Bloomfield burgeons
The outlet portion of Bloomfield is scheduled to open in fall 2009, said Rich Richardson, marketing and public relations director for Spectrum Capital LLC, Bloomfield's developer.The slew of construction and site work is exciting for Pearl resident Corey Spencer, who lives near the development and can recall a time when there was nothing between U.S. 80 and Childre Road, which runs in front of the baseball stadium.
"It's good for the city of Pearl," he said of Bloomfield. "It's growing. (Trustmark Park) is a great asset, too. It gets wild during baseball season, with the fireworks, the traffic. I think it's going to be great."
Read More from The Clarion-Ledger
Source: Spectrum Capital | 8 Apr 2008 | 11:24 am
Bloomfield a Top 10 Development
Bloomfield is mentioned by The Clarion-Ledger as one of the Rankin County's "Top 10 Developments" for 2008.
Source: Bloomfield - News and Media Information | 30 Jan 2008 | 3:09 pm
Booming Business Revamps County
Rankin County's evolution from rural area into commercial powerhouse continues with several multimillion-dollar projects that will lure new residents and businesses ready to cater to their needs.
Source: Bloomfield - News and Media Information | 29 Jan 2008 | 2:00 pm
Spectrum Website Launch
Spectrum Capital LLC will be launching a newly revamped website this month. The site will feature information on all current projects including The Outlets at Bloomfield and Tracage of New Orleans. Additionally, it aims to give the public access to more details of their corporate operations and their wide range of full service real estate development offerings.Spectrum Capital is based out of Jackson MS, and is an affiliate of Yates Construction Company. The corporate website can be found at the address www.spectrumcapitalre.com.
Source: Spectrum Capital | 28 Sep 2007 | 8:13 pm
Hattiesburg man helps New Orleans rise again
Hattiesburg resident Rob Tatum believes that New Orleans is coming back.
Tatum and his partner, Anthony "T.J." Iarocci of New Orleans-based Isis Development Group, LLC, are moving forward with Tracage Development LLC, a 24-story condominium tower housed in the New Orleans Warehouse Arts District.
"We are very committed to this project," Tatum said. "It is a great opportunity to rebuild New Orleans and have a significant impact on the future."
A joint venture between Spectrum Capital based in Jackson and Isis Development, plans for the 60 million dollar project were underway when Hurricane Katrina hit New Orleans in 2005. Now, Tatum said, the project is more important than ever.
"It's a misperception that nothing has happened in New Orleans since Katrina," he said. "People have a sense that New Orleans is never coming back. You have to have people lead the way, and we have a great development team that has been working hard to do that."
The Tracage development team includes Spectrum Capital, Yates Construction, Foil Wyatt Architects and Planners of Jackson and Trapolin Architects of New Orleans.
The 24-story tower will offer high-rise living to New Orleans residents, Tatum said. The first five floors will be devoted to parking, with 6,000 square feet of retail space also available on the first floor. Floors six and up will be devoted to 136 units, 70 percent of which have already been presold.
"We've had a lot of interest," Tatum said. "People looking for second homes, parents with kids that will come to school in New Orleans, lawyers, doctors, investors - a lot of people have expressed an interest."
One of the big draws of Tracage, Tatum said, will be the view. After plans for the project were cleared, the city placed a height restriction on new construction, prohibiting other high-rises from building in the Warehouse District.
"It will be the tallest building in the Warehouse District," Tatum said. "Basically, we'll have a 360-degree, unobstructed view of downtown New Orleans."
Tracage, which is French for "loft," will also help bring modern high-rise living to the New Orleans area, Tatum said.
"New Orleans hasn't ever really embraced what we call the 'new urban,'" he said. "Tracage gives an opportunity to fit in the old with the new."
Planning to break ground this fall, Tatum anticipates Tracage being completed in 2009.
"There were a lot of projects announced before the storm that have pulled out," he said. "We have a lot invested in this project and will continue forward."
Tatum also has a personal stake in rebuilding New Orleans. Originally from Hattiesburg, he earned a finance degree from the University of Mississippi and his MBA from Tulane, where he met partner Iarocci and started Isis Development.
After the storm, Tatum relocated to Hattiesburg, but he spends most of his time on the road between New Orleans, where the Tracage cell center is located, Baton Rouge and Zachary, La., home to other Isis projects. He eventually plans to relocate back to New Orleans.
"New Orleans is coming back," Tatum said. "It's an opportunity of a lifetime. Most developers go their entire careers without being able to impact an entire city."
By Emma James
Hattiesburg American
- Article on HattiesburgAmerican.com
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Source: Tracage Condominiums - News and Media Information | 17 Sep 2007 | 12:00 pm
Tracage condo construction to begin by year’s end
Construction on the $60-million Tracage condominium project will begin late this year in the Warehouse District, developers said.
The 24-story, 136-unit project at the intersection of Annunciation and John Churchill Chase streets is scheduled to be complete by late 2009.
Tracage Development is a joint venture between Jackson, Miss.-based Spectrum Capital and Isis Development Group of New Orleans. The development team involves Spectrum Capital, Yates Construction, Foil Wyatt Architects and Planners, and Trapolin Architects.
“Since Katrina, there has been a great deal of talk and very little action on the condo front in New Orleans,” said Jason Voyles, president of Spectrum Capital and lead project developer.
Bethany Foote, Tracage sales agent, said interest in Tracage has been strong. Buyers include destination travelers and New Orleanians who were living in areas such as Lakeview before Hurricane Katrina.
Unit sale prices range from the mid-$200,000s to more than $2 million.
New Orleans City Business
- Article on NewOrleansCityBusiness.com
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Source: Tracage Condominiums - News and Media Information | 27 Aug 2007 | 12:00 pm
WDSU New Orleans - Aug 8 2007 (video)
The following link opens a WDSU (New Orleans) news video segment that originally aired on August 8, 2007 at 6 PM.
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Source: Tracage Condominiums - News and Media Information | 24 Aug 2007 | 6:00 pm
$60M Condo High-Rise Planned for Recovering New Orleans
Seeking to tap into a strong demand for condominiums in recovering New Orleans, Tracage Development L.L.C. has revealed plans for Tracage, an upscale 136-unit residential property in the city's previously revitalized historic Warehouse Arts District.
Tracage Development--a joint venture involving Jackson, Miss.-based Spectrum Capital and New Orleans-headquartered Isis Development L.L.C.--will break ground later this year on the 26-story condominium property, which will also feature a state-of-the-art fitness center, community room and swimming pool, as well as parking accommodations. Yates Construction is the general contractor for the project, while Foil Wyatt Architects and Planners and Trapolin Architects are handling design responsibilities. Tracage (pictured) will cost over $60 million to complete and is on schedule to debut in late 2009.
Nearly two years after Hurricane Katrina hit, New Orleans is nowhere near full recovery, but Tracage Development is one of a hoard of developers that are working to return the city to its previous glory, and replenish the pool of housing options that was depleted in the disaster. Among the upscale multi-family projects currently underway is 1201 Canal Apartments and Condominiums, a development by KFK Group that will offer over 230 residences and 25,000 square feet of ground-level retail in a previously abandoned historic structure.
A privately-owned diversified real estate investment firm, Spectrum engages in the development, management and acquisition of real estate assets including condominium projects, retail properties, sports facilities and mixed-use properties. ISIS specializes in the development of large-scale multi-family projects, predominantly in the Gulf Coast area.
By Barbra Murray, Contributing Editor
Commercial Property News
- Article on CPNOnline.com
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Source: Tracage Condominiums - News and Media Information | 22 Aug 2007 | 12:00 pm
Tracage Development Team Committed to Rebuilding the ''New'' New Orleans
Developer Marks Second Anniversary of Hurricane Katrina with the City’s First Major Condo Development...
As the second anniversary of Hurricane Katrina approaches on August 29, 2007, the real estate market in New Orleans continues its steady rebound with buyers from around the country seeking opportunities to own new condominiums, not only as a means of providing the City tax revenues, but also as a way of helping to rebuild one of the crown jewel cities of the South.
WHO’S DEVELOPING THE “NEW” NEW ORLEANS?
Among the developers choosing to invest in the city is Traçage Development, LLC, a joint venture between Spectrum Capital out of Jackson, MS., and Isis Development Group, LLC, based in New Orleans, LA. But this is no ordinary partnership. This group of 30-something local and regional businessmen -- Jason Voyles, Stephen King, Rob Tatum, Anthony “TJ” Iarocci and Daniel Jussely -- are representative of the energy and passion that young professionals are bringing to New Orleans.
But young does not mean unproven. The group brings a wealth of knowledge to Traçage with experience developing numerous large multi-million dollar projects located along the Gulf Coast and southeastern part of the country. Their extensive portfolio includes the development of over 2,500 condominium units either underway or already complete as well as condo conversion projects, retail entertainment destinations and luxury apartment developments.
WHY BUILD NOW?
Pre-Katrina, the Warehouse Arts District (a revitalized area between the Garden District and the Central Business District) was home to a variety of projects including structures built and converted specifically for the Louisiana World’s Fair in 1984 and, more recently, smaller condominium properties and hotels that mixed new construction with existing structures.
Traçage will be the first modern high-rise residence, post-Katrina, to live side-by-side with its historic neighbors. The $60+ million project will provide tax revenue to the City during its construction phase as well as offer permanent employment for many more New Orleanians upon completion.
“Since Katrina, there has been a great deal of talk and very little action on the condo front in New Orleans,” says Jason Voyles, president of Spectrum Capital and lead developer on the Traçage project. “We could have easily chosen development sites in areas outside of New Orleans and Louisiana, but the opportunity to pioneer the rebuilding efforts of the ‘new’ New Orleans is what excites the Traçage team. Most developers spend their entire careers without having an opportunity to significantly impact the future of an entire city. We are committed to delivering a world-class project that will become a lasting landmark and make New Orleanians proud,” adds Voyles.
WHO’S BUYING?
“Interest in Traçage has been incredible as evidenced by the number of units under contract and the interest we have received to date,” says Bethany Foote, Traçage sales agent. “Traçage buyers range from destination travelers to New Orleanians who, pre-Katrina, were living in centuries-old Victorians, Italianate mansions and contemporary Lakeview homes, and are now excited about calling Traçage home or purchasing a second home for themselves or their recent college graduates. Other buyers are simply ready for something new and want to ‘buy the sky’ and enjoy high-rise luxury living in downtown New Orleans.”
Traçage residences, ranging from the mid-200K’s to over two million dollars, offer the benefits of a modern day lifestyle with all of the latest amenities in the historic New Orleans Warehouse Arts District. Open floor plans, oversized windows, gourmet kitchens and large balconies are common throughout Traçage living options. Becoming a part of the Traçage community offers residents the enjoyment of smart-technology, ample storage and parking, a fitness center with state-of-the-art cardio and strength training equipment, a community room with floor to ceiling glass, and a rooftop deck 24 stories above street level that offers an infinity edge pool and breathtaking views of downtown New Orleans and the mighty Mississippi.
A LOOK TO THE FUTURE
As the Traçage development team prepares for groundbreaking in late 2007, they are doing their part for the community by supporting numerous non-profit organizations and sponsoring such cultural events as the Whitney White Linen Night, a summertime gallery crawl, which supports the arts in New Orleans.
According to Voyles, “New Orleans is unlike any other city in the country. Like many others, we are committed to doing our part to help move this great city forward, while supporting what makes her culturally unique. We are combining the city’s rich heritage and historic past with the exciting possibilities and opportunities of the future. The end result is a better way of life in the best city in America.”
The 24-story, 136-unit Traçage is slated to take its place among the tall buildings dotting the growing New Orleans skyline in late 2009 in the historic Warehouse Arts District of New Orleans. It is being developed by Traçage Development, LLC. The development team consists of Spectrum Capital, LLC, Yates Construction, Foil Wyatt Architects and Planners of Jackson, MS., and Trapolin Architects of New Orleans, LA.
For more information, call 504-525-8029 or 1-877-872-2244 or visit the website: www.TracageLiving.com.
About SPECTRUM CAPITAL
Spectrum is a privately owned, diversified real estate investment company focused on development, management and acquisition of real estate assets including high-rise condominiums, retail and entertainment destinations, sports facilities, and mixed use properties. www.SpectrumCapitalRE.com
About IDG | ISIS DEVELOPMENT GROUP
ISIS specializes in large-scale for sale and for rent multi-family development projects concentrated in the Gulf Coast United States. ISIS has a proven track record of identifying and acquiring development sights that exhibit the potential for excellent returns while mitigating investment risk. This strategy has allowed ISIS to develop multi-family projects that will benefit areas affected by Katrina and become a leader in the rebuilding of New Orleans and surrounding areas in the Gulf South. www.ISISDevelopment.com
Contacts:
Keating Magee
Ann Wills, 504-299-7168 or 504-494-3810
awills@keatingmagee.com
Forbes Magazine Online
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Source: Tracage Condominiums - News and Media Information | 22 Aug 2007 | 12:00 pm
Scene and be Seen
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Source: Tracage Condominiums - News and Media Information | 2 Aug 2007 | 12:00 pm
Most Resilient U.S. Real Estate Markets
When it comes to real estate, the questions on everyone's lips are: How low is low, and when's the perfect time to buy back in?
That moment has passed in Seattle and Charlotte--both metros hit bottom in the first quarter of 2006 and have since posted price gains of 12.3% and 6.3%, respectively, according to National Association of Realtors (NAR) data.
Of the 40 largest metros that have yet to bottom out, which are ripe for investment? Philadelphia and New Orleans. Based on housing inventory and local economic conditions, both should hit price troughs by year's end and bounce back with moderate gains around 4% in 2008.
Pictures: Most Resilient Markets
Video: Best Bounce-Back Markets
In markets expected to recover more slowly, such as Boston and Denver, low buyer confidence coupled with a surplus of housing stock has lengthened the slump. NAR chief economist Lawrence Yun points out that buyers are looking for clear signs of a market bottom and are content to wait on the sidelines until then.
It's easy to see why. Most of the country's real estate markets are feeling the effects of overproduction. A strong market hovers near a 1.5% vacancy rate, but the national average currently stands at 2.8% and in cities such as Miami, Atlanta and Denver, figures hang around 3.5%. In addition, every nugget of good news (a May Commerce Department report said that new-home sales are at a 14-year high) comes with bad news (median price growth is at a 10-year low).
Behind The Numbers
Market corrections follow three basic recovery patterns. A V-shaped recovery where a market experiences a sharp, fast decline but comes out strong once it hits bottom; a U-shaped recovery, where prices decline gradually and recover slowly; and an L-shaped curve, a hard, fast fall with paltry price bounceback following the market trough.
The differences between a V-shaped market and a U-shaped one has to do with barriers to growth. High vacancy rates and high investor share can hurt a market, but if the local economy remains strong and housing stock affordable it's only a matter of how long it takes to absorb the excess inventory.
Tampa is a perfect candidate for a V-shaped recovery, according to research from Moody's Economy.com, an economic analysis, forecasting and credit risk firm. The local economy remains strong, and subprime lending is relatively low. Tampa's problem? A high investor share that lead to high vacancy rates. When the market turned sour in 2005, more than 25% of Tampa homes were owned as investment properties. Investors are quicker to flee during a downturn, thus creating a glut of available housing stock. In Tampa's case, vacancy rates now stand at 3.5%.
"As investors exit, the market revives," says Mark Zandi, chief economist at West Chester, Pa.-based research firm Moody's Economy.com, as fewer speculative buyers results in a more stable market. "Tampa's a pretty affordable market and first-time buyers can come in once prices fall."
These projections take into account housing affordability, vacancy rates, the strength of the local economy and job market, investor share in 2005 and the share of subprime mortgages. Data comes from Moody's, the Bureau of Labor Statistics and the Federal Reserve's Home Mortgage Disclosure Act.
Predicting the bottom of any asset market, especially real estate, is a difficult thing. While these projections are based on sound data and advanced modeling by Moody's, no one can predict futures markets with absolute certainty.
Other Bounce Backs
Like Tampa, Phoenix is similarly afflicted by high investor share (26.1%) and it has a vacancy rate over 3%. Good affordability rates and a surging job market suggest that once Phoenix bottoms out, price growth will be strong. Moody's projection model has Phoenix reaching its price trough in the fourth quarter of 2008 and then growing by 7.7% the following year.
Slower recovery rates are expected in markets such as Minneapolis and Boston, where a slumping local economy, slow job growth and negative migration numbers hamper long term prospects. Along with other U-shaped markets like Sacramento, that have double-digit subprime lending share, Zandi says it's going to be harder for these markets to get going again.
Massive manses from coast to coast are commanding record-setting prices. Take a tour of the country's most expensive here. That doesn't necessarily mean V-shaped markets are in the clear. The labor markets in cities such as Las Vegas, Phoenix and San Diego, whose future economic success will be critical to recovery, are heavily in housing-related industries, according to Moody's. So long as those economies can weather their respective corrections, they should be all right.
"These markets are going to experience more substantial declines in the coming year," says Zandi. "Gauging the bottom is a very intrepid affair and the job market is very important to recovery."
Forbes Magazine Online
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Source: Tracage Condominiums - News and Media Information | 8 Jun 2007 | 12:00 pm
Return of the Site Fight
Two outlet projects scramble for tenants near Jackson, Mississippi...Two upscale outlet centers planned in central Mississippi, focused on the booming Jackson, Miss., market, are reminiscent of the 1990s when the outlet industry was rife with site fights.
The developers of the planned projects say they are anxious to get their sites open and that their efforts to lease the centers are going well.
According to the U.S. Census Bureau's 2006 population estimate, the Jackson metro population is 529,456 people. Jackson, which is Mississippi's most populous city, is the state capital.
In all, the two centers – if both are built – are expected to open at least 140 stores, each center attracting about 70 retailers each.
The sites are only about 20 miles apart, in neighboring Madison and Rankin counties.
Both developers are new to outlet development, and both emerged last year with their offerings:
The Outlets at Bloomfield is sited in Pearl, Miss., about six miles southeast of Jackson at the intersection of I-20 and I-55.
Developed by Spectrum Capital and ProVisions of Jackson, Miss., the site is next door to a new Bass Pro Shop and Trustmark Park (home of the Mississippi Braves minor league baseball team), which together attracted 2.3 million visitors in 2006.
Asked by VRN if the market can accommodate two outlet centers, Jason Voyles, president of Spectrum Capital, says "Retailers will determine that. We're focused on our side, and we're very well positioned for an outlet center: We're located at the crossroads of the major east/west corridors in Mississippi, and we don't spend a lot of time worrying about other projects."
Voyles says the drawing ability of Bass Pro and Trustmark Park "shows our ability to attract big names who may not have considered locating in Mississippi — until now. We will apply this same philosophy when attracting big name retailers for The Outlets at Bloomfield. We will bring both stores already familiar to local shoppers and some names people have only experienced in other states."
Spectrum is aiming to create a family-oriented shopping, entertainment and tourist destination, especially with a shopping attraction that women will enjoy. Plans include developing entertainment for children, probably a water park or putt-putt golf facility. The ballpark and Bass Pro store are considered phase 1 of the project, the outlet center phase 2.
The city of Pearl in mid-May was preparing to advertise for construction of a road of less than a mile that will become the main entry to the outlet center by the fall. Sam's Club has just announced it will build a Sam's Club next to Bass Pro, with the outlet center sited on the other side of Bass. And Spectrum was in mid-May close to hiring a leasing consultant who was to move the center along at the Spring ICSC Convention in Las Vegas later in the month.
Neu Markt Designer Outlet Mall is sited between Gluckstadt and Canton, Miss, some 12 miles north of Jackson. The Neu Markt property – part of a 230-acre project that includes restaurants, a big-box retailer, banks, a pharmacy and a grocery store – is west of I-55 near the Sowell Road interchange.
"Leasing is going extremely well," says Janet Grady, who heads Prism Co., which is handling leasing. "Every retailer who has visited the market so far is currently either in the process of negotiating their lease, or obtaining retail clearance for their store."
She too, like Voyles, says retailers will be the ones to decide whether the market can absorb two outlet centers. "That will be up to the retailers to decide," she says.
What's special about the Neu Market site? "It has the highest income demographics in the market," she says, "and unparalleled visibility and accessibility from I-55. We have a top-notch development team and plan, which will establish Neu Markt as a premier destination for outlet shopping."
James Weaver, who heads Ridgeland, Miss.- based Gluckstadt Properties, which is developing Neu Market, sees the development as an opportunity to bring something new to the mostly rural Gluckstadt area, where he was poised to raise $20 million in TIF money for public improvements.
For the residents of Gluckstadt, we hope this development will help meet their shopping needs," he told a local newspaper. "For the metro area, we will be a destination for the value shoppers." The goal is to attract shoppers within a 100-mile radius, he said.
Both developers plan to break ground later this year and open and open and open by the fall of 2008. Neu Markt plans to about 200,000 in its first phase, while The Outlets at Bloomfield is planning about 315,000 sf.
Leasing up the projects is key. Neither developer has revealed the names of any tenants, but both say interest is high among prospective retailers. "We have several in negotiations right now," Weaver said. "These will be the same types of stores and the same brands you see in the outlet malls in Orlando and Destin (Fla.). It will be more upscale when compared to Tunica (Miss.) and Batesville (Miss)."
Voyles said he has received "extremely positive feedback" from retailers he hopes to attract to Premier Outlets. "In retail, there are certain tenants that, once you get them, they will attract additional tenants," Voyles said. "But right now we aren't ready to disclose specific stores."
By Tom Kirwan, Senior Editor
June/July 2007, Value Retail News
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Source: Bloomfield - News and Media Information | 7 Jun 2007 | 7:00 am
Where are the cranes?
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Source: Tracage Condominiums - News and Media Information | 30 May 2007 | 12:00 pm
Tracage Virtual Tour - 2nd Release (video)
The following link opens the 2nd release of Tracage's virtual-tour video...
-- Click Here to Launch the Video
Source: Tracage Condominiums - News and Media Information | 1 May 2007 | 12:00 pm
Economic Windfall Boosts City's Revenue (video)
WAPT ABC 16 Video Link -- Last year Bass Pro and the M-Braves gave Pearl $1.4 million in sales tax revenue...** Click Here to Launch Video **
- WAPT ABC 16
Source: Bloomfield - News and Media Information | 10 Apr 2007 | 7:00 am
Pearl's Plan (video)
Business is booming in Pearl, and it's no accident. City leaders have been hard at work planting the seed for growth. Ultimately, they want to tap into the buying power of residents who live outside of Pearl as well...** Click Here to Launch the Video **
Source: Bloomfield - News and Media Information | 1 Apr 2007 | 7:00 am
$60M Tracage condo construction set
Construction on the $60-million Tracage luxury condominiums will start at the corner of Annunciation and John Churchill Chase streets in the second quarter, a project developer said.
Rob Tatum said the 126-unit project will be built, even though some critics question whether various developers will actually build all the condos announced after Hurricane Katrina.
So far, roughly 60 percent of the units have reservations but no hard contracts yet, he said. Tatum cited post-Hurricane Katrina challenges in building the 24-story project. The project should be complete by mid-2009, he said.
On March 1, developers will open a sample unit at 711 Tchoupitoulas St. Units will range from $199,000 for a roughly 600-square-foot condo to more than $2 million for a two-story, roughly 3,000-square-foot penthouse.
Yates Construction will build the condos. In November, a bulldozer knocked down a concrete warehouse at the site to make way for construction.
New Orleans City Business
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Source: Tracage Condominiums - News and Media Information | 26 Jan 2007 | 12:00 pm
$60M condo project begins at Tracage
Construction began Nov. 30 as a bulldozer punched through a concrete warehouse at the corner of Annunciation and John Churchill Chase streets, clearing the way for the $60-million Tracage luxury condo development.
The 127-unit Warehouse District condo project is expected to be finished by the first quarter of 2009. Rob Tatum, one of the developers, said it is the first new high-rise residential project to begin construction since Hurricane Katrina.
Units range in size and price from roughly $200,000 for a 573-square-foot condo to $2 million for a 2,900-square-foot, two-story penthouse.
Developers say 70 percent of the units have reservations, meaning potential buyers have expressed an interest in the units. Reservations will soon be converting into hard contracts, developers said.
New Orleans City Business
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Source: Tracage Condominiums - News and Media Information | 11 Dec 2006 | 12:00 pm
Tracage Virtual Tour - 1st Release (video)
The following link opens the 1st release of Tracage's virtual-tour video...
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Source: Tracage Condominiums - News and Media Information | 1 Dec 2006 | 12:00 pm
Tracage Paving the Way for the New New Orleans
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Source: Tracage Condominiums - News and Media Information | 22 Jun 2006 | 12:00 pm
Mississippi Braves building on first-year foundation
As with any new business, the Mississippi Braves saw some challenges during its first year of operation in 2005. The construction of the team's home field, Trustmark Park, ran up until the opening pitch of the season and beyond. And Hurricane Katrina was another unexpected occurrence.Now with the second season underway and the growing pains a memory, the Mississippi Braves are looking to build off the first year's foundation. The minor league team has developed strategies to get more out-of-town folks in the stands, as well as efforts to promote the use of Trustmark Park as a unique venue for meetings and get-togethers.
"I would say my expectations for the first year were met," said Mississippi Braves general manager Steve DeSalvo, who is in his 20th season with the Atlanta Braves' AA franchise and his 26th season in professional baseball, 25 of them as a minor league general manager. "Of course, I always want it bigger and better. So, I'm looking forward to this season and the future."
On deck
DeSalvo's experience paid off in 2005. While fans at the inaugural game saw a finished stadium, Trustmark Park was still being tweaked when play started. Adding to the challenges was Hurricane Katrina, which forced the organization to cancel seven games at the end of the season.
DeSalvo, who has earned multiple Executive of the Year awards and has seen teams he worked for win four championships, most recently served as general manager of Greenville, S.C., Braves farm team, which saw success in drawing folks to the ball field for both baseball and non-baseball events. Now, with more time to become personally involved in promotions, DeSalvo is planning on implementing those proven, winning strategies in Pearl.
Not only does DeSalvo and his team have the weight of the Braves' name in their corner, they also have an excellent facility to market. The state-of-the-art Trustmark Park, situated on 30 acres near the intersection of Interstates 20 and 55, cost $25 million to build, and has a seating capacity in excess of 7,200, not counting seating on the grass berm in the outfield. Designed by the Jackson architectural firm Dale and Associates and part of Bloomfield's "Lifestyle" development that includes the adjacent Bass Pro Shop, the park's 360-degree concourse allows spectators to walk around the entire park and gives it an amphitheater feel.
In addition to such amenities as 5,500 chair-back seats with arm rests and cup holders and LED video board, Trustmark Park also offers a covered concourse and projecting roof off of the suite level, which in turn shades the lower level. DeSalvo said this covered concourse provides what he calls an "open-air suite" that is a perfect venue for corporate get-togethers, group outings and the like. DeSalvo said the suite level offers two party decks each with a 50-person capacity, fixed seats as well as tables and chairs.
Trustmark Park also offers 22 luxury suites, the Alltel Picnic Pavilion, a full-service, free-standing restaurant that can seat approximately 200 patrons and also encompasses a conference room that can handle up to 25 attendees and a family fun zone offering inflatable slides and obstacle courses among other features.
The Braves plan to heavily promote the Alltel Picnic Pavilion, which can accommodate up to 325 guests. One effort will be to push a new offering at Trustmark Park this year — group rates. Packages are now available that include both stadium seats and menu. And, more menu options are now available, offering everything from hamburgers and hotdogs to shrimp or T-bone steaks depending on the group's tastes
The Braves have initiated promotional packages aimed at not only getting people to the park, but also offering a marketing tool for businesses as well as a way to entertain clients or reward employees. For example, the team's Promotion Night Sponsorships allows companies to affix their logo to such items as baseballs, bats, gloves and caps, and also includes radio, TV and newspaper advertising among others. The package also provides 50 game admission tickets.
Another strategy that the Braves are looking to push is the highlighting of an entire community. For example, the park could host "Laurel Night," targeting residents of that South Mississippi city with special promotions.
More than just baseball
While Trustmark Park is the home of the Braves, it offers a perfect venue for such non-baseball events such as concerts, fundraisers and festivals. As DeSalvo pointed out, the park's meeting amenities are enclosed or covered, providing an all-weather venue.
"A challenge we had last year was selling a concept — Trustmark Park didn't exist," DeSalvo said. "Selling the facility will be much easier now that we have something to show. And, last year we used an outside advertising agency, which was fine. But this year, I have more time to personally devote to policies and procedures, as well as marketing."
The Braves are hoping that DeSalvo's personalized attention will grow attendance and the team's geographic draw in 2006. Last year, DeSalvo said the Braves routinely pulled fans from Tennessee, Alabama, Louisiana and Arkansas. And, DeSalvo is hoping to pull more Mississippians from outside of the greater Jackson area.
"We're not the Pearl Braves, or the Jackson Braves," he said. "We're the Mississippi Braves, and we are anticipating drawing fans from across the state this year."
Source: Bloomfield - News and Media Information | 22 May 2006 | 7:00 am
Bass Pro Shops drawing tourists, offering meeting space
PEARL - It might best be described as a feeding frenzy. When the Bass Pro Shop opened its doors for the first time in Pearl in November 2005, thousands of shoppers and "sightseers" jammed the store just off Interstate 20 and forced late-arrivals to park across the street at Trustmark Park. It would be hard to imagine a more successful debut.The crush did not surprise Bass Pro Shops. The volume of traffic was a major selling point when the Springfield, Mo.-based retailer went to the State of Mississippi for funding, predicting that the store, encompassing 130,000 square feet of space offering everything from clothes, equipment and accessories to an aquarium and a restaurant, would pull approximately 2.5 visitors annually. The state liked what it heard, and subsequently awarded the outdoor store millions in tourism dollars since the megastore was expected to bring shoppers from all over Mississippi - and beyond.
Therein laid the controversy. Many, particularly existing, local outdoor stores, were angered that the state would give funding to a retailer. The fact that it was tourism money drew more criticism.
Gone shoppin'
So, after all the debate, is Bass Pro Shop-Pearl, which cost approximately $30 million to build, the tourism draw its proponents said it would be? Early returns seem to say "yes." And, the retailer is also looking to bill itself as a viable and unique setting for a business meeting or company get-together.
"It was more than you could ever ask for in a grand opening," said Pat Renegar, manager of Bass Pro Shop- Pearl. "You obviously can't expect to keep up that kind of pace, but we're still doing well in terms of traffic. It is meeting our expectations."
Renegar backs up his claim with objective numbers. A zip code survey found that residents representing 80 of Mississippi's 82 counties had already visited the store. Surprisingly, the best draw in Mississippi was in and around Meridian, which, according to Renegar, sent more shoppers Bass Pro's way than the metro Jackson area where the store is located.
As far as out-of-state customers go, Renegar said the survey found the store has routinely pulled shoppers from as far north as Memphis, as far west as Central Louisiana and Arkansas, as far south as New Orleans and as far east as Alabama.
While most are coming to shop, Bass Pro-Pearl is drawing folks for its special events such as seminars and competitions. Renegar said when the store has a fishing pro or other notable personality in, fans flock to Pearl to get an up-close look.
"A lot of people want to come talk to the pros," said Renegar, who added that the weekends are busier than weekdays, once again pointing to the store as a draw for people outside of Jackson who find the weekdays off their calendars. "Just the other day, I got an e-mail from a guy in West Mississippi who wanted to make sure a scheduled seminar would be conducted. He said he and his group were planning a weekend around the seminar."
With Trustmark Park, home of the Mississippi Braves minor league baseball team, right across the street, many saw a potentially positive symbiotic relationship. Renegar, who is a Mississippi Braves season ticket holder, said he has seen traffic increase just before a home game gets underway, and is pleased to see so many fans carrying Bass Pro bags at games. However, traffic drops noticeably after games begin, and there has been a problem with Braves' fans taking up parking spaces at Bass Pro. (For the record, the Braves have also seen Bass Pro shoppers take up parking space at the park, as well.)
"I know a lot of the Braves' fans are eating in our restaurant, as well," Renegar said.
Meet you there
Bass Pro Shops certainly has not been shy about advertising. It has placed television ads with local stations, and has run national ads on outdoor programs. There has also been promotion through phone and survey tabs, as well as through the Bass Pro Shop catalog.
Perhaps some of that advertising in the future will pull in people for an offering many may not know it has - meeting space. The megastore actually offers three meeting options.
The Bass Pro restaurant can seat approximately 230 patrons including the patio and bar. Bass Pro also offers a back room for get-togethers, as well as an upper-level room used by Bass Pro for internal meetings, seminars and more. The upper room can accommodate approximately 115 guests, depending on the setup, and the restaurant will cater it.
"The key to our future is taking care of the customer and offering a whole experience," Renegar said. "The company goes to great lengths to ensure that the store remains fresh looking, brand new. Atmosphere, customer service, product selection - that is what will spur growth and keep people coming back again and again. I'm excited about it."
Source: Bloomfield - News and Media Information | 22 May 2006 | 7:00 am
A Hit Out of the Park?
City's tax revenue is up 10-15 percent; some benefit more than others.As the Mississippi Braves settle into their second season in Pearl - and first with Bass Pro Shops open across the street - sales tax revenue in the city has risen 10-15 percent in the first quarter of 2006.
Mayor Jimmy Foster attributes the increase to sales and tourism generated by Bass Pro and Trustmark Park and expects revenue to increase even more for the second quarter during baseball season. For the first quarter, sales tax revenue was about $700,000. "Our sales tax receipts are up. This is the only indication that I can go by," Foster said. "It's been up since Bass Pro Shop and Trustmark Park opened. It's doing exactly what we thought it would."
Well before construction began on both sites, city officials touted the ballpark and outdoor supplier as revenue generators and tourist attractions. During the Braves' inaugural season, the Double-A ball club drew more than 242,000 people to the Bloomfield Development. On average, Bass Pro locations bring in between 1 million and 1.5 million people a year.
"Minor league baseball always has a substantial impact on an area," Braves general manager Steve DeSalvo said. "You have a business that employs over 400 part-time workers ... and spends upwards of $4 million in goods and services. That doesn't include what visiting teams and players spend here."
DeSalvo said a big portion of the franchise's annual budget is spent at Pearl and Jackson businesses, including U.S. Food Service in Pearl, Office Depot and Revell Hardware. "If we can find a product we need locally, we buy it locally," he said.
Each business has also sparked interest in the Bloomfield and Riverwind developments. Lone Star Saloon and Steakhouse opened on May 3, joining Starbucks Coffee as recent additions to the area. CellularSouth Cafe at Trustmark Park and Islamorada Fish Co. in Bass Pro offer on-site dining.
Other restaurants in the area include Pizza Hut, Popeye's and McDonald's, Cracker Barrel, Ryan's, O'Charley's and a Baskin-Robbins. Cracker Barrel officials declined to comment. Lone Star officials couldn't be reached.
"More businesses are looking into the area," Pearl Chamber of Commerce assistant director Kathy Deer said. "We have businesses inquiring daily." City and chamber officials declined to comment on business prospects. For individual eating establishments along Riverwind Drive, the impact on business has been mixed. Some report increases tied to the developments while others have seen little change.
Pratt Shirley, general manager of Islamorada Fish Co., said traffic has picked up in the store since baseball season started on April 6. "Islamorada has only been open for a month or so, but we've noticed more walking traffic in the store, which increases our business as well," Shirley said.
Pearl couple Rhonda and Kenny Stewart said they were considering going to the Braves game Tuesday after eating for the first time at Islamorada. DeSalvo said the CellularSouth Cafe averages 100 to 150 people a day. "Normally, we eat out when go to Bass Pro Shop or Braves games," Rhonda Stewart said. She said the two usually take between three and five nieces and nephews to the games and have eaten at restaurants in the area.
Kenny Stewart said he didn't mind paying the 2 percent restaurant tax attached added onto their bill. He said, "If it keeps me from paying $4 for parking at the stadium, I would as soon pay the tax."
Baskin Robbins owner Jay Bhatt said hasn't helped the family-owned ice cream shop. "The majority of customers that come in here come in are from Tinseltown," he said.
Florence resident Acey Roberts said before the Braves game on Sunday that eating out after the game isn't an option. "I have a little girl and it's too late to take her out," he said. "We eat hot dogs and nachos at the game."
O'Charley's general manager Kelly Taylor said the restaurant's busiest days are Thursday, Friday and Saturday. She said the restaurant gets a lot of business from Bass Pro Shops employees eating lunch and during movie openings. "We might get a boost when they are playing at home," she said. "But it's never consistent."
Source: Bloomfield - News and Media Information | 13 May 2006 | 7:00 am
KB Home jumps in, but doesn't start a trend
More than seven months after Hurricane Katrina, some big money from out of town is betting on New Orleans' future.
KB Home, one of the nation's largest home builders, is getting final approvals to build 20,000 homes on 3,000 acres in the town of Marrero in Jefferson Parish, an undamaged area just west of New Orleans. It is the first time Los Angeles-based KB Home has built in the New Orleans area.
CEO Bruce Karatz says he was watching Katrina coverage on TV in late August and was "personally very moved by the disaster, watching it unfold day to day and how horrendous it was for people."
He proposed that his firm go to New Orleans to help "jump-start" housing development. "I thought, I can cause a reaction," he says.
The first 850 homes of the development should be ready for sale by mid-2007, and Karatz expects strong demand. "So many families are doubled up, living together, and there are tens of thousands of people who have left and want to come back, that we expect demand to be tremendous," he says.
KB Home also bought 58 lots in downtown New Orleans that it will develop into "urban-style" homes priced from $300,000 to $400,000.
But since KB Home's announcement in December, there has been no rush to build. "As the days and weeks and months go by, you'd think others would see our genius and follow suit," Karatz says. "It's one of the obstacles holding back recovery — there's no place to live."
Developers are waiting for rebuilding plans from the city and state. And they're pondering what developments to pitch. "The biggest problem is attaining sites," says Roger Ogden, a local developer and art patron of the Ogden Museum of Southern Art in New Orleans. He expects the pace of development to pick up at the end of the year, or early 2007.
"We'll have land in Orleans Parish to build on that we haven't had in 30 or 40 years," he says. Orleans Parish is where New Orleans is located.
Three weeks before Katrina hit, Donald Trump International announced plans to build a 70-story combination hotel and condominiums in downtown New Orleans. Ten days before the storm, Donald Trump Jr. was checking out the site. "I guess we chose well," says Trump Jr., who works with his father's real estate development firm in New York. "It didn't flood."
The company is sticking with plans to build what Trump Jr. says will be an "ultra-high-end" building. "This was not a case of an opportunity to pick off cheap real estate after a disaster," says Trump Jr.
Local developers are eyeing projects, too.
A development firm named Gaiennie and its partner, Spectrum Capital of Jackson, Miss., announced last month that they will build the first residential tower in the city's Warehouse District.
"We're one of the first to step out and say, 'OK. We're doing it. We're putting the money up,' " says Jason Voyles, president of Spectrum Capital. "Once the trend is set, everyone will step on the train."
Its 23-story condominium building, named Tracage (French for "loft"), is planned for a site five blocks from the New Orleans Convention Center, which along with the Superdome became infamous as unprepared shelters-of-last-resort for people fleeing the floods.
"We're after people who want to live in an urban setting, and second-home buyers," says Rob Tatum of Gaiennie. "It's a tourist town, and a lot of people come in for the weekends. Then they decide they want a place here. It's one of those cities that catches you in."
The two expect development to take off once the financial and legal issues of property ownership are resolved and redevelopment plans are made. They think some of the developments being discussed right now may never be built.
"A lot of people are talking right now about what they're going to do," says Tatum. "That's so New Orleans: 'We're going to do this. We're going to do that.' And nothing ever happens."
He laughs. "That's not our M.O. We've spent real money, and our project is moving forward.
By Mindy Fetterman
USA TODAY
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Source: Tracage Condominiums - News and Media Information | 16 Apr 2006 | 12:43 am
More than 1,000 condos could crowd N.O. area
While some people question New Orleans’ future after Hurricane Katrina, condo developers have faith.
In the six months since Katrina, at least six major condo projects have been announced for the metro area. Some projects were being considered before the storm, developers say.
Combined, developers could build more than 1,000 new condos in the metro area.
“Living in the Warehouse District (and Central Business District) is the future of New Orleans,” said Rob Tatum, a co-developer for Tracage Development LLC, a roughly 130-unit, 23-story, $50-million project slated for the Warehouse District.
Some observers question whether all the projects will be built based on previously announced projects that went nowhere.
“There are condos that are proposed; there are condos that are built,” said Arthur Sterbcow, president of Latter & Blum Cos. of New Orleans.
Sterbcow said he is waiting to see some of the many New Orleans-area condo projects announced in the past five years. Sterbcow is referring to new projects involving “ground-up” construction — not converting an existing building.
“We’re not speculating. We’ve already gotten the approvals that we needed. We’re taking action and putting real money up,” said Anthony Iarocci III, one of the developers of Tracage Development.
New York real estate mogul Donald Trump said he still plans to go ahead with his Poydras Street condo/hotel/retail project, which he announced the week before Katrina struck.
Trump card
Cliff Mowe, one of the developers of Trump International Hotel and Tower New Orleans, last week said the roughly $400-million, 67-story project for 501 Poydras St. is close to having finalized floor plans. Hopefully, units will begin advance selling in the next month or so, Mowe said.
“We’re still working with the city and still looking at some of the incentives that are out there but we are moving forward,” he said.
The total of new condo units slated for the metro area, including projects announced before Katrina, is 3,000, said Wade Ragas, a Metairie-based real estate expert.
Construction has not begun on any of the post-Katrina projects. All are waiting for parish or city approvals although some are farther along than others in the process.
Parc d’Iberville, a 287-unit development in the French Quarter, is tied up in litigation but developer Neal Hixon said construction should start before year’s end.
Another project killer is neighborhood opposition, which could be a big factor based on the heights of some projects.
More than a year ago, developer Jim MacPhaille announced plans to build Riverview Condominiums, a 140-foot-high project at Short Street and Leake Avenue. Even after MacPhaille agreed to lower the height to 94 feet, he was forced to back down after Uptown neighbors and the City Planning Commission rejected his proposal.
For some projects, developers must presell a certain number of units before banks OK loans to begin construction. However, developers don’t sound worried about finding buyers now.
“We started preselling the day after we announced the project. So far, demand has exceeded our expectations,” said Trey Cefalu, developer of Vantage Tower Condominiums, a project slated for downtown. Cefalu said he has reservations for more than 50 of 219 total units just 48 days into the sales process.
Secure environment
Cefalu said every bank wants a percentage of units, usually 50 percent, presold before lending money for condo projects involving 100 to 200 units.
Condo developers are counting on the insatiable demand for housing created by Katrina.
“The belief is owners want a secure environment — safe from flood, wind and robbery — in a locale that did not flood with a view, which they can treat as a part-of-the-year home. I believe this will be a growing market,” Ragas said.
MacPhaille, building a 12-unit condo project at 8416 Oak St. before Katrina, said he has sold all but one of his condos. Fifty percent of his units, priced from $250,000 to $369,000, have been sold to people whose homes flooded, he said.
Tatum said his project will also attract investors and second-home buyers who want a place they can drive to on weekends. Ragas pointed to another reason condos could be successful.
“The local rents are up about 25 percent since Katrina so condo prices could again be competitive with renting,” he said.
MacPhaille and others said New Orleans does not have many high- and mid-rise condo towers compared with other major cities. “It’ll be interesting to see if we can absorb all this,” MacPhaille said.
New Orleans City Business
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Source: Tracage Condominiums - News and Media Information | 13 Mar 2006 | 12:00 pm
Lott: $1 Million Slated for Access Road to Pearl's Bass Pro Shop/Braves Stadium Site
Federal funding totaling $1 million is approved for use by the City of Pearl, Mississippi to help construct a new access road serving development along Interstate 20 which includes the new Bass Pro Shops and Trustmark Park, home of the new Mississippi Braves baseball team."This is some of the most exciting development going on in the Jackson Metro Area, drawing thousands of people from throughout our state and our nation," Senator Lott said. "Bass Pro Shops alone is expected to create 300 new jobs and invest $39 million in its new facility during its first three years in Pearl."
At the request of Senator Lott, Secretary of Commerce Carlos M. Gutierrez will administer the funds through the Department’s, Economic Development Administration (EDA).
"The new baseball team and stadium, along with the new outdoor store and surrounding developments, have quickly developed into a popular destination for many Mississippians," Senator Lott continued. "I am pleased Secretary Gutierrez has acted to support job creation in Mississippi, providing these funds to sustain our growth and make these attractions more accessible to the public."
In a meeting with Pearl Mayor Jimmy Foster today in Senator Lott’s Washington, D.C. office, Senator Lott told the mayor of this approval and congratulated him for the city’s successful pursuit of this dynamic commercial development and today’s federal commitment.
"I know that the people of Pearl and all of Rankin County are especially proud of the progress taking place at this site," Senator Lott continued. "They worked very hard to secure these projects and the many good jobs which are coming as a result."
Bloomfield Equities LLC press releases are available at www.bloomfieldms.com.
Source: Bloomfield - News and Media Information | 10 Mar 2006 | 6:00 am
Warehouse District condo tower in the works
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Source: Tracage Condominiums - News and Media Information | 22 Feb 2006 | 12:00 pm
Trustmark Park: Home of the Braves; Stadium Naming Rights Agreement Reached for New Facility
The Mississippi Braves, Trustmark Corporation and Bloomfield Equities, LLC, announced today that the team’s new $25 million sports complex will be named Trustmark Park.The stadium, currently under construction in Rankin County, will be the home of the Mississippi Braves, Atlanta’s Class AA team that is relocating to Mississippi from South Carolina.
Trustmark is an $8.1 billion financial services company offering banking and financial solutions through over 140 locations and 2,600 associates in Florida, Mississippi, Tennessee and Texas.
"This agreement signifies Trustmark as the Braves' primary partner in Mississippi," said Steve DeSalvo, Braves general manager. "When we moved to Mississippi, we felt it was imperative to build relationships with companies and people who shared our core values about providing family entertainment, who felt strongly about the area and wanted long-term relationships."
"The Braves believe we hit a home run with Trustmark. We want everyone to know that just as Turner Field is home to the Atlanta Braves, Trustmark Park is the home of the Mississippi Braves."
The stadium, which closely resembles Turner Field in Atlanta, features an amphitheater design with the playing field below the entrance level and a 360-degree concourse. Trustmark Park’s total seating capacity will be 7,200, with 5,500 chair-back seats. Amenities include 22 luxury skyboxes, a full LED video board, a corporate picnic pavilion and a full-service restaurant that will be open year-round.
The team’s first game at Trustmark Park is scheduled for April 18 against Montgomery, the AA team of the Tampa Bay Devil Rays. The Braves are scheduled to play 70 home games in Trustmark Park this season.
"Trustmark is delighted to be on the Braves' team," said Richard G. Hickson, Trustmark's chairman and chief executive officer. "The Atlanta Braves are one of the premier franchises in major league baseball, and are known for their commitment to excellence, as evidenced by their unprecedented 13 straight division titles."
"We look forward to families coming to Trustmark Park, the home of the Braves, and enjoying America’s national pastime."
Braves officials have announced the sale of more than 2,500 season tickets and expect all luxury boxes to be sold by the opening game. The final game is scheduled for September 5.
"Without question Trustmark Park will be one of the finest facilities for Class AA baseball in the country," said DeSalvo. "It is fan-friendly in design and state of the art with a high-technology scoreboard that will produce an enjoyable game-day experience."
In addition to the Braves, Trustmark Park will serve as a venue for athletic events, as well as concerts, shows and other family entertainment.
HOK Sports Facilities Group of Kansas City designed Trustmark Park, with input from Dale and Associates Architects of Jackson. Mississippi-based W.G. Yates & Sons Construction is building the facility, and Bloomfield Equities, LLC is the developer.
For additional information on Trustmark (NASDAQ: TRMK), visit its Website at www.trustmark.com. For more information on the Mississippi Braves, visit the team’s Website at www.mississippibraves.com. For more information on Bloomfield Equities LLC, visit www.bloomfieldms.com.
Source: Bloomfield - News and Media Information | 25 Mar 2005 | 6:00 am