Solid fundamentals including population growth, employment expansion and demographics make downtown New Orleans and the South Market District an unparalleled retail opportunity.
Downtown's daytime population is 120,000, including 62,000 jobs.
154,000 people work within two miles of The District. Over 8,300,000 people visit downtown New Orleans each year, staying in downtown's 17,000 hotel rooms and in spending over $5 billion.
Over 50,000 downtown area residents earn over $60,000/year.
The city's population is significantly wealthier, experiencing the most precipitous reduction in poverty of any major US city since 2000. New Orleans has a higher median income than most other cities in the Southeast, a better-educated downtown population and the lowest poverty rate of any city in the Southeast.
New Orleans region has 3rd lowest unemployment rate among large US metro areas and its economy is rapidly diversifying with expansion of knowledge based sectors including biomedical, digital media, film and television production and a thriving entrepreneurial community.
The New Orleans Metropolitan Area has a population of 1.2 million, or 91% of its pre-Katrina population. The population within New Orleans has reached nearly 400,000 residents and surpassed a number of major US cities including Pittsburgh, Cincinnati and St. Louis.
Population in primary trade area is expected to grow to 121,800 persons by 2015, representing a 6.9% annual growth rate compared to the national average of 0.9%.
The rapidly growing downtown residential population has doubled over the past 10 years and has increased 20% since Katrina.
Over 500 additional new luxury apartements have recently been completed or are underway within walking distance of the site.
Planned residential development within South Market District will be positioned at the top of the New Orleans market. The District will be home to more than 750 new residents, most of which will work in high-paying, knowledge-based downtown jobs.
Retailers may benefit from certain state and local financial incentives including: