Deal closed to buy land for N.O. retail center

Deal closed to buy land for N.O. retail center

Deal closed to buy land for N.O. retail center

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Associated Press

Posted on December 30, 2013 at 3:36 AM

Updated Monday, Dec 30 at 3:36 AM

NEW ORLEANS (AP) — Developers have closed a $2.1 million deal to buy property that will be part of plans for a $24 million retail center in New Orleans' Central City neighborhood.

The New Orleans Advocate reports (http://bit.ly/1fTflt1 ) that a development group led by Covington-based Stirling Properties purchased the five parcels of land from the city and other owners on Dec. 23.

The property will be part of the Magnolia Marketplace development. Stirling plans to break ground in January on the 106,000-square-foot retail center. Its tenants, including T.J.Maxx, PetSmart, Shoe Carnival and Raising Cane's, are expected to open in the spring of 2015.

First NBC Bank of New Orleans provided financing for the project.

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Information from: The Advocate, http://theadvocate.com

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