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2020 Demographic Profile

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2020 Demographic Profile DOWNTOWN NEW ORLEANS DEMOGRAPHIC PROFILE MAY 2020 LETTER THE FROM PRESIDENT June 1, 2020 On behalf of the DDD Board of Commissioners and staff, I would like to welcome you to Downtown New Orleans. As our city, state, and nation continues to reemerge as a result of the global health pandemic, I want to express the Downtown Development District’s commitment in keeping our community clean and safe. Our Clean Team, Public Safety Rangers, Homeless Outreach Team, Private Patrol, and NOPD Detail continues to work throughout the pandemic, assuring that Downtown public facilities received frequent disinfection and keeping our business- es and homes safe. They, along with our Frontline Workers and First Responders, are heroes to us all. We are excited that you are interested in exploring the opportunities in this wonderful part of the New Orleans. The energy and excitement that has taken over Downtown is truly a unique American experience. This is due in large part to our partnership with stakeholders, including property owners, residents, businesses, workers, as well as our partners at the City of New Orleans, the State of Louisiana and other key public & non-profit entities. In the past 15 years, Downtown’s real estate investment in Downtown has topped $7 billion in private investment and we are committed to ensuring that the economic center of New Orleans continues to remain vibrant and strong. Our most recent successes include the development of The Four Seasons Hotel and Residences, The Odeon, 1 30-floor residential building and the Charity Development, a $300-million reimaging of the former Charity Hospital as a mix of retail, office, residences and academia. Again, welcome to Downtown New Orleans. We look forward to working with you we encourage you to stay up on the latest Downtown news by signing up for the DDD newsletter, following us on Twitter and Instagram, and liking us on Facebook. Best Regards, Kurt M Weigle President and CEO 2 DEMOGRAPHIC PROFILE INDEX MAY 2020 A NEW DECADE 5 Downtown Today & What’s In Store CORPORATIONS 7 Working Downtown OFFICE MARKET 9 Class-A Space RETAIL, RESTAURANTS, + ENTERTAINMENT 11 Shopping & Entertainment PEDESTRIAN AND VEHICULAR TRAFFIC 13 Downtown Traffic RESIDENTIAL 15 Living Downtown HOSPITALITY + TOURISM 17 Downtown Tourism Industry REAL ESTATE DEVELOPMENT 19 Development Downtown 4 A NEW DECADE A NEW DECADE FOR DOWNTOWN Where We Are Today 2019 saw the opening of the new Sazerac House, a tious new project that set a new standard for 21st new construction Marriott Residence Inn, reno- century living. The train does not slow down in vations and new retail to Canal Place, the Higgins 2020. This year will complete the construction of Hotel and Conference Center, the New Orleans the 30-story Odeon, the ultra luxury Four Seasons Culinary and Hospitality Institute, Hosteling Inter- Hotel and Residences along with the much antici- national, The Kalorama and the Garage - an ambi- pated Virgin Hotel. What’s In Store 2020 ushers in a new decade of progressive growth for the economic and cultural heart of New Orleans. Within this dynamic collection of neighborhoods, Downtown New Orleans continues to wear the crown of business and commerce and has been a major force In real estate de- velopment within the City of New Orleans. This energetic square mile, located adjacent to the Mississippi River, has seen $7 billion in invest- ment and development since 2005. New industries such as technology, media, bio-science and arts-based businesses stand side by side with established petrochemical companies, law firms and financial institu- tions. The robust tourism industry continues to continues to flourish. “The year 2020 ushers in a new decade of progressive growth for the economic and cultural heart of New Orleans.” 5 6 CORPORATIONS DOWNTOWN CORPORATIONS Working Downtown New Orleans is known for its festive atmosphere, street par- ties, and its laissez faire personality, but there is a corporate business side to the city as well. Downtown New Orleans is the largest employment center in the region. Since 2006, the city has lured more than 45 high-tech start- ups or subsidiaries have established a presence in Down- town New Orleans. 471 new start-ups between 2007 and 2009 according to a report from the Brookings Institute. Major industries occupying downtown New Orleans are Petro Chemical, Legal, Hospitality and Tourism, Bio-Science, Digital Media, Film, and Information Technology. 7 8 OFFICE MARKET DOWNTOWN OFFICE MARKET Class A Space Downtown New Orleans offers an affordable Class-A office market. Class-A office space downtown is comprised of 14 towers which represents a combined 8.9 million square feet. SIGNIFICANT NEW OFFICE LEASES INCLUDE THE FOLLOWING: Hancock-Whitney Bank leases seven floors at Hancock Whitney Center. DXC.Technology announced a long term lease at 1615 Poydras leasing two floors. IMTT announced a long term lease at 400 Poydras Occupying an entire floor. Accruent a technology firM, leased an entire floor 22,594 square feet at 400 Poydras. CLASS A OFFICE TOWERS RANKED BY LEASABLE SQUARE FEET: Hancock Whitney Center 92% leased 1,256,991 SF Place St Charles 91% leased 1,004,484 SF Energy Centre 85% leased 761,500 SF Pan-American Life Center 83% leased 671,833 SF One Canal Place 82% leased 630,581 SF Regions Center/400 Poydras 86% leased 608,608 SF First Bank & Trust Tower 89% leased 545,157 SF Benson Tower 99% leased 540,208 SF 1515 Poydras Building 59% leased 529,474 SF One Poydras Plaza 97% leased 526,041 SF DXC.Technology Building 95% leased 509,565 SF 1555 Poydras Building 57% leased 476,671 SF Poydras Center 95% leased 453,256 SF 1250 Poydras Building 96% leased 422,899 SF 9 10 RETAIL, RESTAURANTS + ENTERTAINMENT + RESTAURANTS RETAIL, DOWNTOWN RETAIL, RESTAURANTS AND ENTERTAINMENT Downtown Entertainment + Shopping Canal Street has been a part of the retail landscape for 170 years. Downtown offers multiple options for retail and entertainment in New Orleans. Riverwalk Outlet Collection, devel- oped by Howard Hughes and Canal Place serve as hubs. South Market District has trans- formed the neighborhood adjacent to the Sports and Entertainment District and offers an attractive mix of national brands, locally based boutiques, and casual restaurants. 11 12 PEDESTRIAN + VEHICULAR TRAFFIC AVERAGE DOWNTOWN PEDESTRIAN COUNTS DOWNTOWN CANAL @ BOURBON VEHICULAR AND 25,448 PEDESTRIAN TRAFFIC CANAL @ ST. CHARLES 17, 398 POYDRAS @ ST. CHARLES Downtown Traffic 4,030 The Downtown Development District uses a digital technology to count pe- destrians traffic on Canal and Poydras Streets, in the South Market District SOUTH MARKET DISTRICT and in Duncan Plaza. Presented is a summary of pedestrian counts at ma- 5,278 jor intersections. AVERAGE DAILY VEHICULAR TRAFFIC INTERSTATE 10 @ CANAL 147,578 PONTCHARTRAIN @ CLAIBORNE 126,335 13 14 RESIDENTIAL DOWNTOWN RESIDENTIAL Living Downtown Downtown residents are hip and highly educated, well traveled, and affluent. For 35 years, Downtown has offered unique urban living, Since the first adaptive reuse in 1984, the Federal Fiber Mills, the momentum on new construction and historic conversion has continued to the pres- 2019 CONDOMINIUM SALES: ent day. 2020 will welcome Canal Crossing, the first ground up, multi Average Price $516,550 family residential building on Canal Street in its history. Downtown has Average Size 1,194 Square Feet become a dynamic collection of residential neighborhoods, offering an Average Price Per Square Foot $432 impressive list of restaurants, retail, galleries and entertainment. Down- town is made up of the following: Lafayette Square, Warehouse District, Canal Street Historic District, Central Business District, Arts District, Gravier-Common, South Market District, Picayune Place, Riverfront, Sports & Entertainment District, and the BioMedical District. 15 16 HOSPITALITY + TOURISM DOWNTOWN HOSPITALITY AND TOURISM Downtown Tourism Industry The Ernst N. Morial Convention Center offers 1.1 million square feet of exhibit space and is the sixth largest convention facility in the nation. Downtown serves as the home to seven major museums and cultural attractions, including the National WWII Museum, Audubon Aquarium of the Americas, Audubon Insectarium, Contemporary Arts Center, and Ogden Museum of Art. In 2019, the brand new $1 billion, 35-gate ter- minal at Louis Armstrong New Orleans International Airport opened! THE LARGEST HOTELS IN NEW ORLEANS: Hilton New Orleans Riverside 1,622 Rooms New Orleans Marriot 1,329 Rooms Hyatt New Orleans 1,193 Rooms Sheraton New Orleans 1,100 Rooms Astor Hotel 693 Rooms Ritz-Carlton 527 Rooms The Roosevelt 504 Rooms J.W. Marriot 487 Rooms Intercontinental New Orleans 479 Rooms Harrah's New Orleans 450 Rooms 17 18 REAL ESTATE DEVELOPMENT ESTATE REAL DOWNTOWN REAL ESTATE CURRENT REAL ESTATE DEVELOPMENT PROJECTS: 731 St. Charles Avenue 67 condominiums all with a private balcony or private courtyard, a DEVELOPMENT rooftop entertainment, a swimming pool, and a sun deck. Units have between 735 and 1,552 square feet and start at $400,000. Four Seasons Hotel and Residences Development Downtown The $465 million renovation of the former World Trade Center on Canal Street will reopen in 2020 as a Four Season Hotel and Resi- The landscape of New Orleans is constantly changing. Al- dences. 335 hotel rooms and 92 condo residences. most everyday there are new ideas and developments being The Odeon implemented in the city's neighborhoods. From large apart- ment complexes to a $1 billion airport terminal, New Orle- 30-story apartment building in the South Market District featur- ans has some amazing projects that will come to fruition in ing 271 apartments. Taking the place of a surface parking lot, this the next few years. The hotel, lodging and entertainment 414,000-square-foot tower is projected to open 2020. industry continues to play a major role in Downtown's real Virgin Hotel estate growth.
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