Date: 2006
This project was the assemblage of residential lots on Tulane Avenue after Hurricane Katrina to offer retail shopping to residents of the newly completed nearby apartments. We represented Domain Companies who built several nearby apartments and forecast demand for retail which was in short supply. The project was complicated by the fact that few properties were occupied and owners were not to be found to conduct negotiations.
Even using the assessor's owners' addresses was unsuccessful since many owners no longer resided at their recorded addresses. We were able to locate several owners using a reverse address database that identified people by last names, then contacted everyone with the same last name, expecting to reach relatives who might refer information on the owner's whereabouts.
We identified 175 property owners along Tulane Avenue and implemented the plan. We reduced the possible list of locations to several that allowed development from corner to corner and fronting Tulane Avenue. After several unsuccessful attempts to purchase groups of property, Domain took our advice and focussed on the 3001 block.
We identified and contacted every property owner, initiated confidential negotiations and were able to get each of the 10 lots under contract. We assisted with re-zoning and financing issues and negotiated several contract extensions at no cost to our client. Today the spaces are fully leased to retailers such as Capital One and Subway. The 34,000sf land consist of 20,000sf of parking and 14,000sf retail space that leases for a premium of $20/sf.
