When it comes to Downtown New Orleans, the times really are a-changing. Traditional office space is being reduced, and several office buildings have gone back to their lenders. At the same time, residential development is booming, lifestyle amenities are being added, and Downtown has become a real “neighborhood,” adding over 4,000 residential units since Hurricane Katrina in 2000, and a supporting cast of businesses to support all of those residents.
This transformation is detailed in the Q2 Market Report from the Downtown Development District. As noted in the report, “Over the past 20 years, Downtown New Orleans has undergone a remarkable transformation in its residential landscape, marking a dramatic evolution from a traditional business district into a vibrant, mixed-use urban neighborhood. This shift is most clearly reflected in the area’s population growth, which has nearly doubled—from just over 2,000 residents in the year 2000 to more than 4,300 today.”
Steeg Law has been proud to be part of this transformation in several ways. First, we have continued to work with our office building clients to help them adapt and hold onto their office tenants, and in some cases to help them re-purpose portions of their office buildings for residential or hospitality uses.
Second, we have worked on several residential projects in converted small office buildings or warehouses—sometimes converted directly into condominiums and sometimes multi-family rentals.
Last, we have helped property owners find creative uses of their buildings for retail shops and restaurants.
Obviously this transformation has been painful for some, but a boon for others. In the end, it seems that New Orleans has adapted to the changing times better than some other cities, for the most part accepting the impact of societal changes on the real estate market, rather than resisting it. It’s been transformational, to say the least.