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re: The Odeon, tallest building constructed in NOLA in 3 decades, to open next month
Posted on 10/1/20 at 9:57 pm to brewhan davey
Posted on 10/1/20 at 9:57 pm to brewhan davey
That's a hard pass from me.
0
Posted on 10/1/20 at 10:02 pm to Picayuner
Well I live here and I don't know what you are talking about. Beyond the subsidized medical community and tourism which mostly employs lower middle and working class, I'm baffled.
Granted I know some foolish people from places like Wisconsin and other cold weather states that have moved here as part of early semi/retirement and a second career because they find the city "desirable", but after a few months they realize the hell that is this fine city.
Granted I know some foolish people from places like Wisconsin and other cold weather states that have moved here as part of early semi/retirement and a second career because they find the city "desirable", but after a few months they realize the hell that is this fine city.
Posted on 10/1/20 at 10:03 pm to Tall Tiger
quote:
The Odeon, tallest building constructed in NOLA in 3 decades, to open next month
I was googling its neighbor the Plaza Tower, which is one of the tallest abandoned buildings in the world, and second tallest abandoned building in the U.S. behind some incomplete Vegas hotel. The Odeon has a lot to live up to.
And which sold for a mere 650k in 2011.
LINK
Decent house in Lakeview or 45 story highrise in CBD. Same price.
This post was edited on 10/1/20 at 10:07 pm
Posted on 10/1/20 at 10:05 pm to OldSouth
quote:
Why do those cars look like micro machines?
“And remember, if it doesn’t say ‘Micro Machines’ it’s not the real thing.”
Posted on 10/1/20 at 10:08 pm to brewhan davey
That’s pretty reasonable prices
Posted on 10/1/20 at 10:14 pm to tLSU
Without millions of dollars in remediation and renovation (or demolition), the Plaza Tower has a negative value; the owner has probably already spent more on insurance and taxes over the years than he paid to buy it in the first place.
The troubled history of that building is actually fascinating reading. People were saying it was being built in the wrong part of the CBD before construction even started. And then the developer went broke mid project.
The troubled history of that building is actually fascinating reading. People were saying it was being built in the wrong part of the CBD before construction even started. And then the developer went broke mid project.
Posted on 10/1/20 at 10:15 pm to Tall Tiger
A few years ago someone bought for just the parking garage and city council nixed it. Demanded a plan for the entire building.
Posted on 10/1/20 at 10:35 pm to tLSU
I don’t understand these buildings either
Even before covid. With the movie industry tax credits in full swing.
I had a colleague who moved into the Standard (very equivalent to this building). She told me moving in that they were forcing her to buy her unit. She told them dead to their face “your building is 30% occupied.... I’m renting”. And ended up renting her place. Was only here a year.
shite the new apartment busking on Canal by the Jung is like 5% occupied.
Is there some frickery going on here we don’t know about? 3 years ago New Orleans was definitely “busy” but was never BOOMING to justify all of these very upscale yuppie apartment buildings to be built from the foundation up.
Even before covid. With the movie industry tax credits in full swing.
I had a colleague who moved into the Standard (very equivalent to this building). She told me moving in that they were forcing her to buy her unit. She told them dead to their face “your building is 30% occupied.... I’m renting”. And ended up renting her place. Was only here a year.
shite the new apartment busking on Canal by the Jung is like 5% occupied.
Is there some frickery going on here we don’t know about? 3 years ago New Orleans was definitely “busy” but was never BOOMING to justify all of these very upscale yuppie apartment buildings to be built from the foundation up.
Posted on 10/1/20 at 10:41 pm to Delacroix22
I have heard the foriegn investor theory thrown out, but don't know enough about the theory of real estate investments like that.
Posted on 10/1/20 at 10:42 pm to brewhan davey
quote:
The Odeon,
What was the previous name? Asking for a friend.
Posted on 10/1/20 at 10:45 pm to Saucypants
It was called the parking lot across from the post office.
Posted on 10/1/20 at 11:40 pm to Delacroix22
quote:
She told me moving in that they were forcing her to buy her unit.
What did she expect? The Standard is clearly a for-sale condo building.
If she wanted to rent, I’m sure they would have been happy to point her to The Beacon or Paramount.
Posted on 10/2/20 at 10:11 am to RandyNewman
The Saulet was a great place to party in early to mid 2000’s
This post was edited on 10/2/20 at 10:11 am
Posted on 10/2/20 at 10:17 am to OleWar
quote:
Well I live here and I don't know what you are talking about. Beyond the subsidized medical community and tourism which mostly employs lower middle and working class, I'm baffled.
Granted I know some foolish people from places like Wisconsin and other cold weather states that have moved here as part of early semi/retirement and a second career because they find the city "desirable", but after a few months they realize the hell that is this fine city.
Ya and most of these rich people want a FQ condo as their second home - I'm not sure if a big condo / apartment building is the NOLA Mystique they are looking for. We will see what their occupancy looks like, i'm very curious to see if they can stabilize at those prices.
Posted on 10/2/20 at 10:21 am to Delacroix22
quote:
I don’t understand these buildings either
Even before covid. With the movie industry tax credits in full swing.
I had a colleague who moved into the Standard (very equivalent to this building). She told me moving in that they were forcing her to buy her unit. She told them dead to their face “your building is 30% occupied.... I’m renting”. And ended up renting her place. Was only here a year.
shite the new apartment busking on Canal by the Jung is like 5% occupied.
Is there some frickery going on here we don’t know about? 3 years ago New Orleans was definitely “busy” but was never BOOMING to justify all of these very upscale yuppie apartment buildings to be built from the foundation up.
For one most of the development were subsidized with historic tax credits, so they didn't have to recoup full costs. Out of town / second homes have buoyed the market IMO. New Orleans doesn't have the job base to support a ton of these kinds of developments.
The likely scenario for this building is that it will stabilize (not at those advertised rental prices IMO) and some of the older projects will feel the brunt of reduced occupancy as tenants flee to the newer projects.
Posted on 10/2/20 at 10:27 am to brewhan davey
Fuking bldg took my Saints parking spot for 20 years. But I’m off Saints so I hope it does well
Posted on 10/2/20 at 10:32 am to brewhan davey
I keep wondering where all this money is that is pushing this market for high priced high rise condo/apartments in a place that has been in an economic stagnation for 5 years....unless the builders and the bank are betting on short term rental business.
Posted on 10/2/20 at 10:32 am to Tall Tiger
quote:
Without millions of dollars in remediation and renovation (or demolition), the Plaza Tower has a negative value; the owner has probably already spent more on insurance and taxes over the years than he paid to buy it in the first place.
Plaza Tower has already been remediated of Asbestos and Mold. It is a shell building that would have come on line next but now it will be tied up in Bankruptcy court again.
Posted on 10/2/20 at 10:38 am to Sneaky__Sally
quote:
Ya and most of these rich people want a FQ condo as their second home - I'm not sure if a big condo / apartment building is the NOLA Mystique they are looking for. We will see what their occupancy looks like, i'm very curious to see if they can stabilize at those prices.
This is only half true. Yes, there are some awesome units in the quarter, but many folks in the luxury 2nd home market don't want to deal with old, renovated structures. They want turn-key modern, efficient, no/low maintenance. I love history buildings and own a old, recently renovated house. It was a good renovation, but we still find/deal with stuff that wouldn't be an issue with new construction, and especially high end modern buildings.
Posted on 10/2/20 at 10:40 am to MrLSU
quote:
Plaza Tower has already been remediated of Asbestos and Mold. It is a shell building that would have come on line next but now it will be tied up in Bankruptcy court again.
According to one of the PM's for the WTC project, the Plaza Tower is structurally limited in such a way that the final product would result in 8 ft. ceilings after conversion. That makes it unattractive. Said most likely outcome will be demolition. Sad.
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