NEW ORLEANS — Benson Capital, owned by Saints and Pelicans owner Gayle Benson, announced on Dec. 16 that it has acquired Corporate Realty Inc., a commercial real estate company based in New Orleans that serves the Gulf South. Benson’s investment firm wants to “expand its opportunities in significant ways that will contribute to economic development throughout the Gulf South,” according to a press release. Corporate Realty specializes in office and retail leasing and brokerage, property management, lease administration, investment brokerage, and construction consulting. Its footprint covers all of Louisiana as well as parts of Mississippi, Alabama and Texas. “I am excited about the acquisition of Corporate Realty, which has established itself as one of the preeminent commercial real estate companies in the Gulf South,” said Benson.
Here are more of the week’s top business stories:
Gov. John Bel Edwards’ administration and Louisiana’s legislative leaders appear to have struck a deal to use $27 million in federal pandemic aid to help pay for a portion of the renovations to the New Orleans Superdome, two months after lawmakers stalled a prior financing proposal. The Edwards administration describes a state contribution to the Superdome upgrades as critical to reaching an agreement with the Saints that keeps the NFL team in the state for decades. After behind-the-scenes negotiations, the federal funding plan — along with a companion plan to let the Superdome manager pay off a debt to the state years early — go before two panels for approval Thursday. The Bond Commission and the joint House and Senate budget committee have to back the arrangement for the proposal to work. (AP)…
Tourism executive J. Stephen Perry, president and CEO of New Orleans & Company since 2002, has announced his retirement from public and private service at the end of 2022. The destination marketing organization’s board of directors approved a succession plan that appoints Walter “Walt” J. Leger III president-elect. He will become Perry’s successor on Jan. 1, 2023. Leger is an attorney, former state legislator and New Orleans & Company’s current executive vice president/general counsel. New Orleans & Company is the tourism and hospitality industry’s official destination sales, marketing and trade organization. Before the pandemic, the industry was credited with bringing more than $10 billion of annual business to the region’s economy through leisure and cultural travel, business meetings, conventions, weddings, festivals, sporting events and more. …
Gov. John Bel Edwards applauded this week’s announcement by U.S. Secretary of Commerce Gina M. Raimondo that two Louisiana economic development projects are among the 60 finalists nationally for the U.S. Economic Development Administration’s $1 billion “Build Back Better Regional Challenge.” The EDA American Rescue Plan program aims to boost economic pandemic recovery and rebuild American communities through what it calls “transformative investments” of up to $100 million to develop and strengthen regional industry clusters across the country. Louisiana’s proposals – which were among 60 to receive initial grants of $500,000, from a pool of 529 submitted – would establish a Gulf Coast health sciences corridor and a south Louisiana green hydrogen energy cluster. “By awarding our state two of the 60 Build Back Better Challenge grants announced today, President Biden and Secretary of Commerce Raimondo are casting a significant vote of confidence in Louisiana’s ongoing clean energy and bioscience innovation efforts,” Gov. Edwards said. (AP) …
Home Bancorp Inc., the holding company of the 113-year-old Home Bank, and Friendswood Capital Corporation, the holding company of Texan Bank, jointly announced today the signing of a definitive agreement and plan of merger under which Home Bancorp will acquire Friendswood in an all-cash transaction. Under the terms of the merger agreement, shareholders of Friendswood (other than holders of dissenting shares, as such term is defined in the merger agreement) will receive $15.34 per share in cash, or $66.6 million in the aggregate, upon consummation of the transaction. The merger agreement also provides that Texan Bank will be merged with and into Home Bank, with Home Bank as the survivor. “This merger provides Home Bancorp the opportunity to expand our geographic footprint into Texas,” said John W. Bordelon, chairman, president and chief executive officer of Home Bancorp. “Texan Bank and Home Bank share the same values of serving the community and providing excellent customer service to their clients. We look forward to further developing the Houston region together and building strong relationships with consumers and businesses.” …
Gov. John Bel Edwards welcomed four new 100-foot-gauge container gantry cranes to the Napoleon Avenue Container Terminal at Port NOLA, the culmination of a more than 15,643-nautical mile journey from Shanghai, China. The $112 million investment, which included $49 million for the construction and delivery of the cranes, and $63 million to modernize the wharf and extend the crane rail infrastructure, began in 2019 when Port NOLA’s Board of Commissioners approved the project. The four new gantry cranes are essential to Port NOLA’s overall plan for the gateway, which includes optimizing facilities in New Orleans and building the Louisiana International Terminal, a new container terminal, in St. Bernard Parish. “This is an exciting example of Louisiana investing in port infrastructure to support the nation’s supply chain of the future,” said Louisiana Gov. John Bel Edwards. “It is a great day for the Port of New Orleans and the outstanding men and women who work on the Lower Mississippi River. Containerized cargo has more than doubled over the last decade at the Port of New Orleans and this investment positions Louisiana to grow a major economic engine and job creator.” …
New Orleans-based “all day brunch” restaurant Ruby Slipper plans to open its second Metairie location in the summer of 2022 at 4236 Veterans Boulevard in the soon-to-be rebranded Clearview Commons. This marks the ninth Louisiana outlet for the company, which operates more than 20 Ruby Slipper and Ruby Sunshine locations across six states. “We are excited to open a second location in Jefferson Parish, giving residents another spot to enjoy our famous eggs Benedict and eye-opening cocktails,” said Peter Gaudreau, CEO of Ruby Slipper Restaurant Group, in a press release. “We are also committed to being a part of this community by providing more jobs to the workforce and helping to revitalize a part of Veterans Boulevard.”
