Eugene Schmitt
Director
Urban Properties Real Estate, LLC.
Urban Properties Real Estate, LLC, is a boutique real estate consulting, development, brokerage, and property management firm focused on urban projects in New Orleans. With a background in development, finance and asset management, coupled with an understanding of the local market, the company aims to craft innovative and practical real estate solutions. Notable projects include concepts such as St. Roch Market / Politan Row (in Chicago), Social Bicycles (an Uber company), Framework, Zasu, and local expansions of Goodbird and The Daily Beet.
What are you most excited for in the coming year? The rise and level of prominence of New Orleans as a market as it relates to recognition from the country. Retailers, businesses and developers from outside the city are starting to recognize New Orleans as a thriving market. Growth and betterment of the city since Katrina is at a tipping point where outside markets and brands are attracted to the city now. From an economic development standpoint, we have properly branded our culture, architecture and way of living to the outside world, to the point where others want to be a part of it. This is evident in the increase in hotel development and national brands coming to market. From a development standpoint, New Orleans has stayed true to itself, but at the same time is inclusive of the outside trends and influences in terms of bringing in forward-thinking brands and business.
I also believe there are a lot of areas in this city that are poised for growth. We are seeing a lot of interest in the Lower Garden District, the Warehouse District and the Lafitte Greenway.
What would you say is the biggest challenge you’re seeing? In New Orleans specifically, it’s the presence or reality of the deteriorating infrastructure of the city. An adequate sum of tax dollars should be allocated to updating our antiquated infrastructure. From an industry trend standpoint, it will be interesting to see how the New Orleans office market evolves to keep up with national trends such as co-working and a waning demand for typical downtown office product. That, coupled with slower job growth compared to other markets, will put some downward pressure on CBD office space.
