USA - LOUISIANA Trends and Developments Contributed by: Jeffrey P Good and Susan M Tyler, Jones Walker LLP
One area that is showing signs of strength across the board is sales of high-end condominium pro - jects, particularly as relatively affluent knowledge workers and business owners respond to new ways of doing business that allow for greater remote-work flexibility. The combination of prox - imity to downtown areas plus increased floor space for home offices has driven purchasing activity for units that meet these requirements. Major Projects are Taking Off Construction is surging across the US Gulf Coast, with more than USD25 billion in capi - tal investment in 2023 (USD100 billion since 2016) according to the Louisiana Department of Economic Development. Many of the Loui - siana projects are energy-related, including Ori - gin Materials’ USD750 million biomass facility and Renewable Energy Group’s USD950 million improvement and expansion of a renewable die - sel production facility, both located in Geismar. Other notable projects include the Strategic Bio - fuels Louis Green project in northern Louisiana at the Port of Columbia, DG Fuels sustainable aviation fuel facility in St. James Parish and a continued multi-phase effort to widen Interstate 10 in Baton Rouge. Perhaps one of the largest projects in Louisiana’s history is the USD7.8 bil - lion Venture Global LNG facility being developed in Plaquemines Parish. In New Orleans, major projects include the deal between Tulane University and developers 1532 Tulane Partners, Inc., and SKK Opportunity Zone Fund I, LLC, for the university to occupy nearly 350,000 square feet of New Orleans’ former Charity Hospital. The property will be trans - formed into a major, mixed-use project featuring apartments, retail space, educational facilities, and other uses. Closed since Hurricane Katrina in 2005, the structure will now serve as a lynch -
pin in a major expansion of properties in the city’s biomedical corridor. In addition, the Four Seasons Hotel & Resi - dences, together with the affiliated Vue Orleans cultural attraction and observatory, continue to effect transformative change of the riverfront at the foot of Canal Street, with the renovation of Spanish Plaza nearing completion and the con - struction of a new floating ferry terminal well underway. Also in New Orleans, the Ernest M. Morial Convention Center is in the middle of a five-year, USD557 million capital improvement project that aims to revitalise 47 acres of land upriver of the centre. The developers of that project are working to bring new dining, retail, entertainment, and other venue options within walking distance of the CBD. Top Legislative and Executive-Branch Issues For professional associations and lobbying groups in Louisiana, 2021 was a significant year for passing and defeating legislative proposals that would impact the state’s real estate market. Among other significant wins (from an industry perspective) were the passage of an amend - ment to the state constitution that simplified the collection of sales taxes, and the approval of laws regarding real estate licensing renewal designed to protect consumers and licensees. In 2022, a significant focus was on creating a more robust insurance market, with a special session called to create a significant financial incentive for insurers to offer property insurance in Louisi - ana. 2023 legislative outcomes included bills to grow the insurer market, support infrastructure assets including funding ports, address carbon capture and offshore wind and further develop state-wide economic incentives. The first 2024 legislative session focused on addressing crime and the second legislative session is shaping
1211 CHAMBERS.COM
Powered by FlippingBook