New Orleans In Spotlight At Real Estate Journalism Conference
By KIMBERLEY HAAS
The people of New Orleans love their city and it goes beyond the culture, music, and food. Nearly 20 years after Hurricane Katrina, there’s a sense of pride that comes along with being known as a place that built back after horrific devastation.
Brad McWhirter, partner at Trahan Architects, oversaw the rebuilding of the Superdome. It was a $200 million dollar renovation which was designed and constructed in just nine months. He talked about that during the National Association of Real Estate Editors conference on Monday.
“We had millions of gallons of water to clean out. Over 4,000 tons of debris to get out of there. Not to mention the systems were down for weeks, so the building became a symbol for rebirth and rebuild here in the city and we figured if we could bring that building back it would give the community something to look forward to and say, ‘We can also bring our community back,'” McWhirter said.
Since that time, the city has bounced back. This was highlighted earlier this year when the Super Bowl was played at the Superdome.
McWhirter said events like the Super Bowl bring in jobs and tourists. That boosts the local economy.
Biotech, hospitals, and the liquified natural gas industry are pushing the city into the future but Real Estate Managing Broker David Favret said Q4 2024 and Q1 2025 was the first time in many years that they have seen any kind of significant net migration.
Favret said that New Orleans has not had a scarcity of housing inventory in recent years and they are seeing more supply coming onto the market right now.
“Industrywide, we’re at about seven months of inventory for residential properties if you look at the entire metro area. Certainly, if you drill down to certain areas, or neighborhoods, or price points, that would be a little bit different,” Favret said.
In the French Quarter, there is 12 to 13 months worth of inventory in the condominium market and a couple of years worth of inventory in single-family homes, he said.
Favret said that citywide, most of the home sales since Katrina hit in 2005 have been to people who are committed to not just rebuilding but thriving in the city they love.
“If this is in your blood, you really don’t have a choice. You’re going to figure out how to make this your home again,” Favret said.
Michael Merideth, CEO of VPG Enterprise, talked about the River District. In February, there was a groundbreaking for a new Class A office tower to be constructed at 1600 Convention Center Boulevard.
It’s a building slated to be the future home of Shell’s Gulf of America headquarters and will be a central landmark of the new 39-acre mixed-use neighborhood adjacent to the New Orleans Ernest N. Morial Convention Center, according to a press release.
“I think it is significant that we have a new construction LEED Platinum building happening in our city. I think that speaks to resilience and new beginnings,” Merideth said.
He added that New Orleans has done a great job in being resilient not just after Katrina, but Covid as well. Once lockdowns were lifted and people could travel again, businesses in the city welcomed tourists who flew in, as well as people who lived within an eight-hour drive radius.
“The culture that is here is unlike any other city that I’ve been to around the world,” Merideth said.
Commonly known as NOLA or The Big Easy, New Orleans is known for its distinctive music, Creole cuisine, and annual celebrations such as Mardi Gras.
The National Association of Real Estate Editors conference is being held at Hotel Monteleone. It will end on Thursday.