tulane Avenue will urther improve the market or development generally and newretail in particular.

New Orleans Centre Redevelopment, Poydras St. and LaSalle St.

The New Orleans Centre consists o ve components. They have all been bought by the Bensonamily under the name Zelia LLC.

The ormerly named Dominion Tower, now the Benson Tower (500k Sq Ft o Class A Oce)1.a. This oce tower is currently being renovated in advance o a ~Nov. 2010 re-opening. The


50/80

Page 47


tenants will be 75% State o Louisiana and 25% Non-State.b. State o Louisiana tenants will be charged $24 per square oot.

The old Lord & Taylor anchor retail space (~150K Sq Ft)2.a. Currently leased rom Zelia LLC by the LSU Interim Hospitalb. No inormation on terms o lease has been obtained.

The Atrium Retail area, which consists o smaller mall retail spaces and the Food Court3.(~200k Sq Ft)a. A portion o the atrium has been demolished to create Champion Square a 55-60K sq tpublic plaza. This was completed beore the rst Saints Game o the 2010 Season.b. The demolition and construction o the plaza are being conducted with $10.5 million in stateunds obtained as part o the agreement to keep the Saints in New Orleans. An additional $2million has been obtained in investment tax credits. The total budget is $12.5 million.c. The plaza will have game day retail and VIP tent areas leased through 2013.d. The rest o the atrium and ood court will be re-programmed as a Sports EntertainmentComplex ater the 2012-2013 season. This re-development eort will cost an estimated ~$100million.e. As part o this project, a portion o the Saints parking garage is being demolished to create a

grand stairway. As part o this project, La Salle Street will be closed to car trac and turned into a pedestrianway.g. No inormation on per square oot lease rate has been obtained.

The old Macys anchor retail space (~150k sq t)4.a. Program or this space is still in development

Parking Garage5.a. Currently being leased (15 years with 5 year roll-over) by SMG, the superdome operator.b. No inormation on the terms o the lease has been obtained.

Case Study Small Scale Retail Reinvestment Along Broad Street (rom Broad Main StreetOrganization)

1. Family Dollaradaptive reuse o ormer Whitney Bank building at 2656 Canal Street (at Broad)ground foor retail, upper story oce (two-story building)10,000 square eet ground foor retail; 20,000 square eet totaltotal development cost was $2-4Mno incentives; potential use o GO Zone bondsnational chain tenant

2. Tulane Community Health Centerconversion o ormer Ruths Chris Steakhouse at Broad and Orleans

community health center, primary care10,000 square eetno development incentives utilizeduniversity and medical tenant


51/80

Page 48


3. Mixed Use building200 S Broadormer doctors oces being converted into ground foor retail and upper story oces8,500 square eet ground foor; 15,000 square eet totalno incentives utilizedtotal development cost is under $1M

national and local retailers; local businesses in oce space

4. Small retail development400 S Broadormer auto upholstery has recently been rehabbed2,500 square eetlocal retailno incentives utilizedtotal development cost is under $500,000


52/80

Page 49


KEY INSTITUTIONAL DATA:

Health Care and Educational Institutions Within BioDistrict: 2010

Source: Data collected by GCR & Associates


53/80

Page 50


Other Major Institutions Within BioDistrict: 2010

Source: Data collected by GCR & Associates


54/80

Page 51


Source: GCR & Associates, Inc. and Smith Travel Research

*excludes New Orleans EastSource: PKF Hospitality ResearchNote: ADR = Average Daily Rate; RevPAR = Revenue Per Available Room

Source: GCR & Associates, Inc. and PKF Hospitality Research based on hotel rooms booked in 2008

HOSPITALITY:

Summary o Hotel Inventory, BioDistrict, Expanded Area, and New Orleans: 2010

Hotel Occupancy, Rates, and Revenues, New Orleans: 2005 2009

Occupancy Rates by Month, New Orleans: 2008


55/80

Page 52


Survey o Hotels, New Orleans, BioDistrict, and Expanded Area: 2010



56/80

Page 53


Survey o Hotels, New Orleans, BioDistrict, and Expanded Area: 2010 (Continued)



57/80

Page 54



Survey o Hotels, New Orleans, BioDistrict, and Expanded Area: 2010 (Continued)


58/80

Page 55


Source: GCR & Associates, Inc.

Source: GCR & Associates, Inc.

Survey o Long-term Stay Hotels, New Orleans, BioDistrict, and Expanded Area: 2010

Pending Hotel Developments, BioDistrict and Expanded Area: 2010


59/80


60/80

Page 57


Medical and Health Care Meetings and Conerences, New Orleans: 2004 2010 (Continued)

Source: New Orleans Convention and Visitors Bureau


61/80

Page 58





62/80

Page 59





63/80

Page 60





64/80

Page 61





65/80

Page 62





66/80

Page 63





67/80


68/80

Page 65



Superdome and New Orleans Arena, Events and Attendance: 2009



69/80

Page 66



70/80

Page 67


INDUSTRIAL REAL ESTATE:

Inventory o Industrial/ Warehouse Space, BioDistrict and Expanded Area: 2010

Source: Cres Gardner, Transwestern


71/80

Page 68


Inventory o Industrial/ Warehouse Space, BioDistrict and Expanded Area: 2010 (Continued)

Source: Cres Gardner, Transwestern


72/80


73/80

Page 70


NIH Grant Funding, Top Cities in the United States: Fiscal Year 2009 (Continued)

Source: National Institutes o Health (NIH)


74/80

Page 71


NIH Grant Funding, Top Cities in the United States: Fiscal Year 2005



75/80

Page 72


NIH Grant Funding, Top Cities in the United States: Fiscal Year 2005 (Continued)



76/80

Page 73


Venture Capital Funding by State: 2009 2010

Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree


77/80

Page 74


Venture Capital Funding by State: 2009 2010 (Continued)

Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree


78/80

Page 75


EMPLOYMENT:

Total employment, BioDistrict and Expanded Area: 2008, 2009, and 2010

Employment by industry, BioDistrict and Expanded Area: 2008 and 2009

Sources: Census Bureau Local Employment Dynamics, Dun and Bradstreet business data,Note: The composite estimate is merely an average o the estimates rom the sources


79/80

Page 76


Employment by industry, BioDistrict and Expanded Area: 2008 and 2009 (Continued)

Sources: Census Bureau, Local Employment Dynamics and Louisiana Workorce


80/80

demographic and economic baseline report-appendix

Documents