Real Estate Site Analysis & Feasibility_MixedUseProposal

Real Estate Feasibility Report

Mixed Use Development Proposal

West Esplanade Dr. & Williams Blvd. (14.98 Acres - Vacant Land)

Prepared for: UNO Institute for Economic Development & Real Estate Research

Real Estate Site Analysis & Feasibility Report

Team Leader: Jason Wyman

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University of New Orleans

RE: A 14.98-acre site located at

West Esplanade Avenue, Kenner, LA

Dear Prospective Developer,

Pursuant to your request, an analysis has been made to find the Highest and Best Use of the captioned real

estate, in existing condition as of November 3, 2012 – the date of our most recent visit to the property.

This analysis is presented in a self-contained report format.

At present, the property consists of a 14.98-acre site. The site is zoned R-3, Multifamily Residential. It should

be noted that for the purposes of this analysis the legal restrictions of this zoning were not taken into

consideration as per instructions of the professor. Instead, a broader analysis of multiple zoning types was taken

into consideration for finding the Highest and Best Use of the subject.

It should be noted that information provided by the most recent survey of the property indicated that the

appraised site contains 14.98 acres. Per the same survey found in Jefferson Parish public records, the subject

site contains three servitudes measuring 15’ in width which run the entire length of the property (375’). Thus,

this analysis is predicated on the specific assumption that the survey is correct. Depending on the physical

layout of future improvements, the servitudes are not likely to pose any serious restrictions on the use of land.

If this discrepancy is of concern to any person, the analysts suggest retaining an expert to render a title opinion.

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TABLE OF CONTENTS

Title Page…………………………………………………………………………………………………………1

Letter of Explanation…………………………………………………………………………………….………2

Table of Contents………………………………………………………………………………………….…….3

Section I: Introduction………………………………………………………………………………….…….4-5

Section II: City of Kenner Overview………………………………………………………………….…….6-20

Section III: Market Analysis……………………………………………………………………………….21-41

Micro/Macro Factors……………………………………………………………………………….21-31

Site Details…………………………………………………………………………………………...31-33

Zoning……………………………………………………………………………………………….34-36

Trade Area Definition………………………………………………………………………...…….37-41

Section IV: Supply & Demand……………………………………………………………………...……...42-50

Section V: Best Use Analysis…………………………………………………………………………….…51-56

Section VI: Conclusion and Recommendation……………………………………………...………........57-66

References……………………………………………………………………………………………………67-68

Appendix………………………………………………………………………………………...………….69-85

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SECTION I. INTRODUCTION

Purpose:

The analysis problem, simply defined, involves finding the Highest and Best Use of a 14.98-acre site located in

the southeast quadrant of the Williams Boulevard/West Esplanade Avenue interchange in Kenner, Louisiana.

The analysis is to be used by the professor to discover the most feasible use of the land and any subsequent

improvements thereof.

Scope:

Scope of work includes,

(1) The extent to which the property is identified;

(2) The type and extent of data researched; and

(3) The type and extent of analysis applied to arrive at opinions or conclusions.

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ASSUMPTIONS AND LIMITING CONDITIONS

This report is subject to the following assumptions and limiting conditions (imposed by the terms of the

assignment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report.

1. It is assumed that title to the property is owned in fee simple title, free and clear, unencumbered, and

there are no leases, easements, liens, or other encumbrances on the property other than those listed in

this report.

2. No responsibility is here assumed for any matters which are legal or political, social, or economic

changed conditions which could influence real estate which changes take place after the effective date

of this valuation.

3. To the best of our knowledge and belief the statements of fact contained in this report, upon which the

analyses, opinions and conclusions expressed herein are based, are true and correct, but we assume no

responsibility for the accuracy of such information as title information, measurements, survey, and

other information furnished by the court records.

4. Any survey contained in this report is assumed to be true and correct, and it is also assumed that there

are no encroachments upon the property appraised except as noted herein. Any sketch prepared by the

analysts and included in the report may show approximate dimensions and is included to assist the

reader in visualizing the property; however, the analysts have not made a survey of the property.

5. The analysts assume that there are no hidden or unapparent conditions of the property, subsoil, or

structures, which would render it more or less valuable. The analysts assume no responsibility for such

conditions or for engineering which might be required to discover such factors.

6. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be

present on the property, was not observed. The analysts have no knowledge of the existence of such

materials on or in the property. The analysts, however, are not qualified to detect such substances. The

presence of substances such as asbestos, urea-formaldehyde foam insulation or other potentially

hazardous materials may affect the marketability of the property. The conclusions herein are predicated

on the assumption that there is no such material on or in the property that would cause such a loss. No

responsibility is assumed for any such conditions, or for any expertise or engineering knowledge

required to discover them. The professor is urged to retain an expert in this field, if desired.

7. The analysts are not required to give testimony or appear in court because of having made the report

regarding the property in question unless arrangements have previously been made therefore.

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SECTION II. CITY OF KENNER OVERVIEW

The city of Kenner (QOL) Quality of Life

The City of Kenner offers a multitude of attractions and amenities catering to many different preferences with a

family‐friendly atmosphere that also attracts people from surrounding parishes. The city of Kenner has a sub‐

tropical climate with average temperatures during April-September of 77.5° and 59.8° during October-March,

annual rainfall averages 62 inches with 76% humidity.

Kenner Attractions and Entertainment:

River-town Historic District: Art & Museums

River-Town is located almost a half mile from the Louis Armstrong New Orleans International Airport

alongside the Mississippi River and encompasses a historical district that stretches 16 blocks. River-town,

offers cultural and family attractions that include an art gallery, planetarium, space station and multiple local

restaurants

Source: www.rivertownkenner.com

Cannes Brulees Native American Museum (NAM): Kenner’s (NAM) offers traditional & contemporary artworks

created by American Indian artists from Louisiana. Museum items that are on display include: basketry,

jewelry, tools, weapons, musical instruments, clay pottery, wood carvings, a model of their dwellings, paintings,

moccasins, a pirogue (dugout from a Cypress tree). The native museum also has events bi‐monthly on aspects

of Native American culture that include: Native American Basketry Day; (stone, wood & hide) works Day;

Louisiana Native American Festival; in addition to, Native American Music Day.

http://www.rivertownkenner.com/

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Fine Art Gallery: Displays the most remarkable Louisiana artist’s works.

River-town Repertory Theatre: Offers a season of plays, Broadway musicals, comedies and dramas with seating

for 300 people.

Mardi Gras Museum: Offers Mardi Gras memorabilia.

River-Town Educational Attractions:

Louis J. Roussel Jr. Planetarium and Mega-Dome Cinema offers planetarium sky shows & nature films.

The Space Station offers a tour of a NASA International Space Station, a Space Robot, a 4 billion year old

meteorite, a Mars photo gallery and a timeline of the U.S. space program. Exhibits of weather, electricity, the

human body, solar systems and world geography are available in the Science Complex. Children’s Castle offers

live music, magicians, puppets, dance & opera for the whole family.

Source: www.rivertownkenner.com

Entertainment Attractions:

Lake-Town (LT): On the shores of Lake Pontchartrain at the end of Williams Boulevard is a 30‐acre park

containing a boat launch, fishing piers, bike path, gazebo, and picnic areas. There are 7 shelters available at

Lake-town which service birthday parties, family reunions. Rental fees for the shelters are $5.00 an hour + $25

non-refundable deposit. Lake-town also hosts entertainment venues like concerts & car shows. LT also contains

the 70,000 sq. ft. convention center called the Pontchartrain Center. LT also has gaming on the floating

Treasure Chest Casino boat (www.kenner.la.us 35). Kenner has big plans for this site evidenced by their year

2028 Lake-Town Mater Plan. The new “Coconut Beach” is proposed to move to Lake-Town and will have 22

sand courts with a concession area near the Pontchartrain Center.

Source: www.laketownkenner.com

http://www.rivertownkenner.com/

http://www.laketownkenner.com/

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City Park (North Williams Blvd.)

Kenner City Park has over 30 acres on the corner of Loyola Drive and Vintage Boulevard that features

amenities such as: illuminated fountains, a bird sanctuary, ponds &

waterfalls, a walking track, a playground, and a pavilion. The Kenner

City Park Pavilion located at 3800 Loyola Drive has a total capacity of

200 people when standing and 100 people when seated to service

receptions, weddings & business meetings. The rental fee is $125 per hour with a 2-hour minimum. The deposit

of $110, ($100 refundable damage deposit) which incorporates 1 hour for set-up and 1 hour for clean up after

your event. Additionally, extra set-up time is available for $50.00 per hour.

Heritage Park (South Williams Blvd. near Mississippi River)

Heritage Park offers a trip through time, displaying cultural history via a replicated village of the 1900’s, which

includes a packing shed, ice house, traditional blacksmith shop, as well

as a gas station from the 1930’s era. Heritage Hall located at 303

Williams Boulevard and hosts a variety of events. For instance, an Arts

and Crafts Festival is a free, one‐day event held at Heritage Hall

featuring the work of over 40 local artists’ work, and at other times offer

music festivals. Back to the Beach Festival is an annual three‐day event during the weekend following

Memorial Day which consist of a ½ ‐ 2 mile run or walk along Lake Pontchartrain. The festival also offers a

“Bikes at the Beach” and a car show events. Further events include: “Music in the Park,” a series of evening

concerts each Friday night, annually, during the month of May, located on the back porch/stage of the Kenner

Produce Company located in Heritage Park. Heritage Hall is a 4,000 square‐foot bldg. positioned to service

Kenner City Park Pavilion

Heritage Hall

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receptions, luncheons, showers, family reunions, weddings and business meetings and became a Historical

landmark when placed on the National Historic Register July of 1985.

Gaming Attractions:

If gambling is your thrill, the Treasure Chest Casino is located in Lake-town right on Lake Pontchartrain which

offers multiple table games, over 950 slot games, buffet style and dining restaurant as well as live

entertainment.

Recreation Attractions:

Outdoor recreational opportunities in Kenner include: golfing, water skiing, boating, camping and fishing on the

new concrete pier measuring. Indoor recreational opportunities include a bowling alley, indoor rock climbing,

fitness clubs, movie theaters, indoor skating rink and a children’s amusement center. Kenner provides many

family friendly recreational opportunities for children and adults by providing 10 gyms, 11 playgrounds, 18 tot

lots, and tennis courts. Additional recreational activities include: dance, gymnastics, art, karate, tennis lessons;

as well as, science, cooking and gardening classes.

Tourist Attractions include:

A. Fairgrounds Racing Museum (1032 Joe Yenni Boulevard)

B. Coca Cola Saints Hall of Fame (Museums; 409 Williams Boulevard)

C. River-town Repertory Theatre (Museums; 325 Minor Street),

D. B & L Amusement CO (Amusement & Theme Parks; 2001 Georgia Avenue)

E. Automatic Coin Inc. (Amusement & Theme Parks; 2 West 23rd Street)

F. B A G Amusement CO Inc. (Amusement & Theme Parks; 2232 Florida Avenue)

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G. Coin It Up-Arcade (Amusement & Theme Parks; 1401 West Esplanade Avenue)

H. Climb-Max (Amusement & Theme Parks; 1401 West Esplanade Avenue)

Notable locations in Kenner:

A. Kenner Wastewater Treatment Facility

B. Kenner Tourism Information Center

C. Chateau Country Club

D. Chateau Estates Golf Course

E. Chateau Living Center

F. River-town Welcome Center

G. Saints Hall of Fame Museum

H. Mardi Gras Museum

I. Louisiana Wildlife and Fisheries Museum and Aquarium

J. Louisiana Native American Center

K. Freeport McMoran Daily Living Science Center

L. Children's Castle

M. Louisiana State Police Troop B

N. Pontchartrain Convention Center

O. East Jefferson Parish Levee District – Office

P. Kenner Fire Department

Q. North Kenner Library

R. Delaware Academy and Preschool

S. Louisiana Toy Train Museum

Kenner Notable Locations

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Churches:

A. IglesiaVerbo

B. Faithful Word Assembly Church

C. Chinese Presbyterian Church

D. Chinese Baptist Church

E. Berean Christian Fellowship Church

F. Elizabeth Ann Seton Catholic Church

G. Messiah United Methodist Church

H. Nativity of Our Lord Catholic Church

I. Christ the King Lutheran Church

Parks:

1. Jefferson Downs Racetrack

2. A J Muss Bertolino Park

3. Woodlake Park

4. Miguel Park

5. Wentwood Park

6. Lincoln Park

7. Susan Park

8. Morgan Park

9. Morgan Playground

Churches

Parks

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Shopping Centers:

1. Plaza 24 Shopping Center

2. The Kenner Center Shopping Center

3. Westland Shopping Center

4. Esplanade Mall Shopping Center

5. Pavilion Shopping Center

6. Pavilion at Esplanade Shopping Center

7. Westgate Shopping Center

8. Chateau Village Shopping Center

9. Commerce Center Shopping Center

Source: http://www.city-data.com/city/Kenner-Louisiana.html#ixzz2D7vSujmF

Three regional shopping centers are located in East Jefferson: the Lakeside Shopping Center, the Clearview

Shopping Center in Metairie, and The Esplanade Mall in Kenner. The Esplanade Mall, located at 1401West

Esplanade Avenue, features stores,

multiple restaurants and a newly

planned 14‐screen movie theatre on the

Esplanade mall site. The Esplanade is

Kenner's premier shopping destination

with over 100 stores including anchor

tenants such as Macy's, Target, Dillard's

and Dillard’s “Men Store”. Additional

tenants include: Victoria's Secret, Old Navy, The Gap, The Limited, Express Men, American Eagle Outfitters,

Shopping Centers

http://www.city-data.com/city/Kenner-Louisiana.html#ixzz2D7vSujmF

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The Buckle, Love Culture, And Earth-bound Trading Company. The Food Court has many dining options such

as: Chick-Fill-A, Sushi to Go-Go, S-Barro, Subway and Smoothie King. The mall provides marketing support

to their tenants by allowing retailors to place their promotional advertisements on the mall website at

www.simon.com.

Further marketing support is offered by the by allowing retailor promotions to be email marketed directly to

loyal mall shoppers. The Esplanade mall has “rejuvenation stations” where customers have access to new soft

lounge areas with lifestyle amenities including: complimentary Wi-Fi, cell, computer & tablet charging stations.

The purpose of these comfort and technology upgrades is to increase customer satisfaction in order to build

customer loyalty.

Photo Source: http://www.simon.com/mall/the-esplanade/stores

Kenner Area Retailors (Williams Blvd.):

Office Depot, Wal-Mart Supercenter, Neighborhood Wal-Mart, PETCO, Party City, Academy, Sam’s Club,

Anna’s Linens, Michaels, Stein Mart, Rouse’s, Home Depot, A-1 Appliance

http://www.simon.com/

http://www.simon.com/mall/the-esplanade/stores

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Media & Public Information:

The city of Kenner offers the “Kenner Star” to every registered voter household. The Kenner Star is a monthly

publication used as a communication tool to the residents of the city about current & future city business. Other

media channels include: the Times Picayune a partial weekly newspaper, New Orleans City-Business a business

publication, 10 local TV channels, and 16 FM & 11 AM local radio stations.

Business simulation incentives include “Shop Kenner First” promotions on aired on K‐TV Channel 76,

Kenner’s Government access channel consisting of videos and place cards identifying businesses to help

support & grow the local economy.

K‐TV Channel 76:

Kenner Government Access Channel on Cox Cable Channel 76 airs government and community programs

covering civic and cultural governmental and educational materials.

Police Department (KPD):

(KPD) community relations division offers several programs designed to increase crime prevention. Programs

include: Businesses Against Crime Program, Citizens Police Academy, and Neighborhood Watch Program; as

well as, women’s self-defense classes. (KPD) works closely with the Inspection and Code Enforcement

Department assisting on code violation sweeps in order to control any potential blight problems.

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Code Enforcement (KCE):

(KCE) department is responsible for the enforcement of the Code of Ordinances, building inspections &

permits, local contractors, tradesmen & occupational licensing. (KCE) also manages National Flood Insurance

Program’s (NFIP) Community Rating

System (CRC), in order to reduce flood

losses to provide accurate insurance

ratings; while simultaneously promoting

flood insurance. Due to KCE successfully

improving the city’s CRC classification,

flood insurance policyholders pay lower

premiums for coverage. Further, during

2009 KCE & KPD launched a campaign to

decrease blight, remove abandoned cars

and locate citizens wanted by the law in order to improve Kenner’s Quality Of Life (QOL). For more

information about city flood maps refer to: http://floodhelp.uno.edu/Portal.aspx

Source: Kenner 2011 Economic Profile prepared by JEDCO

Disaster Planning & Emergency Response:

City of Kenner Emergency Plan covers its preparations, response, and recovery actions pre-& post natural

disasters such as: hurricanes, tornados, nuclear accidents, snow & freezing weather events. Kenner is well

prepared for problems that may arise due to adverse weather conditions via coordination of its response efforts

with Jefferson Parish, the state of Louisiana and the U.S. National Response Plans. Further emergency planning

has taken place to work in harmony with Jefferson Parish in developing a comprehensive emergency “protocol”

Kenner Flood Map

http://floodhelp.uno.edu/Portal.aspx

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outlining storm evacuation and re-entry procedures. Comprehensive emergency plans have established a three-

tiered rating re‐entry system after threatening weather forces residents to evacuate. The three-tiered re-entry

rating protocol is designed to ensure that businesses and residents are afforded effective and timely re‐entry

back into the city & the parish. Consequently, all Kenner businesses must register for a re‐entry status and

provide proper credentials in order to re‐entry into the City of Kenner and Jefferson Parish. Source:

www.jumpstartjefferson.com

Health Care:

Ochsner Medical Center (OMC) located at the corner of West Esplanade Avenue and Loyola Drive is an acute

care community hospital that services patients by offering: advanced outpatient diagnostics & therapy care,

wound care, hyperbaric services, neuroendocrine tumor treatment and rapid detox programs. In 2008, OMC

won the “Press Ganey Compass Award” for being the most improved medical facility in patient and employee

satisfaction. Ochsner Medical Center’s Kenner location has only 6.04% of Jefferson Parishes’ total hospital

market capacity based on the number of beds in each hospital. Further, Ochsner Medical Center located in

Kenner is the smallest of their 3 Jefferson Parish hospitals. However, Ochsner is the only hospital located

within Kenner’s city limits and may possibly represent future growth for the medical community.

Capacity % of Jefferson Parish Hospitals

Jefferson Parish Hospitals No. of Beds% of Total Market

Share Capacity

East Jefferson General Hospital 454 21.93%

Ochsner Medical Center - Jefferson 614 29.66%

Ochsner Medical Center - Kenner 125 6.04%

Ochsner Medical Center - West Bank 181 8.74%

River Oaks Hospital (Private Psychiatric Facility) 126 6.09%

Tulane - Lakeside Hospital 119 5.75%

West Jefferson Medical Center 451 21.79%

Total capacity 2,070 100.00%(No. of total Beds in Jefferson Parish hospitals)


http://www.jumpstartjefferson.com/

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Meeting and Event Facilities

Chateau Golf and Country Club (CGC): (north of the Chateau Blvd. and West Esplanade Ave.)

CGC located at 3600 Chateau Boulevard is positioned to host dinners, wedding events and cocktail parties by

providing on site catering. Further, the CGC Grand Ballroom only can accommodate 500 non‐seated or 450

seated guests.

Pontchartrain Convention Center (PCC):

PCC possess46,080 sq. ft. column‐free exhibit space; 14,681 sq. ft. multi-purpose meeting rooms; a 35 ft.

ceiling height to accommodate large size mobile equipment exhibits. Attendees can range in size from 50 to

3,700 for a variety of purposes and events from concerts, cultural events, wrestling matches, Home & Garden

shows, to graduation ceremonies for local schools.

http://www.pontchartraincenter.com/site.php?pageID=23

Pontchartrain Center Capacity

APPROXIMATE CAPACITIES - 1ST LEVEL

ROOM Sq. Ft. Booths Booths2 Banquet Theatre Classroom

8'X10' 10'X10'

Pontchartrain A,B,C 46,080 280 235 1,780 - -

Pontchartrain A,B 34,560 207 176 1,780 3,720 1,500

Pontchartrain A 23,200 128 110 1,280 2,740 1,050

Pontchartrain B 11,360 6 53 500 980 450

Pontchartrain C 11,520 75 63 600 1,200 550

Meeting Room 1-3 9,286 48 42 450 900 465

Meeting Room 1 2,668 - - 120 220 128

Meeting Room 2 2,668 - - 120 220 128

Meeting Room 3 3,950 - - 200 325 180

Total Sq. Ft. 145,292

APPROXIMATE CAPACITIES - 2ND LEVEL

ROOM Sq. Ft. Banquet Theatre Classroom

Meeting Room 4 1,575 80 130 72

Meeting Room 5 2,425 130 220 100

Meeting Room 6 1,575 80 130 72

Lobby 9,750 - - -

Lakeview 2,552 100 - -

Total Sq. Ft. 17,877

http://www.pontchartraincenter.com/site.php?pageID=23

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Hotels:

Kenner hotels near the airport service both business and leisure travelers, and are all conveniently accessible

from the New Orleans Louis Armstrong International airport. Kenner hotels near the airport include:

1. La Quinta Inn New Orleans Airport (2610 Williams Boulevard)

2. New Orleans Airport Plaza Hotel (2150 Veterans Memorial Boulevard)

3. Comfort Suites - Airport (2710 Idaho Avenue)

4. Contempra Inn (2820 Williams Boulevard)

5. Holiday Inn Select Airport (2929 Williams Boulevard)

6. Sleep Inn Airport (2830 Loyola Drive)

7. Southern Comfort Corporate Suites (73 Schill Avenue)

8. Radisson New Orleans Airport (2150 Veterans Boulevard)

9. Fairfield Inn & Suites

10. Country Inn & Suites

Kenner Hotels with Meeting Space:

New Orleans Airport Hotels - Meeting Space

New Orleans Airport Hotels

(Meeting Space)

Hilton

Crowne Plaza

Radisson

LaQuinta

Hilton Garden Inn

Days Inn 2,240


Space Size (square feet)

21,564

12,000

12,000

2,400

1,650

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Source: Google Images

Future Land Use Plans 2028

Future land use plans provide

the vision of future growth for

Kenner’s birth place through

policies, objectives, land use

designations and strategic

implementation. Land use plans

may be used as a reference to

developers and the public in

determining and deciding how

to redevelop the land. Future

land use plans may be found in

the “Patterns for Progress”

report on Kenner’s website

located at: www.kenner.la.us

River-town Master Plan (RMP) 2028:

River-Town master plan provides the guidelines for redevelopment of Kenner’s historic birth place and point of

origin by aligning its master plan principles to harness the competitive advantages of newly proposed master

plan growth options. The RMP gives guidance of how Kenner will improve traffic flow patterns while adding

walkable streetscapes to inspire mixed use revitalization of retail segments which will support the surrounding

residential communities.

http://www.kenner.la.us/

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Lake-Town Master Plan (LMP) 2028:

LMP’s purpose is to increase the ecological value of Lake-Town by using policies that guide & control the type

of improvements, designs, functions, arrangements & appearance of Lake-Towns newly proposed landscape.

Lake-towns master plan envisions a mixed-use development incorporating restaurants, retail, professional

offices & high‐density residential units. LMP is promoting a very active, family friendly recreational Lake-

Town district with the development of a nature center, amphitheater, water features, restaurant, carousel and

dog-park.

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SECTION III. MARKET ANALYSIS

Macro Factors: National Economy

It is not feasible to discuss the influence that the national economy has on our analysis without first mentioning

the housing and financial market collapse that occurred in late 2007. This period, known as The Great

Recession, lasted from December 2007 through June 2009, and it saw the U.S. economy shrink 4.7%, making it

the worst recession since the Great Depression. Starting in 2010, indicators of economic growth began to

rebound and have continued through the most recent data findings.

Unemployment:

The Unemployment Rate during the recession reached a 26-year high of 10.2% in November 2009. While signs

of a strengthening job market are among us, there is still cause for concern as the most recent jobs report pegs

unemployment at 7.9%, as of October 2012, which represents a slight uptick from September 2012 (7.8%).

However, optimists point to the addition of more workers joining the labor force for the slight increase in the

unemployed measurement. The nation’s employers added 171,000 positions on net in October, surpassing

estimates and spreading across a broad base with nearly every industry adding jobs. Economists are hopeful that

once Congress addresses the fiscal tightening scheduled for the end of this year, job growth can speed up

further, allowing for 2013 to surpass expectations.

Dec. Dec. Dec. Dec. Dec. CHANGE CHANGE CHANGE % CHANGE % CHANGE % CHANGE

2000 2004 2005 2010 2011 2004 - 2005 2000-2010 2010-2011 2004 - 2005 2000-2010 2010-2011

GOODS PRODUCING:

Mining 13,100 8,700 9,400 7,800 6,800 700 -5,300 -1,000 8.05% -40.46% -12.82%

Construction 33,900 30,800 18,000 30,100 28,000 -12,800 -3,800 -2,100 -41.56% -11.21% -6.98%

Manufacturing 47,300 39,400 27,200 33,300 31,500 -12,200 -14,000 -1,800 -30.96% -29.60% -5.41%

TOTAL GOODS PRODUCING 94,300 78,900 54,600 71,200 66,300 -24,300 -23,100 -4,900 -30.80% -24.50% -6.88%

\

SERVICE PRODUCING:

Trans., Comm. and Utilities 40,700 29,600 24,500 24,600 25,800 -5,100 -16,100 1,200 -17.23% -39.56% 4.88%

Wholesale and Retail Trade 160,200 96,800 61,400 82,700 82,100 -35,400 -77,500 -600 -36.57% -48.38% -0.73%

Finance, Insurance, and Real Estate 31,400 35,700 24,800 24,600 25,000 -10,900 -6,800 400 -30.53% -21.66% 1.63%

Information 9,000 9,700 8,100 7,100 7,600 -1,600 -1,900 500 -16.49% -21.11% 7.04%

Services 195,400 264,500 141,500 231,800 239,800 -123,000 36,400 8,000 -46.50% 18.63% 3.45%

Government 107,000 107,100 93,500 83,000 82,700 -13,600 -24,000 -300 -12.70% -22.43% -0.36%

TOTAL SERVICE PRODUCING: 543,700 543,400 353,800 453,800 463,000 -189,600 -89,900 9,200 -34.89% -16.53% 2.03%

TOTAL 638,000 622,300 408,400 525,000 529,300 -213,900 -113,000 4,300 -34.37% -17.71% 0.82%

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GDP:

According to the Bureau of Economic Analysis at the U.S. Department of Commerce, the gross domestic

product increased at an annual rate of 2.7% in the third quarter of 2012, exceeding analysts’ expectations of

2.0%. In the third quarter, real GDP increased 1.3%. The acceleration in GDP reflected a strengthening job

market, an increase in consumer spending (up 2% in the third quarter) and a recovering housing market.

However, the growth experienced since the end of the recession has begun to reach snail-pace. In the fourth

quarter of 2011, real GDP increased at an annual rate of 3.0% and has since continued to increase at a

decreasing rate. Damage from Hurricane Sandy, predominantly affecting the East Coast of the U.S., along with

the anticipated tightening of fiscal policy at the end of the year mean growth will decelerate in the fourth quarter

of 2012 through the first quarter of 2013.

Mortgage Rates:

At a national average of 3.34% for a 30-year fixed mortgage, mortgage rates are the lowest since applicable data

has been tracked by Freddie Mac in 1972. The lowest rates on record helped keep sales of previously owned

U.S. homes close to a two-year high in October 2012. Confidence among homebuilders, as measured by the

National Association of Home Builders, held at 41% in November 2012, the highest since June 2006. However,

the association still stressed that readings lower than 50% mean more respondents consider the conditions

“poor.” Housing starts increased to 872,000 in September 2012, a 15% increase from August and the highest

figure since July of 2008. According to the Federal Reserve System’s most recent Beige Book report in October

2012, all twelve reporting districts reported that existing home sales strengthened, in some cases substantially.

Selling prices were steady or rising in all districts as well according to the same report.

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Micro Factors

Regional Economic Base:

Traditionally a major economic driver in the New Orleans MSA, since 03’, Oil production has been on a steady

decline, while gas production has seen a sharp increase since late 08’. However, over the past year, both crude

oil and natural gas have seen declines of 8% and 9% respectively.

Motor vehicle sales continue to increase steadily, recording a 3% rise within the past year.

Foreign Trade sits roughly 138% higher than pre-Katrina levels. The port of New Orleans recorded growth in

Imports and Exports by nearly 1% within the past year.

While casinos in the New Orleans MSA are still below pre-Katrina levels at about 71%, they are generating

comparable levels of revenue from fewer people.

Overall, the tourism industry has seen a steady improvement when compared with pre-Katrina levels. At 95%

of pre-Katrina levels, the hotel sector has seen a steady increase in hotel occupancy rates at about 1.3% over the

past year. The restaurant sector has seen an increase in the New Orleans MSA of roughly 162% when

compared to pre-Katrina levels. While airlines at the Louis Armstrong Airport seem to be offering fewer flight

options to rise occupancy per flight, while capacity contracted.

While construction contracts continue to be awarded in healthy amounts, related employment in the New

Orleans MSA has declined by nearly 5,100 jobs within the past year. Total employment in the construction

sector amounts to roughly 89% of the pre-Katrina levels.

24 | P a g e

Source: Louisiana Workforce Commission

Many reputable companies within these industries call Jefferson Parish and Kenner in particular, home. See

Appendix Table #1 for a detailed list of the top private companies in Jefferson Parish in order from largest to

smallest gross revenue.

Drive Time Analysis:

Because retail is a large portion of the economy, both in Jefferson Parish, as well as the City of Kenner, we have

included the drive time analysis below, which provides the current demand and future projections within a drive

time of 5,7, & 10 minutes from the subject project. The information in the drive time analysis gives an idea as

to which group of additional retail development can be supported now. Leakages and surpluses of supply and

demand are compared to derive at the noted figures.

0% 1% 1%

8%7%

6%

15%

5%1%4%2%6%2%

8%0%

16%

2%

10% 3%3%

Jefferson Parish Employment by Industry

Agriculture, forestry, fishing and hunting MiningUtilities ConstructionManufacturing Wholesale tradeRetail trade Transportation and warehousingInformation Finance and insuranceReal estate and rental and leasing Professional and technical servicesManagement of companies and enterprises Administrative and waste servicesEducational services Health care and social assistanceArts, entertainment, and recreation Accommodation and food servicesOther services, except public administration Public administration

Kenner Economic Base:

Kenner boasts a large concentration in

Mining, Transportation Equipment

Manufacturing, Wholesale Trade,

Health Care, Construction, and

Administrative & Waste Services.

Strong concentrations also include the

Arts, Entertainment & Recreation,

Accommodation & Food Services,

Retail Trade, and Transportation &

Warehousing.

Opportunities are emerging in Food

Manufacturing, Telecommunications,

Computer Systems Design and Motion

Picture & Digital Media.

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Source: Esri and Infogroup

Global Competitiveness of Industries:

Kenner includes a network of excellent intermodal transportation including the Louis Armstrong New Orleans

Airport, federal interstate system, major highways and Class I railroads, and the Port of New Orleans, which is

located 12 miles downriver from Kenner.

This transportation network helps businesses within the Kenner City limits compete in the global marketplace.

Major upgrades to the Louis Armstrong New Orleans Airport and the port of New Orleans, as well as proposed

improvements to the railroad systems already in place will help grow the global competitiveness of Kenner in

the future.

Retail MarketPlace Drivetime AnalysisIndustry Group NAICS # Current and Forcasted Demand 2010 Drivetime Profiles 2015 Drivetimes Forecasts

5 mins 7 mins 10 mins 5 mins 7 mins 10 mins

Other Motor Vehicle Dealers 4412 69.10 17.00 -18.20 67.70 14.50 -20.60

Home Furnishing Stores 4422 5.80 -46.00 -46.40 7.50 -44.50 -44.80

Building Materials and Supply Dealers 4441 33.50 -4.30 -6.30 29.80 -8.30 -10.20

Lawn and Garden Eq. and Supply Stores 4442 97.80 30.60 -9.40 98.10 38.50 -0.70

Specialty Food Stores 4452 16.60 0.70 -6.20 18.00 2.40 -4.50

Beer, Wine, and Liquor Stores 4453 -6.80 38.40 -4.80 -21.30 25.20 -18.20

Book, Periodical, and Music Stores 4512 19.40 27.40 -33.80 25.00 32.90 -28.30

Used Merchandise Stores 4533 29.60 -77.00 -64.90 25.60 -78.60 -67.20

Electronic Shopping and Mail-Order Houses 4541 12.90 -3.60 -20.30 -19.60 -34.90 -48.50

Vending Machine Operations 4542 93.50 59.70 -5.40 91.40 49.80 -19.30

Specialty Food Services 7223 35.20 14.10 -25.40 33.90 12.80 -26.50

2010 drivetime profiles provide the actual difference between supply

and demand within the given drivetimes.

2015 drivetime forecasts provide the predicted difference between

supply and demand within the given drivetimes.

Only industry groups with potential for additional

demand were included.

Positive numbers indicate a demand surplus.

Negative numbers indicate a supply surplus.

-40 -20 0 20 40 60 80 100

5 mins 2010 profile

5 mins 2015 forcast

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Pro-Business Stance of Local Government:

The local, parish, and state governments along with the Jefferson Parish Economic Development Commission

(JEDCO) offer many services to businesses that decide to incorporate within the city of Kenner. These services

include Financing, Taxes & Incentives. Taxes and Incentives will be discussed in the next section.

The financing tools listed below help to foster and retain new and existing businesses within Kenner and the

surrounding parishes.

SBA 504 Loan Program – Provides growing businesses with long-term, fixed rate financing for major

fixed assets.

EDA – Revolving Loan Fund (RLF) – Assists small business expansion projects by leveraging private

funds with low-cost, fully amortized term loan facilities.

EPA Brownfields Cleanup Revolving Loan Fund – Provides financial assistance in the form of low-

interest loans for the environmental clean-up of designated EPS brownfield sites in Jefferson Parish.

Louisiana Revolving Capital Fund (LRCF) – Supports small businesses and promotes economic

development in the community.

Economic Development Loan Opportunity Program (EDLOP) – Provides direct loans to companies

located or expanding into Louisiana that created at least ten new jobs.

Source: Jefferson Parish Economic Development Commission (JEDCO)

In addition to Financing, Taxes & Incentives, the city of Kenner strives to offer a high quality of life. Kenner

boasts excellent meeting spaces for large and small groups alike, such as the Pontchartrain Convention Center

for large conventions, Heritage Hall, and the Pavilion located within Kenner City Park for luncheons, weddings,

reunions, etc.

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Kenner also pours excessive resources into Land Use, Beautification & Preservation. By instituting a Pattern

for Progress, The Redevelopment Master Plan of Kenner’s River-town Area, and the 2028 Lake-town Master

Plan, Kenner have set goals to achieve a vision for the future growth of Kenner, which envisions a smarter city

with more mixed use communities and walkable streetscapes that encourage economic revitalization and

minimizes blight.

Finally, because of hurricane Katrina, the BP oil spill, and several other disasters affecting the New Orleans

MSA, Kenner has developed the City of Kenner Emergency Plan. As a result, Kenner and the remaining New

Orleans MSA has become a leader in emergency preparation and response. The lockstep manner in which

Kenner communicates with its neighboring communities ensures safe preparations and evacuations before

events, and a speedy recovery afterwards.

Economic Competitiveness of Local Incentives:

Over the past 10 years, the New Orleans MSA has gone through a transformation. A region once known as one

of the most corrupt and unhealthy business climates in the country, Kenner and the surrounding parishes are

consistently named in magazines and new articles across the country as one of the top places to start a business.

While the idea of cleaning up corruption and an improving school system help make the area more attractive to

businesses, the local incentives & tax credits make it financially feasible. Listed below are just a few of the

incentives offered to businesses who decide to incorporate within Kenner.

Enterprise Zone (EZ) Program – Provides Louisiana income and corporate franchise tax credits to

eligible businesses hiring at least 35% of their net new employees from a specified targeted group.

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Quality Jobs Program – Qualifying businesses receive an annual payroll rebate at a rate of up to 6%

for new direct jobs for up to ten years, as well as a state sales tax rebate on materials purchased for new

infrastructure, machinery, and equipment.

Industrial Property Tax Exemptions – Manufacturing operations are eligible for a local property tax

exemption on new investments including improvements to land, buildings, machinery, equipment, and

any other property that is part of the manufacturing process.

New Markets Tax Credit (federal and state) – Allows individual and corporate taxpayers to receive

credits against federal and state income taxes for making qualified equity investments in Community

Development Entities (CDEs).

Inventory Tax Credit Program – Manufacturers, distributors and retailers are eligible to receive a

100% credit of local inventory taxes paid.

Customized Software Sales Tax Exemption – Companies purchasing certain customized computer

software are exempted from paying Jefferson Parish sales and use tax imposed on retail sales.

Angel Investor Tax Credit – Enhances the Louisiana entrepreneurial business environment by

rewarding qualified individuals for investing in early stage, wealth-creating businesses.

Technology Commercialization Tax Credit – Offers a refundable commercialization tax credit on

state income, corporate or franchise tax liability to encourage Louisiana businesses to commercialize

research conducted at a regionally accredited college, technical school or university in Louisiana.

Research and Development (R&D) Tax Credit – To encourage research and development in

Louisiana, Taxpayers are offered a refundable tax credit to be applied against state income or corporate

franchise taxes.

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Motion Picture Tax Incentives – Investors in state-certified productions with a total base investment

greater than $300,000 qualify for a fully transferable Louisiana investment tax credit of 30% of the in-

state spends.

Sound Recording Investor Tax Credit- Available to businesses in the digital media and software

industry that develop products including video games, simulation/training software and social media

applications.

Digital Interactive Media and Software Tax Credit – Available to businesses in the digital media and

software industry that develop products including video games, simulation/training software and social

media applications

Musical and theatrical Production Income Tax Credit – Investors in state-certified musical or

theatrical productions qualify for transferrable tax credits according to their total base investment.

Jefferson Parish Film Industry Incentive Program – Productions that have their principal Louisiana

production office or use a soundstage/alternative filming located in Jefferson Parish may be eligible to

receive a 3% cash rebate on local expenses.


Skilled Labor Pool:

The New Orleans MSA offers a skilled labor pool that not only competes with cities of comparable markets, but

is also growing by an increasing rate due to many programs implemented within the last few years by the local

and state government.

30 | P a g e


An additional 20,000 students attend technical and two year colleges. Delgado Community College, which has a

student base of over 18,000, is rapidly growing due to the integration of new demand courses within the digital

media and film industries.

Aside from the variety of educational options available within the New Orleans MSA, local and state

governments also offer a variety of workforce training assistance programs. Listed below are a few resources

available to new businesses looking to expand into the New Orleans MSA.

Louisiana Fast-Start -Provides project evaluation, workforce solutions, material development, pre-

employment identification, evaluation and feedback, course delivery, customized training and core skills

training for new or expanding companies.

On-The-Job Training (OJT) – Reimburses 50 percent of qualified wages during the training period of

new or existing employees with occupational skills that are typically required to obtain employment or

advance within the company.

Incumbent Worker Training Program – Can pay most of a company’s new eligible training costs,

including equipment, teaching materials and instructor time, as well as providing customized training for

existing employees as well as pre-employment training for non-incumbent workers by an approved

training provider.

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

New Orleans Birmingham Houston Jacksonville Memphis

% MSA Household Population 18-34 Yrs old with

Bachelor's Degree or HigherThe City of Kenner is within driving

distance to a multitude of 4 year colleges

and universities, medical and law

schools, two year colleges, and technical

colleges.

Over 60,000 students attend universities

such as Tulane, Loyola, Xavier, and the

University of New Orleans.

31 | P a g e

Small Business Employee Training Program – Employees may obtain training from any approved

standardized training course or program from an institution, trade association or the manufacturer of a

specific piece of equipment.

Career and Business Solutions Center – Provides job recruitment and applicant screening assistance


SITE DETAILS

Kenner Site: West Esplanade Avenue & Williams Blvd.

Total Site: Vacant land

Approximately 15 acres = consisting of (2) x 7 1/2 acre parcels (652,500 sq. ft.)

Length: (Frontage): West Esplanade Avenue 1,740 ft.

Width: Roosevelt 375 ft., (depth on Williams Blvd.)

Development Option: Single or multiple tenants; will subdivide for smaller tenants

Land Use & Zoning: Past zoning- R-3 Multi-family

Future Land Use: Mixed Use – Retail, Office & Residential

Property strengths: Location, accessibility, visibility, size

Mixed Use: Retail, light Commercial, Office and Residential use

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Left Lot:

Right Lot:

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Total Area:

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ZONING

Site Location: West Esplanade Avenue

& Williams Blvd. / Roosevelt Blvd.

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Commercial Zoning

In Orleans Parish, commercial zoning categories are:

MS: allows RM-2 uses plus medical, parking garages, adult day care.

RO: allows RM-2 plus office, motels, clinics.

RO-1: retail, hospitals, clinics.

B-1: allows RM-1 uses plus retail, hospitals, clinics.

B-1A: allows RM-2, hospitals and retail, but not boarding houses.

B-2: allows RM-2, hospitals and retail, but not timeshares.

C-1: allows RM-4, B-1 and B-2, apartment hotels, boarding houses, and retail.

C-1A: allows RM-2, except for timeshares, RM-4 and retail.

C-2: allows B-1 or B-2, RM-4, and retail.

The Kenner site is categorized in Zone C, the Planning Department is responsible for helping guide Kenner's

physical development. They exercise responsibilities affecting the physical appearance of the City. That

includes oversight of the recently adopted Pattern for Progress land use plan, which establishes a vision

statement, and recommendations to help lead and facilitate decision making on land use matters that directly

affect the physical improvement of Kenner. The Planning Department's operational goal is to maintain a high

quality of public service to the Kenner community through its four organizational divisions. That includes:

Comprehensive Planning (i.e. Land use and Zoning)

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Zoning Applications

Alienation of City Owned Property

Amusement Center

Applicability of Landscape Ordinance

Checklist

Board of Zoning Adjustments

Zoning Verification Request Form

C-2 Uses in an Industrial Zoning District

Closing of an Alley

Community or Group Home

Conditional Use

Day Care Center

Fee Schedule

General Advertising Sign

Hazardous and/or Obnoxious Use

Historic District

Minor Site Plan Change

Mobile Home

Modular Home

Nonconforming Residential Structure

Planned Unit Development

Resubdivision (2 Acres or more)

Revocation of a Servitude

Rezoning

Simple Resubdivision (Less than 2 Acres)

Street Name Change

Tree Permit Application

Use on a Property Zoned AH-I, Aviation

Heavy Industrial

Zoning Request Form

http://www.kenner.la.us/2/Alienation%20of%20City%20Owned%20Property%20revised.pdf

http://www.kenner.la.us/2/pl_amusement_app.pdf

http://www.kenner.la.us/2/pl_amusement_app.pdf

http://www.kenner.la.us/2/Applicability_of_Landscape_Ordinance_Checklist.pdf

http://www.kenner.la.us/2/Applicability_of_Landscape_Ordinance_Checklist.pdf

http://www.kenner.la.us/4/BZAdjustments2011.pdf

http://www.kenner.la.us/59/Zoning_Request__Form.pdf

http://www.kenner.la.us/2/pl_c2_use.pdf

http://www.kenner.la.us/2/Closing%20of%20an%20Alley%20revised.pdf

http://www.kenner.la.us/2/pl_grouphome.pdf

http://www.kenner.la.us/2/pl_conditional_use.pdf

http://www.kenner.la.us/2/pl_day_care.pdf

http://www.kenner.la.us/2/pl_fee_schedule.pdf

http://www.kenner.la.us/2/pl_ga_sign.pdf

http://www.kenner.la.us/2/pl_ga_sign.pdf

http://www.kenner.la.us/2/pl_hazard_use.pdf

http://www.kenner.la.us/2/pl_hazard_use.pdf

http://www.kenner.la.us/2/pl_historic_app.pdf

http://www.kenner.la.us/2/pl_historic_app.pdf

http://www.kenner.la.us/2/MinorSitePlanChange1.pdf

http://www.kenner.la.us/2/MinorSitePlanChange1.pdf

http://www.kenner.la.us/2/pl_mobile_app.pdf

http://www.kenner.la.us/2/pl_mobile_app.pdf

http://www.kenner.la.us/2/pl_modular_app.pdf

http://www.kenner.la.us/2/pl_modular_app.pdf

http://www.kenner.la.us/2/pl_nonconforming_res.pdf

http://www.kenner.la.us/2/pl_nonconforming_res.pdf

http://www.kenner.la.us/2/pl_pud_app.pdf

http://www.kenner.la.us/2/pl_pud_app.pdf

http://www.kenner.la.us/2/pl_resub_app.pdf

http://www.kenner.la.us/2/pl_resub_app.pdf

http://www.kenner.la.us/2/Revocation%20of%20a%20Servitude%20revised.pdf

http://www.kenner.la.us/2/pl_rezoning_app.pdf

http://www.kenner.la.us/2/pl_rezoning_app.pdf

http://www.kenner.la.us/2/pl_simple_resub.pdf

http://www.kenner.la.us/2/pl_simple_resub.pdf

http://www.kenner.la.us/2/pl_street_name_app.pdf

http://www.kenner.la.us/2/pl_street_name_app.pdf

http://www.kenner.la.us/2/Tree_Permit_Application_-_final.pdf

http://www.kenner.la.us/2/Tree_Permit_Application_-_final.pdf

http://www.kenner.la.us/2/pl_conditional_use_ahi.pdf

http://www.kenner.la.us/2/pl_conditional_use_ahi.pdf

http://www.kenner.la.us/2/Zoning_Request__Form.pdf

37 | P a g e

Trade Area Defined by (5, 7, and 10) minute Drive Times with Traffic counts:

Source: ESRI - MPSI (Market Planning Solutions, Inc.) Systems Inc. d.b.a. Data-Metrix:

STDB-online reports Drive times 5, 7, 10 minutes

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TRADE AREA

Description of TRADE AREA

LOCATION

The subject property is located on the east side of Williams Boulevard with frontage on the south side of West

Esplanade Avenue, a main residential and commercial transportation thoroughfare. The property has additional

frontage on the west side of Roosevelt Boulevard that proceeds into a residential subdivision. The City of

Kenner is west of Metairie, and for the most part, is locally considered an extension of Metairie growth patterns.

Metairie and Kenner are both commonly referred to as “East Jefferson.” However, Kenner has its own

government, independent from that of Metairie. The city of Kenner is located in the western section of Jefferson

Parish. The subject's general neighborhood boundaries are described as the commercial corridor along

Williams Boulevard from Interstate Highway 10 (I-10), northward to Lake Pontchartrain. Its general

boundaries are I-10 to the south, Loyola Drive to the west, Lake Pontchartrain to the north and Power

Boulevard to the east.

Trade Area is defined by 5, 7, & 10-minute drive times from the subject Property.

ACCESSIBILITY AND VISIBILITY

The subject property has good accessibility from the city of New Orleans and surrounding parishes. East to

West traffic routes are West Esplanade Avenue, I-10 and Veterans Boulevard. I-10 provides a directly

accessible interstate highway that travels both, east into Orleans parish and west into St. John and St. Charles

Parishes. On the other hand, Williams Boulevard travels North and South, starting from Jefferson Highway on

its southern end and extends northward to Lake Pontchartrain. Therefore, Williams Blvd. and West Esplanade

Ave. both provide the most direct access to the subject property and surrounding neighborhoods.

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PUBLIC UTILITIES

Public utilities are provided by & include:

Electricity from Entergy-Louisiana

Natural gas by Atmos Energy Louisiana

Water service from Jefferson Parish water Department

Wastewater & drainage from the City of Kenner

Telephone (land line), Cable & Internet services from AT&T and Cox Communications

MASS TRANSIT (TRANSPORTATION)

The neighborhood is served by public transit bus service via Williams Boulevard. Bus transit serves the area

well because of the growing number of households that don’t own a vehicle. Per STDB online, data figures of

households that don’t own a vehicle increased 2.89%, over the decade from years 1990-2000.

Source:

http://www.jeffersontransit.org/maps.htm

Bus Route

(Kenner Loop # 201)

Jefferson Parish Regional Transit Authority (RTA) Routes & Coverage area

http://www.jeffersontransit.org/maps.htm

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MAJOR TRAFFIC PATHWAYS

Interstate 10 (I-10) is the primary east-to-west transportation linkage for regular and commuter traffic. Veterans

Blvd. is the secondary east-to-west transportation linkage. Veterans Boulevard provides a concentration of

commercial property along its frontage in addition to easy access to the residential subdivisions mainly located

immediately behind commercial developments. Residential subdivisions are linked together with intersecting

streets that provide linkages for travelers to bypass main traveling corridors such as Veterans Blvd. during high

traffic congested times of the day. Airline Hwy. (Hwy. 61), south of the I-10, is used for east-to-west travel and

provides a linkage for drivers stretching from Metairie all the way to Baton Rouge. Williams Boulevard is the

major north/south thoroughfare in the area and is primarily developed with dense retail commercial

establishments. Williams Blvd. serves multiple residential neighborhoods that surround its location and is one

of the most traveled roads in the city of Kenner, behind I-10 and Veterans Blvd. Development of Williams

Blvd., south of I-10, occurred between the 1950’s – 1960’s, whereas, Williams Blvd. north of the I-10 was

primarily developed during the 1970’s. West Esplanade Ave., resembling Veterans Blvd., also has commercial

property along its frontage areas, as well as, easily accessible residential subdivisions along its route. West

Esplanade Ave. is used by drivers as a thoroughfare, allowing smooth travel from Kenner into Metairie for east-

to-west travel, allowing drivers to bypass traffic congestion on I-10 or Veterans Blvd.

GROWTH & COMMERCIAL DEVELOPMENT TRENDS

The lower portion of Williams Boulevard below Airline Highway is considered "Old Kenner". The Metairie and

Kenner areas essentially grew together during a growth era in New Orleans from 1950-1980. As New Orleans

grew towards the west, Metairie and Kenner grew initially for residential purposes due to its easy access to New

Orleans. Throughout the years development spread to Airline Highway, which links New Orleans and Baton

Rouge, also was a major link from New Orleans to the Metairie and Kenner areas. Later developments of Veterans

41 | P a g e

Memorial Boulevard caused the development growth to shift northward, making Veterans Blvd. the next key east-

to-west linkage. Since 1970, Jefferson Parish’s growth transitioned commercial development onto Williams

Boulevard, which in turn helped increase land values between Veterans Boulevard and 39th Street. Substantial

new retail developments have taken place since the 1970’s. Metairie and Kenner has a fully developed residential

market and remains economically connected to New Orleans as a base for employment for East Jefferson residents.

Older, middle class residential areas surround the subject property. Moreover, east & west residential

subdivisions of Williams Boulevard are predominately improved single-family and multi-family properties that

were developed during 1960-to-1980. Today, these older single family homes range from $150,000-$275,000 in

price. The newer subdivisions between West Esplanade Ave. and the Lake range from $250,000-$500,000 in

price. Further, homes close to Lake Pontchartrain range upwards of $500,000 in price. Commercial

developments along Williams Boulevard consist of gas stations, convenience stores, office buildings, banks, fast

food restaurants, retail clothing, grocery stores and small strip center establishments. Williams Blvd. consists of

predominately retail for personal services, consumable items or discount retail products.

DEMOGRAPHICS:

Demographics /Drive Time Analysis include:

1) Total Population 2) % Males

3) % Females 4) Population By Race

5) Population By Age 6) Total Number of Households

7) Household Size 8) Household Income

9) Number of Households By Income 10) Disposable Income By Age of Households

11) Disposal Income & Net Worth 12) (5-60 minute) Travel Time to Work

13) Education Attainment 14)

See Appendix Tables #2 - #18 for detailed information of demographics by drive time, and population.

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SECTION IV. DEMAND AND SUPPLY

RETAIL

There is a large retail market potential in the City of Kenner. The total amount spent on retail in Kenner in 2010

was $843,948,773 as compared to $369,821,227 spent in the selected trade area. There are several shopping

centers in the City of Kenner that offer excellent visibility and can accommodate various space needs. Some of

the commercial strips support both residential neighborhoods and customers not only in Kenner but inside the

metropolitan area as well. One of the major retail centers in the market area is The Esplanade Mall. There are

over 1100 commercial spaces located in the Kenner, of that there are 326 retail trade locations broken down into

categories displayed in the chart below.

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Population:

The population in the primary trade area of Kenner has been on a steady decline for the past 20 years. In 2011 it

is estimated to be about 109,048. The area selected for analysis had a population calculated at 42,323 in 2010

nearly 8% lower than that calculated in 1990. The projected population for the Kenner trade area in 2015 is

approximately 2% lower which suggests the decline is progressing at a slower rate. The retail trade area

population was estimated at 12,419 in 2010. Below is a table that shows the population for 2010, 2011, and

2016 in the retail trade area and the income levels within 5, 7, and 10 minutes of drive time from the site.

Drive Time 2010 2011 2016

5 Minutes Population 17,219 17,182 16,906

Median

Income

$63,168 $69,255

7 Minutes Population 63298 63089 62038

Median

Income

$52,626 $58,252

10 Minutes Population 147337 146690 143987

Median

Income

$49,695 $55,682

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After reviewing the data from the chart, it shows that the populations are slowly decreasing but the income

levels are steadily increasing over the years which suggests that the area spending will likely increase as well.

Income

In 2009, Jefferson Parish had a per capita personal income of $43,862, which was 117% of the state average of

$39,635. The Parish’s total personal income ranked first in the state and accounted for 11.5% of the state total.

Below is a chart that shows the per capita income in the region, state and how the area compares to the national

average.

The median household income in the primary market area is $52,627.

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Availability of Sites:

There are over 60 acres of vacant retail property in Kenner. Development sites range in size from approximately

one acre to 25 acres. Average parcel size is approximately six acres.

See Supply Pipeline in Appendix, Tables #19 and #20.

OFFICE

Office buildings can be found in a wide range of sizes, locations, and quality. For the Kenner study, we focused

on factors such as Business Service and Professional employment growth rates, available sites, and zoning

(previously mentioned), which are the most relevant aspects to consider according to our target market.

Business Service and Professional Employment Growth

Total employment in Jefferson Parish has remained steady over the past three years, reaching approximately

90% of the pre-Katrina level. In one of the largest employment sectors of the parish, retail trade, employment

has almost fully recovered, reaching 95% of its pre-Katrina level. In health care and social assistance, another

large sector in the parish, employment exceeded the pre-Katrina level in 2009 (at 102%) and has maintained

that recovery to-date (at 106%).

Retail Class Fall 2011 Fall 2010 Fall 2009 Fall 2011 Fall 2010 Fall 2009 Fall 2011 Fall 2010 Fall 2009

A 556,054 556,054 556,054 94.1% 85.0% 84.6% $16.25 $16.25 $17.25

B 162,619 162,619 166,334 80.1% 60.5% 52.9% $14.00 $10.00 $8.00

C 302,958 302,958 267,748 91.0% 90.2% 89.5% $11.77 $13.71 $13.65

MALL 910,000 910,000 910,000 94.0% 83.0% 84.6% N/A N/A N/A

FreeStanding Retail 626,000 626,000 626,000 93.6% 93.6% 93.6% N/A N/A N/A

Retail (Not Including

FreeStanding Retail)1,931,631 1,931,631 1,900,136 92.4% 82.8% 82.5% $14.01 $13.32 $12.97

Retail

Rental RatesKenner

Rentable Area Available Occupancy Rates (%)

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Aggregate job counts for the metropolitan area rose slightly to 525,500 as of June 2012. While the change did

not considerably move overall employment closer to the pre-Katrina level (still at 87%), approximately 1,500

additional jobs are now supported in the local economy since the last anniversary of Hurricane Katrina.

The largest net employment gain in the metropolitan area took place in the private education and health services

industry. An increase of approximately 4,300 jobs resulted from growth in private educational services,

reflecting a seasonal trend of summer hiring in education. Slight gains were also posted within the health care

and social assistance sector (500 jobs).

With a net gain of 4,300 jobs, the New Orleans leisure and hospitality industry posted the second largest

increase in jobs since July of 2011. Overall, the leisure and hospitality industry as a whole has nearly reached

full recovery, as it currently stands at 91% of pre-Katrina employment.

Over the first half of 2012, the New Orleans area unemployment rate has been moving closer to that of the U.S.

(8.3%). The local unemployment rate most recently averaged 7.4% according to second-quarter reports, a slight

decline from the 7.7% rate noted at this time last year.

As first attained in 2010, wages still exceeded pre-Katrina levels within each employment sector in the New

Orleans MSA by the end of 2011. On average across all sectors, weekly wages were $937 in 2011, a slight

decrease from the $962 weekly average observed in 2010.

Source: Metropolitan Report Vol. 23

The unemployment rate in Kenner is 6.10%, with job growth of -1.11%. Future job growth over the next ten

years is predicted to be 14.3% by major occupational group. The income per capita is $24,826, which includes

all adults and children. The median household income is $49,768. The highest employment trends by major

occupational groups are in sectors of Office and Administrative support, Sales, Food Preparation and Services,

Education, Transportation, Management, among others. The projected growth in 2020 shows a higher rate in

47 | P a g e

Personal Care and Service, and Healthcare Practitioners and Technical Occupations. See Appendix, Tables #21

and #22.

In the Kenner Site Office Primary, the Census of 2000 shows a decrease of 0.01% total family income base per

year, but an average family income increase of 3.71% ($43,472 in 1990, and $62,549 in 2000). Over the same

period in the Office Secondary report shows a family income base decrease of 0.11% per year, and an average

family income increase of 3.64%. If we compare the same data with the Office Tertiary in the same period, we

notice that the total family income base per year shows a decrease of 0.37% which is even higher than the other

reports. And the average family income shows a higher increase (as well) of 4.35%.

We see that we can have an opportunity to develop the area, and bring more jobs to the market. The per capita

income in the Kenner site has shown an increase of 4.22% over ten-year period (1990- 2000); also the total

household income base has a 0.41% increase in the same period.

Available Sites

There are many opportunities for office space in the Kenner market. The buildings are categorized in class B

and C. The average rental and occupancy rate of office space in Kenner is summarized in the following table:

Type of

Space

Average Rental Rate $ Occupancy Rate (%)

2009 2010 2011 2009 2010 2011

Class A N/A N/A N/A N/A N/A N/A

Class B $17.13 $16.50 $16.25 77.1% 65.0% 73.8%

Class C $19.00 N/A $15.74 99.3% 100.0% 93.7%

Source: Metropolitan New Orleans Real Estate Market Analysis, Vol. 43, June 2011

N/A means that there is no sufficient data available for that period.

48 | P a g e

According to the Metropolitan New Orleans Real Estate Market Analysis, the city of Kenner had a rentable area

available for Class B buildings of 178,069 sq. ft. as of 2011, a slight decrease of 1.80% (approximately) of the

amount shown in 2009 (181,386 sq. ft.). However, for the available rental area of Class C buildings, we noticed

the inverse, showing an increase of 10% (approximately). The numbers went up from 97,270 sq. ft. in 2009 to

107,870 sq. ft. in 2011.

The expectations of job growth in Kenner are relatively high, which is a good indicator that the area could be

viable to develop some office buildings since there are sectors growing in the areas of Health Care, Office

Administrative Support, Business and Financial occupations among others. And the professional and related

occupations average is 18.98%, almost reaching the national average which is 20.61% as of 2011.

See Appendix, Table # 23 for a description of employment growth by major occupational groups.

RESIDENTIAL

1) Housing Units (Owner)

2) Housing Units (Renter)

3) Residential Permits

4) Multi-family Permits

5) Residential Price & Days on Market


B 178,069 178,069 181,386 73.80% 65.00% 77.10% $16.25 $16.50 $17.13

C 107,870 43,120 97,270 93.70% 10.00% 99.30% $15.74 N/A $19.00

All Office 285,939 221,189 278,656 81.30% 71.90% 84.80% $16.00 $16.50 $18.07

Rentable Area Available Occupancy Rates (%)

Office

KennerRental Rates

49 | P a g e

6) Condominium Prices & Days on the market

See Appendix, Tables #24 - #27.

Single Family Residential units in Jefferson Parish showed signs of rebounding in 2010 and 2011 after the

recession of 2008. East Jefferson prices for a single-family unit averaged $218,374 and an average of 95 days

on the market during 2010. In 2011, the average price of a residential unit increased to $220,557, rising by

$2,183 in value while selling faster by 6 days. Residential units in South Kenner had an average selling price of

$87,000 in 2009 and then in 2010 lost -41.25% in value with a $51,109 average selling price. However, in 2011,

residential prices in South Kenner reversed their 2010 loses, posting a 53.06% gain with a $78,225 average

selling price. The Airport area of Kenner had a (8.78%) and (41.91%) loss in the residential homes value

during 2010 and 2011, posting values of $91,389 & $ 53,083 respectfully. Single family homes in West Kenner

showed signs of growth in 2011 with 12.65% gain and an average selling price of $153,277.

The Kenner Lakefront area is home to some of the most valuable residential areas of the city of Kenner. Single

family homes in the Kenner Lakefront area had an average selling price of $270,202 in 2009 but posted a

(14.29%) decrease in value in 2010 with an average selling price of $231,582. However, the Lakefront area

recovered nicely in 2011 with a 15.42% gain and an average selling price of $267,293. Single family homes

near Williams Blvd. followed a very similar trend as the Lakefront area of Kenner. Homes near Williams Blvd.

decreased 29.91%, falling from $111,225 in 2009 to $77,958 in 2010. However, the next year, residential home

prices increased 38.23% to an average selling price of $107,763

Condominiums (Jefferson Parish/Kenner):

Condominium prices in East Jefferson Parish had an average selling price of $110,687 in year 2010 with an

average of 131 days on the market. East Jefferson condominiums in year 2011 had a downward trending price,

50 | P a g e

falling to an average selling price of $103,430 losing 6.56% of their value in one year. Further, condominiums

in the Kenner Lakefront area during 2009 had an average selling price of $79,800, but in 2010 and 2011,

decreased 25.91% and 9.63% in value respectfully, and arriving at an average price of $53,429 in 2011.

Foreclosure Price Discount data:

New Orleans has fared better than many cities in America, even though the financial crisis of 2008 and resulting

global economic crisis has had some economic impacts locally. Per UNO’s New Orleans Metropolitan Real

Estate Market Analysis, March 2012 volume 44, referencing Realty Trak, residential foreclosure sales

represented 28% of total U.S. market sales in 2011. This trend only puts downward pressure on residential sales

prices eroding homeowner’s equity and simultaneously net wealth. Higher post-Katrina expenses coupled with

credit tightening and newly imposed regulations regarding obtaining a mortgage only decreased the supply pool

of potential buyers. Hence, the net effect in every real estate product type is the slowing of new developments.

However, New Orleans fared much better due to substantial federal funding for the recovery from Hurricane

Katrina.

51 | P a g e

SECTION V: BEST-USE ANALYSIS

1 2 3 4 Relative 1 2 3 4 Relative

Poor Average Good Excellent Score Poor Average Good Excellent Score

X X

X X

X X

X X

X X

X X

Total

Score 3 2 3 4 12

Total

Score 3 4 3 0 10



X X

X X

X X

X X

X X

X X

Total

Score 1 4 0 12 17

Total

Score 1 0 12 4 17



X X

X X

X X

X X

X X

X X

Total

Score 1 4 6 4 15

Total

Score 0 4 6 8 18



X X

X X

X X

X X

X X

X X

Total

Score 1 2 6 8 17

Total

Score 1 2 6 8 17

Proximity of quiet s treets/privacy

Direction of s inglefami ly growth

Publ ic planning and zoning

Ratings

Single Family Typcial

Proximity to employment centers

Proximity to schools/community

faci l i ties

Proximity to neighborhood shopping

Proximity of quiet s treets/privacy

Direction of s inglefami ly growth


Ratings

Single Family UpscaleProximity to high paying

employment centers

Proximity to schools/community

faci l i ties

Proximity to neighborhood shopping

Regional Retail

Multifamily

Mixed Use

Ratings Ratings

Ratings

Ratings Ratings

Ratings

Multistory Office


Garden Office

Proximity to employment centers

Proximity to cul tura l activi ties



Garden Office Score

Community Reta i l Score

Average Res identia l Score

Accessabi l i ty

Size/Configuration


Proximity to hous ing

Traffice volume

Proximity to major activi ty center

Dens i ty of area hous ing

Direction of community reta i l growth

Community Retail

Proximity to regional hous ing

market

Traffic volume by s i te

Proximity to major activi ty centers

Dens i ty of hous ing

Regional reta i l growth


Summary of Subject Location Analysis

Poximity to major activi ty nodes

Proximity to major transportation

Proximity to executive hous ing

Proximity to fortune 500 fi rms

Direction of multis tory growth

Proximity to hous ing

Proximity to major thoroughfares

Proximity to complementary reta i l

Proximity to occupant hous ing

Direction of office growth

Proximity to view/amenities

Proximity of dense hous ing

Direction of multi fami ly growth


52 | P a g e

The subject property is best suited for land uses of office, retail,

residential space, and/or a mix thereof.

It should be noted that in the case of a mixed-use development the

uses of office, retail, and residential should be treated as separate

entities. The ability of each land use to support itself is of the

utmost importance. The site will most likely be developed in a

series of phases usually starting with the most feasible use and

ending with the least. Never should it be assumed that one part of a mixed-use development will use another

part of itself in its own trade area because it is not likely that all land uses will be developed and absorbed at the

same time. While it may be true that each use might complement each other, this is usually done at some future

date. The primary purpose of this analysis is to discover what can be supported by current market conditions

with a secondary focus on forecasting future market conditions.

DELINEATE THE MARKET

The property productivity analysis identified the property as being competitive for a mixed-use development.

To properly delineate the market for the appraised property, the primary and secondary trade areas must be

defined. Effective analytical tools for defining the primary and secondary trade areas of a mixed-use

development have been the object of study for many years. The analysts have utilized drive times from the site

as the primary technique for the delineation of the retail trade areas, a polygonal technique for the residential

trade area, and the combined municipal boundaries of Kenner and Metairie for the delineation of the office trade

area. In all these techniques, preliminary trade area boundaries are adjusted for the specific geographic,

demographic, and economic characteristics of the community.

53 | P a g e

Retail Trade Area

The analysts have estimated that the primary retail trade area

for the subject site is within 5 minutes of the subject site,

while the secondary trade area is identified as being between

5 and 7 minutes, and the tertiary trade area is between 7 and

10 minutes from the subject property. These trade areas are

shown on the map at right as being the red, green, and blue

shaded portions on the map, respectively. The population and household incomes in these areas are shown in

the table on the next page.

Residential Trade Area

The analysts have estimated that the primary residential trade area for the subject site has boundaries which are

more dependent on geographical features of the land such as Lake Pontchartrain to the north, I-10 to the south,

Duncan Canal to the west, and Elmwood canal to the east. The trade area is represented as being the red shaded

portion on the map to the right. The population, average household size, and median household income in this

area are shown below by year to indicate change in each category.

54 | P a g e

Thus, this analysis appears to demonstrate that construction of a project on the subject site is potentially

feasible. The table indicates that given a low capture rate of retail sales (20%) a 50,946-square foot retail

development is warranted. An average capture rate of 30% further indicates an exponential growth in the

square footage demand consisting of 174,321 square feet, and, finally, 297,696 square feet of space can be

attainable if the market is able to capture 40% of all money spent by the population on retail in the primary

trade area.

Community Retail Demand Forecast

Capture Rate Probability Low Average High Comment

Total population in primary trade area 36,275 36,275 36,275 STDB

Per capita income $25,399 $25,399 $25,399 STDB

Total per capita income in primary trade area $921,348,725 $921,348,725 $921,348,725

Percentage income spent on retail 37% 37% 37% STDB

Total retail sales potential $339,379,724 $339,379,724 $339,379,724

20% 30% 40%

Total community shopping center sales $67,875,945 $101,813,917 $135,751,890

Sales required per sq. ft. $299 $299 $299

227,010 340,515 454,020

Plus frictional vacancy @ 8% 19,740 29,610 39,480

246,750 370,125 493,500

Less existing sq. ft. of competitive space 146,804 146,804 146,804

Less forecasted new competition 49,000 49,000 49,000

50,946 174,321 297,696

Percentage of retail sales captured by

community shopping center

Excludes major department stores but

not discount stores, auto sales, and

other exclusive-type specialty stores

Dollars and Cents of Shopping Centers;

weighted average of typical tenants;

median sales at community shopping

centers, adjusted for local rents

Supportable occupied sq. ft. of retail space from

households in primary trade area

Total forecast demand (sq. ft.) in primary market

area

Derived from total space in the market

area less percent of space occupied

New Theater being built adjacent to

Esplanade Mall

Net (excess) shortage of supportable sq. ft. of

retail space

55 | P a g e

As indicated by the data, the current market cannot support the land use of residential. Before any new supply

can be supported by the market the excess demand must be absorbed. With the elimination of a residential land

use, the suggestion of a mixed land use is also dismissed since a mixed land use is a mix of 3 or more land uses.

Multifamily Demand

Current Comments

trade area population 43,850 Source: ESRI

2.62 Source: ESRI

Total housing unit demand 16,713 Source: ESRI

40%Source: ESRI

6,685

1,671

5,014

Plus frictional vacancy @ 8% 436

5,450

Multifamily Residual Demand

Current

5,450

7,911 Source: ESRI

Less estimate new construction 0

Less vacancy rate 1,113 Source: ESRI

Net (excess) shortage (3,574)

Divided by household size (declining

1% per year)

Times % forecasted multifamily unit

mix

Estimated total occupied multifamily

unit demand

Less 25% of high- or low-income

households

Multifamily households in middle

income range

Total potential multifamily unit

demand

Total potential multifamily unit

demandLess current competitive supply of

multifamily units

56 | P a g e

Office

To determine a demand for office, space the following factors were considered: 1) the total number of office

employees, 2) the average square footage an employee utilizes, 3) the subtraction of competitive space and

vacancies from the total demand.

As proven in the table below, the subject site can’t support office space due to high vacancy rates in the current

market.

Office Space Demand

2012 Comments

Total employment—forecast 525,500 UNO RPT PG 4

Percentage occupying office space 20%

Total employed in office space

105,100

Average sq. ft. per employee 225 BOMA

23,647,500

Plus frictional vacancy @ 5% 1,244,605

Total demand (sq. ft.) 24,892,105

Office Residual Demand

24,892,105

Less current competitive sq. ft. 21,238,250 UNO RPT PG 111

Less estimate new construction 0

Less current vacant space (15.4%) 3,833,384

Net (excess) shortage (179,529)

UNO RPT PG 5 Including

Information, Financial

Activities, and Professional

and Business Services

UNO RPT PG 5 Including

Information, Financial

Activities, and Professional

and Business Services

Estimated total occupied demand (in

sq. ft.)

Avg sq ft per employee times

total employed in office

Gross estimate of total MSA office

demand in sq. ft.

57 | P a g e

SECTION VI: CONCLUSION & RECOMMENDATION

Retail: Feasibility Conclusion & Recommendations:

Our approach to analyzing the Retail market must be made with an assumption concerning the level at which

the market is considered to be at full occupancy. Therefore, we’ve provided a range of results based the amount

of market share the project may capture upon the varying conditions of the market. To accomplish this, we’ve

established a measure by which we can assume the market is at full occupancy. The established Full Occupancy

Benchmark (FOB) is set at 95% occupancy level, factoring in a 5% residual vacancy allowance into the entire

Kenner Retail real estate market. Therefore, a Retail market segment that is approaching 95% occupancy rates

is believed to be at its max occupancy level, and hence its absorption rate will slow down due to the lack of no

new supply coming online soon. This growth would become capped in the short term due to the unavailability

of Retail space, which may increase the leakage ratio. An increased leakage ratio will represent the demand of

the new growth, providing evidence to support the development of additional Retail space. Due to this, our

conclusions, and recommendations to either build, don’t build, or wait for the absorption timeframe to pass and

reassess the market conditions are all based on the reasoning of 95% FOB equaling full occupancy, which will

determine the decision and course of action to follow in developing the West Esplanade site.

The approach to the feasibility study followed the reasoning to analyze, in detail, the retail market due to the

city of Kenner’s desire to use retail developments to expand its city tax base income by capturing increased

sales taxes, in addition to property taxes. Therefore, the scope of the feasibility study is centered on the fact that

the Residential units will not provide sales taxes, but only property taxes and therefore is excluded from our

analysis. On the other hand, office buildings can provide tax income but only on the gross income of the

professional businesses that will occupy the office building; and therefore, may only marginally help the city of

58 | P a g e

Kenner accomplish its goal of increasing tax based income. Further, the demand data for office developments

doesn’t support any newly constructed square footage any time soon due to its increasing vacancy levels.

Office class B occupancy levels have fallen 3.3% over the last three years and have shown large fluctuations in

occupancy rates. Therefore, our recommendation for office buildings is to not build any new class B square

footage. Class C office buildings, due to their older age can’t be newly constructed rather are only renovations

of existing buildings, have been removed from our analysis. The office market, on average, is performing well

below our assumed 95% full occupancy benchmark. On average, all office properties in Kenner are 81.3%

occupied which represents 232,468 square feet of office space that needs to be absorbed before any new office

square footage should be considered. Office building rental rate prices trended down over 2009-2011, losing

$2.07 per square foot. Hence, an updated feasibility study of the office market will need to be performed to

provide a recommendation.

Occupancy - Retail Market:

Retail class A property is at 94.1% occupancy which is only 0.9% below our established FOB. This 0.9%

represents 5,004 square feet of space that needs to be absorbed in order to arrive at full occupancy. Class A

properties absorption rates have been increasing at a rate of 3.17% since 2009, and based on these figures, class

A properties will reach 0.28 years to arrive at full occupancy. The absorption pace of class A retail property

reaching its benchmarked occupancy level represents an enormous opportunity to build new class A retail

property to capture to the future demand of this market segment.

Retail class B property measured 80.1% occupancy in the most recent 2011 report. The 14.9% shortfall between

last report and FOB represents 24,230 square feet of space that needs to be absorbed to arrive at full occupancy.

Class B properties have been making a strong push since 2009, bringing the occupancy rate from 52.9% in 2009

59 | P a g e

to 80.1% in 2011. Based on class B’s average absorption rate, it will take 1.64 years to arrive at FOB. Class B

rental rates have drastically increased over the years, starting at $8 per square foot in 2009, reaching $10 a

square foot in 2010 and arriving at $14 a square foot in 2011. The Mall class of retail real estate is not covered

in this feasibility study, since we are not looking to develop a mall.

Free Standing Retail has not absorbed any square feet over the last 3 years (2009-2011). This leads to the

conclusion that Free-Standing Retail may have reached its full occupancy level at 93.6%, instead of the 95%

assumed (FOB).

Retail (not including Free-Standing retail) is measured 92.4% occupancy in 2011, leaving it just short of the

95% occupancy benchmark. Retail (without Free-Standing buildings) had an average absorption rate of 3.3%

during 2009-2011, and at this pace, it will take 0 .79 years to reach to 95% occupancy. Based on our retail

analysis, the class of Retail (without Free-Standing retail) represents a large opportunity for newly developed

locations; and therefore, our recommendation is to build this class of retail development.

Retail class C is the only retail class that added rentable retail square footage in 2009-2010, gaining 35,210

square feet. Occupancy rates have been on an upward trend for all types of Retail, except Free Standing Retail,

which has remained steady since 2009 at 93.6% occupancy. Retail building classes A,B,C, Mall, Free-Standing,

Non Free Standing have all increased their occupancy ratings during 2009-2011; gaining 9.5%, 27.2%, 1.5%,

9.4%, 0%, 9.9% in occupancy percentages respectfully. Rental rates have been on a downward trend Retail

class types A and C; however on the other hand, for Retail property types B and Retail (not including Free

Standing Retail), price rates are on an upward trend gaining $6 and $1.04 per square feet during the years of

2009-2011.

60 | P a g e

Occupancy %Rentable

Area Sqft.

Full

Occupancy

Benchmark

(FOB)

95%Absorption Rate (3 yr moving Average)

Absorption

Pace

Absorption

Time Frame

Retail Total Sqft. (Fall 2011)

Occupancy

Rates (%) (2011)

Sqft.

Occupied (2011)

# Sqft. @ (95%

FOB)

# Sqft. needs

Absorption until (95%FOB)

Absorption rate

(%) (Annually)

Sqft.

Absorbed (Annually)

Years until (95%FOB)

A 556,054 94.1% 523,247 528,251 5,004 3.17% 16,728 0.30

B 162,619 80.1% 130,258 154,488 24,230 9.07% 14,007 1.73

C 302,958 91.0% 275,692 287,810 12,118 0.50% 1,439 8.42

MALL 910,000 94.0% 855,400 864,500 9,100 3.13% 27,088 0.34

FreeStanding Retail 626,000 93.6% 585,936 594,700 8,764 0% 0 N/A


FreeStanding Retail)1,931,631 92.4% 1,784,827 1,835,049 50,222 3.30% 60,557 0.83

Total 4,489,262 92.6% 4,155,359 4,264,799 109,439 3.19% 136,237 0.80

Total (Average) Total Total Total FOB (Average) (Average) (Average)

Full Occupancy Benchmark (FOB): 95%

Recommendation Conclusion

Recommendation Conclusion

Retail Class Absorbed

A Build Now Absorption rate 16,728 sqft. Annually

B Don't Build wait 1.5 years, assess if market reached 95% FOB & reassess feasibility of class

B market

C

Can't build new Class (C),

properties can become (C) due

to (aging & disrepairs)

N/A

Free Standing Don't Build

Market has absorbed no (FS) space over the years (2009-2011). Due to (FS) 3

year No growth trend, I must conclude that (FS) has reached full occupancy @

93.6%. Therefore during the building process - monitor absorption rate, pace &

occupancy levels.

Retail (not including

Free Standing Retail)

Wait .79 years, reassess

feasibility, if passes test - then

Build

wait .79 years, assess when market reaches 95% FOB @ absorption pace of

60,557 sqft. Annually & reassess feasibility of Retail (not including Free

Standing Retail) market.

@ 92.4% occupancy which is 2.6% below the 95% FOB and represents

50,222 Sqft.

@ 93.6% occupancy which is 1.4% below the 95% FOB which represents

8,764 Sqft.

91% occupied - However, will take 8.42 years to absorb the 4% or 12,118

square feet of unoccupied space in order to reach 95% FOB because its

absorption pace is only 1,439 square feet annually.

Full Occupancy Benchmark (FOB): 95%

94.1% occupied, will take only .30 to reach 95% FOB which represents

5,004 square feet of space and has an absorption pace of 16,728 square

feet annually.

80.1% occupied which is 14.9% below (95% FOB) and represents 24,230

sqft. The absorption pace is 14,007 sqft. Annually and will take 1.73 years

to reach 95% FOB.

Retail Building range (2-6) years

61 | P a g e

Type of Real Estate Buildings

Residential

Housing

Units

Sqft. Per

building Total Sqft.

1 45,000 45,000

1 45,000 45,000

Total Office 2 90,000

1 55,000 55,000

1 50,000 50,000

1 25,000 25,000

1 12,000 12,000

1 2,500 2,500

Total Retail 5 144,500

(2 bed / 2 bath) 58 1,500 87,000

(3 bed / 2.5 bath) 8 2,500 20,000

66 107,000Total Residential Housing Units

Office

Retail

Residential

Kenner Development Project (Proposed)

Absorption

rate & sqft.

(Annually)Low Med High

Total

BuildingsTOTAL Sqft. Total Sqft. @ Full

Occupancy (95%)3.19% 20% 30% 40% 50% 60%

Sqft. 5 144,500 137,275 136,237 27,247 40,871 54,495 68,118 81,742

Absorption

Years 5.30 3.54 2.65 2.12 1.77

Kenner RETAIL Development Project

Absorption Capture rates & Sqft. Pace (Annually) Super High Growth Scenario

due to Retail submarkets

close to 95% FOB

62 | P a g e

Proposed Kenner Development

The study was conducted in such a way as to measure how the site would perform in a mixed use of

development; and therefore, the analysis is formatted to show a variety development types and time horizons

based on current market conditions. Therefore, our development project was designed to incorporate retail,

office and residential.

Development Phases:

Phase 1: Retail - (2.65 – 5.3 years)*(Determine type of Retail to build to get high capture & absorption rates)

Phase 2: Office - (5 – 9 years) *(reassess feasibility of office project)

Phase 3: Residential - (5 – 12 years) *(reassess feasibility of residential project)

Phase 1: is a Retail development of a total of 144,500 square feet which is 137,275 square feet at our assumed

95% (FOB) full occupancy benchmark. The Retail development will consist of a total of 5 buildings ranging

from 2,500 – 55,000 square feet. At current market absorption rates, on average, the market absorption pace is

136,237 square feet of Retail space annually. Further the total Retail market, on average, has an occupancy rate

of 92.6% which is only 2.4% below our 95% FOB threshold. Moreover, the total retail market within .87 years

on average will need new retail space to keep up with demand based upon these ratios and assuming a range of

capture rates from 20-40% for low-high levels. In order to present a range of what/if possibilities, we’ve added

two additional Super High Growth scenario capture ranges of 50-60% based upon the assumption that the tenant

mix has high appeal to the trade area residents, then it may equate to gaining a large customer draw to the

development

63 | P a g e

Absorption: absorption of 1st construction phase of the development.

Average Retail market absorption rate is 3.19% and absorption pace is 136,237 square feet annually:

1. Low capture rate of 20% produces absorption pace of 27,247 square feet annually with a time horizon of

5.30 years to gain 95% (FOB) fully occupied benchmark.

2. Medium capture rate of 30% produces absorption of pace 40,871 square feet annually with a time

horizon of 3.54 years to gain 95% (FOB) fully occupied benchmark.

3. High capture rate of 40% produces absorption of pace 54,495 square feet annually with a time horizon

of 2.65 years to gain 95% (FOB) fully occupied benchmark.

Super High Growth Scenario:

4. Super High Growth capture rate of 50% produces absorption of pace 68,118 square feet annually with a

time horizon of 2.12 years to gain 95% (FOB) fully occupied benchmark.

5. Super High Growth capture rate of 60% produces absorption of pace 81,742 square feet annually with a

time horizon of 1.77 years to gain 95% (FOB) fully occupied benchmark.

Development Phase 2 & 3:

Remaining Development phases will need to be reassessed with an updated feasibility study of the demand in

each market (office & Residential)

Phase 2: Office - (5 – 9 years) *(reassess feasibility of office project)

Phase 3: Residential - (5 – 12 years) *(reassess feasibility of residential project)

64 | P a g e

Suggestions: Retail type of Tenants based on Gaps in Retailer supply causing leakage of customers’ purchasing

power to other trade areas for those products or services.

Source: STDB Retail Trade Area Reports, Esri and Infogroup

Retailor GapSurplus

Factor

Number of

businesses

U.S.

Neighborood

Shopping

Centers

(Suburban)

U.S. Convenience

Shopping Centers

(Suburban)

NAICS

441 ($12,237,266) (6.90) 11 (30,120) (48,072)

Other Motor Vehicle Dealers 4412 $6,416,778 73.70 2 15,794 25,207

Auto Parts, Accessories & Tire Stores 4413 $1,421,855 15.70 6 3,500 5,586

442 $6,534,750 27.90 9 16,084 25,671

Furniture Stores 4421 $7,387,045 27.90 9 18,182 29,019

4431 $2,559,656 11.10 11 6,300 10,055

444 $14,232,177 83.40 6 35,030 55,909

Bldg. Materials & Supply Dealers 4441 $13,087,014 82.30 6 32,212 51,410

Lawn & Garden Equipment & Supply Stores 4442 $1,145,164 99.30 0 2,819 4,499

445 ($26,719,196) (17.20) 21 (65,765) (104,962)

Specialty Food Stores 4452 $1,860,791 42.80 4 4,580 7,310

4453 $20,702 1.70 2 51 81

447, 4471 $21,228,136 23.40 9 52,250 83,391

451 ($2,054,584) (21.00) 13 (5,057) (8,071)

Book, Periodical & Music Stores 4512 $1,376,856 44.70 1 3,389 5,409

453 ($2,828,846) (16.90) 27 (6,963) (11,113)

Used Merchandise Stores 4533 $434,208 66.90 1 1,069 1,706

Other Miscelllaneus Store Retailers 4539 $143,364 2.20 13 353 563

454 ($3,108,714) (21.70) 4 (7,652) (12,212)

Electronic Shoppping & Mail-Order Houses 4541 $1,114,479 34.30 1 2,743 4,378

Vending Machine Operators 4542 $838,047 100.00 0 2,063 3,292

722 ($20,162,442) (14.20) 90 (49,627) (79,205)

Special Food Services 7223 $5,187,797 36.80 3 12,769 20,379

Beer, Wine & Liquor Stores

Motor Vehicle & Parts Dealers

Furniture & Home Furnishings Stores

Electonics & Appliance Stores

Bldg. Materials, Garden Equip. & Supply Stores

Food & Beverage Stores

Gasonline Stations

Sporting Goods, Hobby, Book & Music Instrument Stores

Miscellaneous Store Retailers

Non Store Retailers

Food Services & Drinking Places

Demand Supportable Sqft.

Industry Group

65 | P a g e

Retail

Kenner


A 556,054 556,054 556,054 94.1% 85.0% 84.6% $16.25 $16.25 $17.25

B 162,619 162,619 166,334 80.1% 60.5% 52.9% $14.00 $10.00 $8.00

C 302,958 302,958 267,748 91.0% 90.2% 89.5% $11.77 $13.71 $13.65

MALL 910,000 910,000 910,000 94.0% 83.0% 84.6% N/A N/A N/A

FreeStanding Retail 626,000 626,000 626,000 93.6% 93.6% 93.6% N/A N/A N/A


FreeStanding Retail)1,931,631 1,931,631 1,900,136 92.4% 82.8% 82.5% $14.01 $13.32 $12.97

Occupancy Rates (%) Rental RatesRentable Area Available

66 | P a g e

Figure 1 SITE LAYOUT

67 | P a g e

REFERENCES

http://www.experiencejefferson.com/about/cvb/

http://www.city-data.com/city/Kenner-Louisiana.html

http://www.kenner.la.us/pages/section_121_222.asp

http://www.geoportalmaps.com/atlas/kenner/

http://www.kenner.la.us/2/Kenner%20Citizen%20Input%20Presentation.pdf

http://www.pontchartraincenter.com/site.php

http://www.treasurechest.com/

http://www.flymsy.com/

http://www.jedco.org

http://www.kpba.biz/

http://jeffersonchamber.org/

http://www.pontchartraincenter.com/



http://www.experiencejefferson.com/meeting-and-event-planners/attractions/

http://theretailplanet.com/

http://theretailplanet.com/screening-map-recruit-tenant.aspx#15/30.020105833183827/-

90.22988934103999/799/3/1

http://www.city-data.com/city/kenner-Louisiana.html

http://www.kantarretail.com/index.html

http://www.experiencejefferson.com/about/cvb/

http://www.city-data.com/city/Kenner-Louisiana.html


http://www.geoportalmaps.com/atlas/kenner/

http://www.kenner.la.us/2/Kenner%20Citizen%20Input%20Presentation.pdf

http://www.pontchartraincenter.com/site.php

http://www.treasurechest.com/

http://www.flymsy.com/

http://www.jedco.org/

http://www.kpba.biz/

http://jeffersonchamber.org/

http://www.pontchartraincenter.com/



http://www.experiencejefferson.com/meeting-and-event-planners/attractions/

http://theretailplanet.com/

http://theretailplanet.com/screening-map-recruit-tenant.aspx#15/30.020105833183827/-90.22988934103999/799/3/1

http://theretailplanet.com/screening-map-recruit-tenant.aspx#15/30.020105833183827/-90.22988934103999/799/3/1

http://www.city-data.com/city/kenner-Louisiana.html

http://www.kantarretail.com/index.html

68 | P a g e

http://www.city-data.com/city/Kenner-Louisiana.html#ixzz2D7tu0bB6

University of New Orleans Metropolitan Report, Vol. 23, No. 1, August 2012

U.S. Bureau of Economic Analysis, “Gross Domestic Product: Fourth Quarter and Annual 2011,” news

release, (March 29, 2012), www.bea.gov/newsreleases/national/gdp/2012/pdf/gdp4q11_3rd.pdf.

U.S. Department of Labor Statistics, “The Employment Situation- October 2012,” news release,

(November 2, 2012), www.bls.gov/news.release/empsit.nr0.htm

Federal Reserve System, “Beige Book- Current Economic Conditions by Federal Reserve District,”

news release, (October 10, 2012),

www.federalreserve.gov/monetarypolicy/beigebook/beigebook201210.htm.

Metropolitan New Orleans Real Estate Market Analysis –Turning the Corner, March 2012, Volume 44

Published by: Institute for Economic Development and Real Estate Research

Author: Dr. Ivan J. Miestchovich, Jr., Ph.D.

Director-Institute for Economic Development and Real Estate Research

Associate Professor of Finance

www.realestate.uno.edu

http://www.city-data.com/city/Kenner-Louisiana.html#ixzz2D7tu0bB6

http://www.bea.gov/newsreleases/national/gdp/2012/pdf/gdp4q11_3rd.pdf

http://www.bls.gov/news.release/empsit.nr0.htm

http://www.federalreserve.gov/monetarypolicy/beigebook/beigebook201210.htm

http://www.realestate.uno.edu/

69 | P a g e

APPENDIX

Table 1


70 | P a g e

Table 2

Table 3

Table 4

Total Population

Driving Time (minutes) 25 yr Trend

Years 1990 2000 2010 2015 (est.) # Change

% Change

40,311 39,175 36,275 35,748 (4,563)

% total Pop. -11.32%

113,036 109,799 102,771 101,074 (11,962)

% total Pop. -10.58%

208,624 206,060 192,440 189,352 (19,272)

% total Pop. -9.24%

Demographics - Total Trade Area

Total Population

Trade Area

10

7

5

Driving Time

(minutes)25 yr Trend

Years 1990 2000 2010 2015 (est.) # Change

% Change

19,434 18,857 17,443 17,214 (2,220)

% total Pop. 48.21% 48.14% 48.09% 48.15% -0.06%

54,003 52,337 48,997 48,265 (5,738)

% total Pop. 47.78% 47.67% 47.68% 47.75% -0.02%

99,529 98,666 92,295 90,961 (8,568)

% total Pop. 47.71% 47.88% 47.96% 48.04% 0.33%

% of Males, Population

Males

Population of Trade Area

10

7

5

Driving

Time 25 yr Trend

Years 1990 2000 2010 2015 (est.) # Change

% Change

20,875 20,318 18,832 18,533 (2,342)

% total Pop. 51.78% 51.86% 51.91% 51.84% 0.06%

59,034 57,462 53,775 52,808 (6,226)

% total Pop. 52.23% 52.33% 52.33% 52.25% 0.02%

109,097 107,395 100,144 98,393 (10,704)

% total Pop. 52.29% 52.12% 52.04% 51.96% -0.33%

% of Females, Population

Females


7

5

10

71 | P a g e

Table 5

Population with largest

Racial segment %'s

Population by Race 1990 2000 2010 2015 (est.) # Change % Change

White 35,350 32,727 29,314 28,918 (6,432) -18.20%

Black 2,361 2,816 2,920 2,862 501 21.22%

Asian 807 1,320 1,436 1,406 599 74.23%

Other Race 1,030 1,288 1,438 1,413 383 37.18%

2 or more Races 672 909 1,040 1,021 349 51.93%

Hispanic 4,054 4,905 5,685 5,588 1,534 37.84%

White 96,558 85,983 76,652 75,406 (21,152) -21.91%

Black 9,710 14,103 14,719 14,462 4,752 48.94%

Asian 2,270 3,465 3,807 3,731 1,461 64.36%

Other Race 2,453 3,420 4,208 4,141 1,688 68.81%

2 or more Races 1,732 2,425 2,919 2,872 1,140 65.82%

Hispanic 9,957 12,649 15,680 15,427 5,470 54.94%

White 178,599 164,732 146,947 144,660 (33,939) -19.00%

Black 19,379 25,711 26,895 26,381 7,002 36.13%

Asian 3,617 5,645 6,244 6,123 2,506 69.28%

Other Race 3,786 5,325 6,723 6,623 2,837 74.93%

2 or more Races 2,755 3,930 4,799 4,735 1,980 71.87%

Hispanic 15,656 19,610 24,882 24,501 8,845 56.50%

Population By Race


25 yr TrendPopulation by Race

10

7

5

Driving Time

(minutes)

72 | P a g e

Table 6

Popu

latio

n By

Age

Driv

e Ti

me:

Age

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

0-4

2,25

36.

20%

2,19

86.

10%

6,64

96.

50%

6,48

06.

40%

11,6

426.

00%

11,3

426.

00%

(5-9

)2,

340

6.50

%2,

303

6.40

%6,

587

6.40

%6,

515

6.40

%11

,329

5.90

%11

,210

5.90

%

(10-

14)

2,46

36.

80%

2,45

26.

90%

6,63

66.

50%

6,60

66.

50%

11,4

025.

90%

11,3

106.

00%

(15-

19)

2,31

96.

40%

2,26

06.

30%

6,44

76.

30%

6,11

86.

10%

11,2

905.

90%

10,6

565.

60%

(20-

24)

2,06

65.

70%

1,93

55.

40%

6,39

46.

20%

6,04

76.

00%

12,4

746.

50%

11,7

216.

20%

(25-

29)

2,24

66.

20%

2,06

85.

80%

6,88

96.

70%

6,65

86.

60%

13,8

777.

20%

13,4

607.

10%

(30-

34)

2,28

46.

30%

2,27

46.

40%

6,61

06.

40%

6,61

66.

50%

12,5

016.

50%

12,8

216.

80%

(35-

39)

2,24

66.

20%

2,44

86.

80%

6,70

36.

50%

6,68

66.

60%

12,4

996.

50%

12,3

306.

50%

(40-

44)

2,44

56.

70%

2,26

26.

30%

6,93

36.

70%

6,44

26.

40%

13,0

166.

80%

11,9

816.

30%

(45-

49)

2,87

37.

90%

2,39

86.

70%

7,83

17.

60%

6,67

26.

60%

14,6

047.

60%

12,6

396.

70%

(50-

54)

2,86

57.

90%

2,69

37.

50%

7,48

07.

30%

7,24

97.

20%

14,2

337.

40%

13,4

917.

10%

(55-

59)

2,66

37.

30%

2,56

17.

20%

7,02

76.

80%

6,73

76.

70%

13,2

716.

90%

12,9

846.

90%

(60-

64)

2,21

36.

10%

2,29

66.

40%

6,06

25.

90%

6,17

56.

10%

11,5

816.

00%

11,8

096.

20%

(65-

69)

1,66

94.

60%

1,95

35.

50%

4,56

54.

40%

5,46

35.

40%

8,59

84.

50%

10,5

955.

60%

(70-

74)

1,16

53.

20%

1,44

94.

10%

3,30

03.

20%

4,03

54.

00%

6,35

23.

30%

7,76

74.

10%

(75-

79)

913

2.50

%95

62.

70%

2,61

82.

50%

2,72

82.

70%

5,15

42.

70%

5,29

82.

80%

(80-

84)

726

2.00

%65

01.

80%

2,17

12.

10%

1,87

31.

90%

4,53

12.

40%

3,74

62.

00%

85+

526

1.50

%59

11.

70%

1,87

01.

80%

1,97

32.

00%

4,08

52.

10%

4,19

42.

20%

Tota

l36

,275

100.

00%

35,7

4710

0.00

%10

2,77

210

0.00

%10

1,07

310

0.00

%19

2,43

910

0.00

%18

9,35

410

0.00

%

Med

ian

Age

Popu

latio

n by

Age

2015

2010

5 Min

utes

7 Min

utes

39.8

39.9

38.9

39.1

10 M

inut

es

39.9

39.7

2010

2015

2010

2015

73 | P a g e

Table 7

Table 8

Table 9

Driving Time

(minutes)

Years 2000 2010 2015 (est.) # Change % Change

14,690 13,668 13,471 (787) -5.52%

42,565 39,930 39,280 (2,874) -6.82%

84,599 79,102 77,857 (3,231) -3.98%

Total # of Households

25 yr TrendTotal Number of Households

Trade Area

5

10

7

Driving

Time

Years 1990 # 2010 2015 (est.) # Change % Change

2.82 3 2.64 2.64 (0.18) -6.38%

2.66 3 2.55 2.55 (0.11) -4.14%

2.56 2 2.42 2.42 (0.14) -5.47%

Size of Household (Avg)

Trade Area

10

7

5

Household Size (Average) 25 yr Trend

Driving Time

(minutes)

Years 1990 2000 2010 2015 (est.) $ Change % Change

Per Capita $15,336 $23,146 $25,399 $25,789 $10,453 68.16%

Median $35,677 $48,192 $53,654 $55,816 $20,139 56.45%

Average $42,956 $61,939 $67,811 $68,828 $25,872 60.23%

Per Capita $14,325 $21,304 $23,042 $23,504 $9,179 64.08%

Median $31,746 $41,382 $46,591 $50,157 $18,411 57.99%

Average $38,732 $54,695 $59,316 $60,451 $21,719 56.08%

Per Capita $14,550 $22,431 $24,009 $24,520 $9,970 68.52%

Median $30,298 $41,164 $45,848 $49,302 $19,004 62.72%

Average $37,449 $54,425 $58,337 $59,534 $22,085 58.97%

Household Income

Household Income

Trade Area

5

7

10

25 yr Trend

74 | P a g e

Table 10

5-minute Driving Time

Table 11


Number of Households by Income

Drive Time 5 Minutes Percent Change

Year 1990-2000 2010-2015

Total Population -2.80% -1.50%

Total Households 3.00% -1.40%

Civilian Employed 20,520 94.30% 19,826 96.00% 17,042 93.90% 16,950 94.40% -3.40% -0.50%

Civilian UnEmployed 1,237 5.70% 830 4.00% 1,106 6.10% 1,003 5.60% -32.90% -9.30%

Year Percent Change

Count Percent Count Percent Count Percent Count Percent 1990-2000 2010-2015

< $10,000 1,420 10.00% 978 6.60% 796 5.80% 765 5.70% -31.10% -3.90%

($10,000-$14,999) 989 6.90% 786 5.30% 625 4.60% 523 3.90% -20.50% -16.30%

($15,000-$19,999) 1,072 7.50% 784 5.30% 610 4.50% 560 4.20% -26.90% -8.20%

($20,000-$24,999) 1,035 7.30% 816 5.50% 596 4.40% 526 3.90% -21.20% -11.70%

($25,000-$29,999) 1,293 9.10% 1,061 7.10% 793 5.80% 838 6.20% -17.90% 5.70%

($30,000-$34,999) 1,148 8.10% 782 5.30% 854 6.20% 628 4.70% -31.90% -26.50%

($35,000-$39,999) 1,126 7.90% 867 5.80% 677 5.00% 751 5.60% -23.00% 10.90%

($40,000-$49,999) 1,904 13.40% 1,603 10.80% 1,391 10.20% 1,172 8.70% -15.80% -15.70%

($50,000-$59,999) 1,358 9.50% 1,440 9.70% 1,205 8.80% 1,542 11.40% 6.00% 28.00%

($60,000-$74,999) 1,288 9.00% 1,795 12.10% 2,120 15.50% 2,251 16.70% 39.40% 6.20%

($75,000-$99,999) 943 6.60% 1,747 11.80% 1,771 13.00% 1,657 12.30% 85.30% -6.40%

($100,000-$124,999) 293 2.10% 960 6.50% 947 6.90% 961 7.10% 227.60% 1.50%

($125,000-$149,999) 132 0.90% 458 3.10% 489 3.60% 511 3.80% 247.00% 4.50%

$150,000+ 252 1.80% 769 5.20% 794 5.80% 784 5.80% 205.20% -1.30%

Total 14,253 100% 14,844 100% 13,668 100% 13,469 100% 4.10% -1.50%

Median Household Income 35.10% 4.00%

Average Household Income 44.20% 1.50%

2015201020001990

Civilian Population 16+ in Labor Force

Households by Income

1990 2000 2010 2015

13,471

35,748

13,668

36,275

14,690

39,175

14,258

40,311

$42,956

$35,677

$68,828

$55,816

$67,811

$53,654

$61,939

$48,192


Year 1990-2000 2010-2015




Civilian Unemployed 3,563 5.90% 2,674 4.70% 3,181 6.20% 2,874 5.70% -25.00% -9.70%

Year Percent Change


< $10,000 5,131 12.20% 3,355 7.90% 2,789 7.00% 2,720 6.90% -34.60% -2.50%

($10,000-$14,999) 3,559 8.40% 2,762 6.50% 2,184 5.50% 1,847 4.70% -22.40% -6.10%

($15,000-$19,999) 3,710 8.80% 2,843 6.70% 2,263 5.70% 2,088 5.30% -23.40% 0.20%

($20,000-$24,999) 3,481 8.30% 3,039 7.10% 2,301 5.80% 2,046 5.20% -12.70% 3.00%

($25,000-$29,999) 3,860 9.20% 3,065 7.20% 2,297 5.80% 2,457 6.30% -20.60% -15.40%

($30,000-$34,999) 3,479 8.30% 2,900 6.80% 3,178 8.00% 2,357 6.00% -16.60% -7.70%

($35,000-$39,999) 3,183 7.60% 2,583 6.10% 2,242 5.60% 2,504 6.40% -18.90% -11.10%

($40,000-$49,999) 5,268 12.50% 4,658 11.00% 4,159 10.40% 3,529 9.00% -11.60% 7.00%

($50,000-$59,999) 3,549 8.40% 3,790 8.90% 3,622 9.10% 4,676 11.90% 6.80% -25.80%

($60,000-$74,999) 3,270 7.80% 4,810 11.30% 5,720 14.30% 6,130 15.60% 47.10% 11.70%

($75,000-$99,999) 1,991 4.70% 4,106 9.70% 4,319 10.80% 4,054 10.30% 106.20% -15.10%

($100,000-$124,999) 695 1.60% 2,168 5.10% 2,161 5.40% 2,166 5.50% 211.90% 29.10%

($125,000-$149,999) 297 0.70% 879 2.10% 1,061 2.70% 1,093 2.80% 196.00% 7.20%

$150,000+ 650 1.50% 1,557 3.70% 1,632 4.10% 1,612 4.10% 139.50% -1.20%

Total 42,123 100% 42,513 100% 39,928 100% 39,279 100% 0.90% -1.60%



2015201020001990

Civilian population 16+ in Labor Force

1990 2000 2010 2015

39,280

101,074

39,930

102,771

42,565

Households by Income

109,799

42,154

113,036

$60,451

$50,157

$59,316

$46,591

$54,695

$41,382

$38,732

$31,746

75 | P a g e

Table 12



Year 1990-2000 2010-2015




Civilian Unemployed 6,340 5.70% 4,924 4.60% 6,001 6.20% 5,432 5.70% -22.30% -9.50%

Year Percent Change


< $10,000 10,811 13.30% 7,157 8.50% 5,977 7.60% 5,813 7.50% -33.80% -2.70%

($10,000-$14,999) 7,127 8.80% 5,349 6.30% 4,336 5.50% 3,668 4.70% -24.90% -7.90%

($15,000-$19,999) 7,592 9.40% 5,676 6.70% 4,449 5.60% 4,097 5.30% -25.20% -11.00%

($20,000-$24,999) 7,319 9.00% 5,953 7.00% 4,662 5.90% 4,147 5.30% -18.70% 7.00%

($25,000-$29,999) 7,217 8.90% 6,066 7.20% 4,705 5.90% 5,032 6.50% -15.90% -25.90%

($30,000-$34,999) 6,732 8.30% 5,842 6.90% 6,026 7.60% 4,468 5.70% -13.20% 11.80%

($35,000-$39,999) 5,899 7.30% 5,043 6.00% 4,475 5.70% 5,003 6.40% -14.50% -15.00%

($40,000-$49,999) 9,734 12.00% 9,449 11.20% 8,565 10.80% 7,281 9.40% -2.90% 29.30%

($50,000-$59,999) 6,380 7.90% 7,483 8.80% 7,152 9.00% 9,247 11.90% 17.30% 7.50%

($60,000-$74,999) 5,617 6.90% 9,236 10.90% 11,020 13.90% 11,845 15.20% 64.40% -5.90%

($75,000-$99,999) 3,548 4.40% 8,281 9.80% 8,420 10.60% 7,922 10.20% 133.40% 0.00%

($100,000-$124,999) 1,276 1.60% 4,161 4.90% 4,121 5.20% 4,119 5.30% 226.10% 2.00%

($125,000-$149,999) 610 0.80% 1,655 2.00% 1,952 2.50% 1,991 2.60% 171.30% 0.10%

$150,000+ 1,227 1.50% 3,318 3.90% 3,240 4.10% 3,222 4.10% 170.40% -0.60%

Total 81,089 100% 84,667 100% 79,100 100% 77,855 100% 4.40% -1.60%



2015

77,857

189,352

79,102

192,440206,060208,624

Households by Income1990 2000 2010

$37,449

$30,298

$59,534

$49,302

$58,337

$45,848

$54,425

$41,164

84,59981,088

2015201020001990

Civilian population 16+ in Labor Force

76 | P a g e

Table 13

Disposable Income By Age of Households

Age <25 25-34 35-44 45-54 55-64 65-74 75+

<$15,000 163 194 203 212 303 231 342

($15,000-$24,999) 101 299 199 307 342 309 197

($25,000-$34,999 85 399 346 368 303 281 237

($35,000-$49,999) 67 384 612 550 552 303 176

($50,000-$74,999) 59 459 507 862 678 309 186

($75,000-$99,999) 14 58 260 330 309 119 71

($100,000-$149,999) 19 40 178 289 222 83 45

($150,000-$199,999 7 9 43 77 62 19 9

($200,000+) 11 14 49 98 65 27 16

Total 526 1,856 2,397 3,093 2,836 1,681 1,279

Median Disposable Income $24,851 $35,948 $44,734 $51,923 $47,021 $35,665 $28,392

Average Disposable Income $39,995 $43,599 $59,527 $68,201 $61,690 $49,693 $40,623

Age <25 25-34 35-44 45-54 55-64 65-74 75+

<$15,000 582 777 685 801 949 730 1,308

($15,000-$24,999) 411 1,087 866 912 1,188 1,006 795

($25,000-$34,999 319 1,259 1,222 1,158 963 803 737

($35,000-$49,999) 236 1,224 1,848 1,612 1,549 825 423

($50,000-$74,999) 196 1,327 1,442 2,272 1,601 815 411

($75,000-$99,999) 37 170 567 788 679 277 140

($100,000-$149,999) 38 102 339 652 509 177 120

($150,000-$199,999 7 10 66 140 134 52 24

$200,000+ 20 17 78 182 141 93 35

Total 1,846 5,973 7,113 8,517 7,713 4,778 3,993



Age <25 25-34 35-44 45-54 55-64 65-74 75+

<$15,000 1,438 1,526 1,288 1,577 1,880 1,555 2,805

($15,000-$24,999) 888 2,138 1,684 1,750 2,244 1,908 1,698

($25,000-$34,999 628 2,693 2,416 2,222 1,855 1,639 1,624

($35,000-$49,999) 476 2,679 3,367 3,112 2,949 1,604 990

($50,000-$74,999) 371 2,827 2,713 4,372 3,029 1,459 974

($75,000-$99,999) 68 315 1,129 1,454 1,256 494 327

($100,000-$149,999) 68 241 639 1,204 969 326 250

($150,000-$199,999 13 28 152 255 287 88 54

$200,000+ 33 40 186 326 301 151 71

Total 3,983 12,487 13,574 16,272 14,770 9,224 8,793



Disposable Income by Age of Households



5 Minute Drive Time Number of Households (Year 2010)

7 Minute Drive Time Number of Households (Year 2010)

Number of Households (Year 2010)10 Minute Drive Time

77 | P a g e

Table 14

Disposal Income & Net Worth

Trade Area

Drive Time (Minutes) Year Year

Disposable Income 2010 % Net Worth 2010 %

< $15,000 1,648 12.06% <$15,000 3,455 25.28%

$15,000 $24,999 1,753 12.82% $15,000 - $34,999 1,036 7.58%

$25,000 - $34,999 2,020 14.78% $35,000 - $49,999 546 3.99%

$35,000 - $49,999 2,645 19.35% $50,000 - $74,999 705 5.16%

$50,000 - $74,999 3,060 22.39% $75,000 - $99,999 660 4.83%

$75,000 - $99,999 1,162 8.50% $100,000 - $149,999 1,091 7.98%

$100,000 - $149,999 875 6.40% $150,000 - $249,999 1,534 11.22%

$150,000 - $199,999 226 1.65% $250,000 - $499,999 2,038 14.91%

$200,000 + 280 2.05% $500,000 - $999,999 1,441 10.54%

$1,000,000 + 1,162 8.50%

Total 13,669 100.00% 13,668 100.00%

Trade Area



< $15,000 5,832 14.61% <$15,000 12,448 31.18%

$15,000 $24,999 6,265 15.69% $15,000 - $34,999 3,591 8.99%

$25,000 - $34,999 6,461 16.18% $35,000 - $49,999 1,868 4.68%

$35,000 - $49,999 7,715 19.32% $50,000 - $74,999 2,325 5.82%

$50,000 - $74,999 8,064 20.20% $75,000 - $99,999 2,098 5.25%

$75,000 - $99,999 2,658 6.66% $100,000 - $149,999 3,180 7.96%

$100,000 - $149,999 1,936 4.85% $150,000 - $249,999 4,236 10.61%

$150,000 - $199,999 433 1.08% $250,000 - $499,999 4,831 12.10%

$200,000 + 564 1.41% $500,000 - $999,999 3,046 7.63%

$1,000,000 + 2,306 5.78%

Total 39,928 100.00% Total 39,929 100.00%

Trade Area



< $15,000 12,070 15.26% <$15,000 25,527 32.27%

$15,000 $24,999 12,310 15.56% $15,000 - $34,999 7,296 9.22%

$25,000 - $34,999 13,077 16.53% $35,000 - $49,999 3,781 4.78%

$35,000 - $49,999 15,176 19.19% $50,000 - $74,999 4,743 6.00%

$50,000 - $74,999 15,745 19.90% $75,000 - $99,999 4,202 5.31%

$75,000 - $99,999 5,043 6.38% $100,000 - $149,999 6,163 7.79%

$100,000 - $149,999 3,697 4.67% $150,000 - $249,999 8,186 10.35%

$150,000 - $199,999 875 1.11% $250,000 - $499,999 9,192 11.62%

$200,000 + 1,108 1.40% $500,000 - $999,999 5,550 7.02%

$1,000,000 + 4,459 5.64%

Total 79,101 100.00% Total 79,099 100.00%

Households by Disposable Income Households by Net Worth

10


7

5


78 | P a g e

Table 15

Table 16

Table 17

Driving Time

(minutes)

Year 1990 2000 # Change % Change

18,730 17,686 (1,044) -5.57%

Average travel Time (min) 23.8 26 2.20 9.24%

52,003 48,253 (3,750) -7.21%

Average travel Time (min) 23.7 25.2 1.50 6.33%

94,674 93,404 (1,270) -1.34%

Average travel Time (min) 22.7 24 1.30 5.73%

10 yr Trend

# of Travelers

# of Travelers

7

10

5

Population that Travel (5-60 min.) to Work

# of Travelers

(5-60 min) Travel Time to Work

Year 1990 2000 2010 # Change % Change

4,670 5,423 8,271 3,601 77.10%

2,286 2,359 3,446 1,160 50.75%

11,471 12,620 20,752 9,281 80.91%

5,405 5,568 8,784 3,379 62.51%

21,572 25,147 37,333 15,761 73.06%

10,354 12,406 17,512 7,158 69.13%

20 yr TrendDrive Time

(Minutes) Educational Attainment

5

7

10

Bachelor

Master's/Professional/Doctorate

Bachelor

Educational Attainment


Bachelor


Driving

Time

Years 1990 2000 2010 2015 (est.) # Change % Change

9,682 10,283 9,518 9,422 (260) -2.69%

25,348 26,544 24,508 24,151 (1,197) -4.72%

49,030 51,398 47,086 46,500 (2,530) -5.16%

# of Owners

Trade Area

25 yr Trend

5

7

10

Housing Units (Owner)

79 | P a g e

Table 18

Driving

Time

Years 1990 2000 2010 2015 (est.) # Change % Change

4,576 4,406 4,150 4,049 (527) -11.52%

16,805 16,020 15,422 15,129 (1,676) -9.97%

32,057 33,201 32,016 31,357 (700) -2.18%

# of Renters

25 yr Trend

Trade Area

Housing Units (Renter)

5

7

10

80 | P a g e

Table 19

36

8,738,650

# Retail Location Address Year Built Type Distance from Site (miles) Sqft.

1 Kenner Plaza 3408 - B - Williams Blvd. N/A Community Shopping Center 0.0548 N/A

2 Retail Center 3504 Williams Blvd. N/A Big Box Center 0.0689 100,000

3 Retail Center 3320 Williams Blvd. 1995 Big Box Center 0.1788 100,000

4 Kenner Market Plaza 4041 Williams Blvd. 1990 Community Shopping Center 0.6268 250,000

5 Retail Center 1401 West Esplanade Ave. South N/A Neighborhood Retail/Service Center 0.8236 100,000

6 Westgate Shopping Center 2327 Veterans Memorial Blvd. 1995 Community Shopping Center 0.9257 N/A

7 Kenner Center 1401 West Esplanade Avenue 1990 Community Shopping Center 0.9314 250,000

8 Retail Center 2625 Veterans Memorial Boulevard 1990 Big Box Center 0.9782 100,000

9 Retail Center 1000 West Esplanade Avenue 1990 Neighborhood Retail/Service Center 0.9977 100,000

10 Westgate Plaza 8834 Veteran's Memorial Boulevard N/A Community Shopping Center 1.2056 212,067

11 Retail Center 7016 Veterans Memorial Boulevard N/A Neighborhood Retail/Service Center 1.5787 50,000

12 Retail Center 8847 Veterans Memorial Boulevard 1990 Community Shopping Center 1.6217 500,000

13 Retail Center 455 31st Street 1990 Big Box Center 1.6474 250,000

14 Retail Center 2101 Williams Boulevard 1990 Neighborhood Retail/Service Center 1.7308 100,000

15 Retail Center 395 West Esplanade Avenue South N/A Big Box Center 1.7796 100,000

16 David Drive Plaza 625-907 David Dr N/A Community Shopping Center 1.7891 N/A

17 Retail Center 300 West Esplanade Avenue North 1995 Big Box Center 1.8004 100,000

18 Lafreniere Plaza 6601 Veterans Memorial Boulevard 1990 Community Shopping Center 1.801 N/A

19 Retail Center 6205 Veterans Memorial Boulevard N/A Big Box Center 1.9103 50,000

20 Pavilion At Esplanade W Esplanade & Chateau Boulevard N/A Community Shopping Center 2.3938 270,000

21 Retail Center 5000 West Esplanade Avenue 2000 Community Shopping Center 2.3965 250,000


23 Clearview Mall 4436 Veterans Boulevard N/A Regional Shopping Center 3.4947 650,000

24 Retail Center 4310 Waverly Street N/A Regional Shopping Center 3.6833 650,000

25 Clearview Palms 2222 Clearview Parkway 1995 Community Shopping Center 3.8181 56,583

26 Whole Foods Plaza 3900 Veterans Memorial Boulevard 1990 Power Center 4.5103 500,000


28 Retail Center 5151 Citrus Boulevard N/A Big Box Center 4.7126 100,000

29 Lakeside Shopping Center Veterans Memorial Boulevard & Severn Avenue N/A Regional Shopping Center 4.8172 1,000,000

30 Elmwood Center Clearview Parkway & Earhart Expwy N/A Regional Shopping Center 4.8246 1,100,000


32 Retail Center 1200 South Clearview Parkway N/A Community Shopping Center 5.0693 250,000

33 Retail Center 3900 Airline Drive 2005 Big Box Center 5.1049 250,000

34 Retail Center 3900 Airline Drive N/A Big Box Center 5.1049 100,000


36 Retail Center 2575 Metairie Court N/A Big Box Center 5.6078 50,000

Source: STDB Reports Gross Leasable Area (GLA) GLA 8,738,650

Total Retail Locations

Total Approximate GLA

Retail Supply PipeLine

81 | P a g e

Table 20

Vacant Land - Supply Pipeline Analysis: (Competition)

Type Length (Frontage) Width Sqft. Acres Zoning FutureFuture Land Use

OptionsTraffic Count

West Esplanade Williams/Roosevelt Office, Retail (W.Esplanade/Williams Blvd.)

VL 1,740 375 652,500 15 R3 Commercial 25,300

Residential (Low Density)

Williams Blvd. Vintage Drive Office, Retail (Will iams Blvd./Vintage dr.)

VL 600 425 255,000 6 C2 Commercial 40,000

Williams Blvd. Granada Dr. Office, Retail (Will iams Blvd./Vintage dr.)

VL 250 250 62,500 1.4 C2 Commercial 40,000

Williams Blvd. Joe Yenni Blvd. Office, Retail (Will iams Blvd./Vintage dr.)

VL 850 400 340,000 7.5 C2 Commerical, Hotel 40,000

32nd Ave & I-10 Connecticut & Esplanade Mall/ drainage canal Office, Retail (I-10 & Williams Blvd.) 140,642

VL N/A N/A N/A 24.86 C2 Commercial (Will iams Blvd.) 48,490

VL Ring Road Esplanade Mall Site 8.935 C2 Office, Retail (I-10 & Williams Blvd.) 140,642

Bldgs. General Cinema 9 - Theatre Bldg. 39,361 Commercial (Will iams Blvd.) 48,490

Facing Jefferson hwy 8.03 C2 Office, Retail (Jefferson Hwy.)

VL East 68,900 Commercial 18,876

South 29,345

Front 17,619

Rear 25,524

SouthEast 3,874

Total Building's Sqft. 145,262

Mixed Use

Vacant Land & Buildings Supply PipeLine - Sites for Sale

Locations: Vacant Land (VL) &

Buildings (Bldgs.)

Mixed Use

Mixed Use

Mixed Use

Mixed Use

Mixed Use

Mixed Use

I-10 & 32nd Street (Interchange)

Williams Blvd. & Joe Yenni Blvd.

Williams Blvd & Granada Drive

Former General Cinema 9-Screen Theatre

West Esplanade & Williams Blvd/Roosevelt

NorthWest

(ADT - Automobiles Daily Traffic)Parcel Dimensions (Sqft.)

Bldgs.

2614 Jefferson Highway

Williams Blvd & Vintage Drive

82 | P a g e

Table 21

Table 22

Economy Kenner, LA United States

Unemployment Rate 6.10% 8.60%

Recent Job Growth -1.11% 0.35%

Future Job Growth 31.68% 32.10%

Sales Taxes 8.75% 5.00%

Income Taxes 4.00% 4.70%

Income per Cap. $24,826 $26,154

Household Income $49,768 $50,935

ESTIMATED HOUSEHOLDS BY HOUSEHOLD INCOME

Income Less Than 15K 11.44% 12.37%

Income between 15K and 25K 11.32% 10.53%








Income greater than 500K 0.15% 0.16%

Supersector

Number of

establishments

Total Covered

Q1 2012p

Employment

Total

Covered

Mar 2012p

12 month

percent

change in

employment

Total

Covered

Mar 2011-

Mar 2012p

12 month

change in

employment

Total

Covered

Mar 2011-

Mar 2012p

Location

quotient

Total

Covered

Mar

2012p

Average

weekly

wage

Total

Covered

Q1

2012p

12 month

percent

change in

average

weekly

wage Total

Covered

Mar 2011-

Mar 2012p

12 month

change in

average

weekly

wage

Total

Covered

Mar 2011-

Mar 2012p

Total, all

industries 13,945 190,109 -0.8% -1,533 1.0 $868 4.3% $36

Source: City of Kenner website

83 | P a g e

Table 23

New Orleans-Metairie-Kenner, LA

Table 1.1 Employment by major occupational group, 2010 and projected 2020

(Numbers in thousands)

2010 National Employment Matrix

title and code

Employment Change, 2010-20 Median annual

wage, 2010 2010 2020 Number Percent

00-0000 Total, All Occupations 143,068.2 163,537.1 20,468.9 14.3 $33,840

11-0000 Management Occupations 8,776.1 9,391.9 615.8 7.0 91,440

13-0000 Business and Financial

Operations Occupations 6,789.2 7,961.7 1,172.5 17.3 60,670

15-0000 Computer and

Mathematical Occupations 3,542.8 4,321.1 778.3 22.0 73,720

17-0000 Architecture and

Engineering Occupations 2,433.4 2,686.2 252.8 10.4 70,610

19-0000 Life, Physical, and Social

Science Occupations 1,228.8 1,419.6 190.8 15.5 58,530

21-0000 Community and Social

Service Occupations 2,402.7 2,985.0 582.3 24.2 39,280

23-0000 Legal Occupations 1,211.9 1,342.9 131.0 10.8 74,580

25-0000 Education, Training, and

Library Occupations 9,193.6 10,597.3 1,403.7 15.3 45,690

27-0000

Arts, Design,

Entertainment, Sports, and

Media Occupations

2,708.5 3,051.0 342.5 12.6 42,870

29-0000 Healthcare Practitioners

and Technical Occupations 7,799.3 9,819.0 2,019.7 25.9 58,490

31-0000 Healthcare Support

Occupations 4,190.0 5,633.7 1,443.7 34.5 24,760

33-0000 Protective Service

Occupations 3,302.5 3,667.0 364.5 11.0 36,660

35-0000

Food Preparation and

Serving Related

Occupations

11,150.3 12,242.8 1,092.5 9.8 18,770

37-0000

Building and Grounds

Cleaning and Maintenance

Occupations

5,498.5 6,162.5 664.0 12.1 22,490

39-0000 Personal Care and Service

Occupations 4,994.7 6,331.4 1,336.6 26.8 20,640

41-0000 Sales and Related

Occupations 14,915.6 16,784.7 1,869.1 12.5 24,370

43-0000 Office and Administrative

Support Occupations 22,602.5 24,938.2 2,335.7 10.3 30,710

45-0000 Farming, Fishing, and 972.1 952.6 -19.4 -2.0 19,630

84 | P a g e

Table 24

45-0000 Farming, Fishing, and

Forestry Occupations 972.1 952.6 -19.4 -2.0 19,630

47-0000 Construction and Extraction

Occupations 6,328.0 7,735.2 1,407.2 22.2 39,080

49-0000 Installation, Maintenance,

and Repair Occupations 5,428.6 6,228.7 800.2 14.7 40,120

51-0000 Production Occupations 8,594.4 8,951.2 356.8 4.2 30,330

53-0000 Transportation and Material

Moving Occupations 9,004.8 10,333.4 1,328.7 14.8 28,400

Source: Employment Projections program, U.S. Department of Labor, U.S. Bureau of Labor Statistics

Source: Metropolitan New Orleans Real Estate Market Analysis –Turning the Corner?

85 | P a g e

Table 25

Table 26

Table 27

MLS

AREAAverage

Price

Unit

SalesGross Sales

Average

Price

Unit

SalesGross Sales

Average

Price

Unit

SalesGross Sales

%

Change

2009-10

Avg.

Price

%

Change

2010-11

Avg.

PriceS. Kenner $87,000 4 $348,000 $51,109 3 $153,327 $78,225 4 $312,900 -41.25% 53.06%

Airport $100,181 8 $801,450 $91,369 9 $822,500 $53,083 6 $318,500 -8.78% -41.91%

W. Kenner $149,707 67 $10,030,350 $136,067 64 $6,708,299 $153,277 82 $12,568,676 -9.11% 12.65%

Kenner Lakefront $270,202 56 $15,131,323 $231,562 44 $10,189,625 $267,293 50 $13,364,626 -14.29% 15.42%

Central Kenner $264,135 49 $12,942,600 $244,751 47 $11,503,278 $212,058 47 $9,966,712 -7.34% -13.36%

Williams Blvd. $111,225 30 $3,336,750 $77,968 19 $1,481,195 $107,763 23 $2,478,558 -29.91% 38.23%

N.E. Kenner $191,914 63 $12,090,600 $194,057 53 $10,285,035 $178,737 43 $7,685,710 1.12% -7.89%

S.E. Kenner $136,297 36 $4,906,701 $116,506 42 $4,893,245 $90,213 24 $2,165,111 -14.52% -22.57%

New Orleans Metro Area Single Family Residential Prices by MLS Area, 2009-2011

Jan-Dec 2009 Housing Sales Jan-Dec 2010 Housing Sales Jan-Dec 2011 Housing Sales

MLS

AREAAverage

PriceUnit Sales Gross Sales

Average

PriceUnit Sales Gross Sales

Average

Price

Unit

SalesGross Sales

% Change

2009-10

Avg. Price

% Change

2010-11 Avg.

Price

W. Kenner $128,417 6 $770,500 $129,800 5 $649,000 $121,071 7 $847,500 0.11% -0.67%

Kenner Lakefront $79,800 4 $319,200 $59,125 4 $236,500 $53,429 7 $374,000 -25.91% -9.63%

Central Kenner $130,948 23 $3,011,800 $110,921 21 $2,329,350 $98,882 14 $13,894,350 -15.29% -10.85%

Williams Blvd. $6 0 $0 $0 0 $0 $47,450 2 $94,900 N/A N/A

N.E. Kenner $88,771 7 $621,400 $72,109 4 $288,435 $50,633 3 $151,900 -18.77% -29.78%

S.E. Kenner $0 0 $0 $40,000 1 $40,000 $52,533 3 $157,600 N/A 31.33%

New Orleans Metro Area Condominium Prices by MLS Area, 2009-2011

2009 2010 2011

Condominium

MLS AREA Unit Sales Average PriceDays on the

MarketUnit Sales

Average

Price

Days on the

Market

East Jefferson 131 $110,687 131 148 $103,430 116

West Jefferson 11 $97,355 121 18 $90,329 121

Parish Total 142 $109,654 126 166 $102,009 119

ResidentialEast Jefferson 1,386 $218,374 95 1491 $220,557 89

West Jefferson 954 $134,763 84 1032 $120,423 96

Parish Total 2,340 $184,286 90 2523 $179,598 93

2010 2011

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