Design & Real Estate Studio
Sustainable Design & Planning Studio
In this course students conduct an original investigation in order to This course provides students with applied skills and experience in synthesizing real estate projects. It builds upon student’s introductory coursework in real estate finance, sustainable urbanism, and architecture and design.
As prospective developers, students should begin to have firsthand knowledge of the complexities of development including the development process itself; good design; and synthesizing constraints into an implementable physical development project.
This course is rooted in the creative process as real estate development is inherently a creative problem-solving profession. As real estate development is a team-based profession requiring the collaboration of multiple disciplines, the approach of this course is based in lectures and site visits leading to innovative team-based student work that results in an implementable development.
megan fitzgerald, kosta sevic, jiaqi luo, 2024
Plaza Tower | 1001 Howard Avenue | Development Portfolio
Our team is proposing to redevelop 1001 Howard Avenue which is currently the site for the Plaza Tower in the Central Business District of New Orleans, Louisiana and has been unused since the early 2000s.
This site is located in the heart of New Orleans on the intersection of Howard Avenue and Loyola Avenue. The current development that exists on this site, the Plaza Tower, is towering over New Orleans at 45 stories high and was originally built to be utilized as an office building. However, throughout its rough development history and plummeting market value, new owners have attempted to propose other options for usage such as residential or hospitality. The Plaza is the third tallest development in Louisiana and exists as an iconic eyesore for the residents of the city of New Orleans.
The site is in close proximity to city attractions such as the Mercedes-Benz Superdome, the WIl Museum, Harrah's Casino, and the Smoothie King Center, transportation such as the streetcar line and the Union Train Station, and urgent care such as the Tulane Medical Center. There are other necessities in the surrounding area such as a Rouses Market, office buildings, parking, restaurants and shops. The site is centrally located in New Orleans with a great location for efficient transportation to other submarkets.
Our development goal is to revive the Central Business District by using this site as a tool to reintegrate the community. In order to do so, our development team has done research on the existing community and market. Using our findings, we have proposed an appropriate development and supplemented the development plan with sustainability plans as well as a financial analysis.
The site sits on the edge of the central business district and the Warehouse district. Its positioning places the site at the crossroads of two very distinguished neighborhoods. The Central Business District is home to New Orleans' industrial skyline, as well as American townhouses dating back to the 1800s, historic churches, and various parks and squares. This variety of architecture gives the neighborhood its character and multi-purpose identity. Key landmarks include City Hall, the Caesars Superdome, and One Shell Square.
This development project aims to make a positive impact on the New Orleans community by fostering an integrated community in the heart of New Orleans. In order to understand the needs of any community when proposing a development project, research must be done of the surrounding community. The following information was acquired from CoStar™ and supports our proposed development plan.
Our development is located in the New Orleans CBD which neighbors the well-known French Quarter. Not only is this area known for its nightlife, hospitality, and tourist attractions, but it is also a great area for retail therapy. Many of the largest employers in New Orleans are based in the Central Business District. There are no new constructions in this district, therefore no new competition for supply. Although, demand has taken a hit on absorption rates. Specifically office usage is expected to decline, however, there exists demand for housing. Additionally, rent is projected to increase.
Investor activity needs some traction in this area, and development in prime locations such as this development is crucial to revive the New Orleans community.
The median household income within a five-mile range of the site is $47,892 (Figure 9) which is lower than the National average. Residents in the surrounding community consist of young and middle-aged community members (Figure 6), therefore, the development will be targeted to the young and middle-aged professionals in the community. There has been an increase in population from 2022 to 2010 (Figure 10), which has caused high demand for housing in the surrounding area. However, there will be regulation to this demand as annual population growth is expected to slow within the next five years (Figure 11).
Additionally, there are few options for affordable housing in the New Orleans Central Business District which drives demand for affordable housing. Within a five-mile radius, it should also be noted that over half of the community occupies rented households (Figure 12) which supports the demand for rental housing. Additionally, the majority of the housing in the surrounding community consists of one or two unit types (Figure 13). The majority of the close-proximity community does not travel over 30 minutes to go to work (Figure 14) therefore, the New Orleans community has a need for living near their work offices. More detailed information about the demographics of the surrounding community can be found in Figures 6-14.
The New Orleans Central Business District and surrounding districts have much to offer in terms of attraction, jobs, transit, hospitality, cuisine, infrastructure, City Hall, retail, and many more of New Orleans' iconic sites (Figure 16). This area is a growing key hub in a prime location and there are many benefits to reap from the location of this site. In order to reintegrate the community with the surrounding amenities, our development will serve as a centrally located development for the community to reside, enjoy retail, take a break, exercise, socialize, and eat.
In creating this community, we plan to increase the foot traffic in the area as well as the number of streetcar riders in the downtown area. While there are a large number of offices in the Central Business District area, there are not enough places to gather and eat a quick lunch. This development will be an ideal location to gather for a work break, or a place to unwind when visiting New Orleans' attractions. Additionally, considering the amenities the development has to offer, the projects will also generate numerous job opportunities.
