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Mon August 13, 2012
Land prices booming on Jefferson strip
The cost of land along Veterans Memorial Boulevard — east Jefferson Parish's main commercial corridor —has reached historic highs indicating a strong retail market, according to SRSA Commercial Real Estate of Metairie.
SRSA partner Donald Schwarcz tells New Orleans CityBusiness his figures show the strip's most valuable property costs as much as $60 per square foot, six times as much as land in eastern New Orleans, four times the cost along Lapalco Boulevard in west Jefferson and nearly twice as much as the most expensive commercial areas of St. Tammany Parish.
"When someone says $60 a square foot for land, when you're talking to people from California, their usual reaction is, 'Hell, I could build in Hollywood for that kind of money.' It's very expensive," Schwarcz said.