$38M Mid-City Market to Begin Construction; Housing Planned for Algiers
By Eliza Theiss, Associate Editor
Covington, La.-based Stirling Properties L.L.C. has closed on the land acquisition and financing for Mid-City Market, a $38 million commercial development planned along the North Carrollton Avenue commercial corridor. Work on the 107,713-square-foot retail complex is slated to start in the coming days, with the demolition of the dilapidated Bohn Ford building. The former dealership will be replaced by a 53,000-square-foot Winn-Dixie.
Stirling Properties will also renovate the former Harry’s Ace Hardware building and erect three new structures on the site. Mid-City Market will include amenities such as terraced outdoor seating, pedestrian plazas, benches, bike racks, trellises and native landscaping. VergesRome Architects is responsible for the design, which will be executed by Donahue Favret Contractors Inc.
The Winn-Dixie-anchored shopping center’s other tenants will include Office Depot, Neighborhood Pet Market by Jefferson Feed, Felipe’s Taqueria, Pinkberry Frozen Yogurt, Five Guys Burgers and Fries, and Pei Wei Asian Diner. Eighty percent of the available retail space has already been pre-leased.
The first phase will open in the first quarter of 2013, adding 365 new jobs to the local market. When fully operational, the retail center is expected to generate upwards of $60 million in annual sales.
Stirling Properties is a real estate brokerage firm with 35 years of experience in developing, redeveloping and acquiring more than 7.2 million square feet of retail and office space in the Gulf South region.
In other news, D.C.-based U/K/I Development L.L.C. and J.S. Karlton Inc. of Aventura, Fla., plan to develop 324 mixed-income housing units, along with a parking garage and 10,000 square feet of retail space, at the corner of Brookline Avenue and Slidell Street, near Federal City, the Times-Picayune reported. The $66 million, 14-acre project would employ 325 people during construction and 26 permanently. Provided the necessary funding is secured, the project is slated to finish in the first quarter of 2014, with most apartments renting at market rates.Tags: Development, Leasing, Retail