Howard Hughes Corp. Invests $70M in New Orleans Riverwalk

The Howard Hughes Corporation announced this week that it would be investing approximately $70 million in the redevelopment of Riverwalk Marketplace in New Orleans to create a new upscale outlet center in the heart of the city called The Outlet Collection at Riverwalk. Howard Hughes Corp. originally acquired the center in 2011 and these new plans will create the nation's first outlet location in an urban setting. The mall has seen its share of change in recent years, with fewer national retailers and more small shops. Store occupancy at the mall dipped as low as 30% after Hurricane Katrina, but rebounded in recent years to as high as 90% according to a WWLTV news item. Artist renderings show upgrades in the facility's design, and plans call for an expansion of about 50,000 square feet.

"Our redevelopment and repositioning of this storied riverfront property will bring well-known, popular retail and entertainment establishments, many which will be new to New Orleans," said Grant Herlitz, President of The Howard Hughes Corporation. "Beyond the impact of these compelling options for locals and tourists, we are pleased to be part of the continued revitalization of New Orleans given the many benefits this development will represent to the city."

The Outlet Collection at Riverwalk will showcase top national retailers with established outlet stores as well as some local retail, dining and entertainment options. Many of the retail establishments will be the first location in Louisiana, New Orleans and the Gulf region for their respective brands. Construction should begin by mid to late fall and should be complete in time for the holiday season next year.

Rod Miller, President and CEO of the New Orleans Business Alliance said, "This investment by the Howard Hughes Corporation further underscores the opportunity and viability of the New Orleans market. The New Orleans Business Alliance is passionate about improving the city’s retail landscape and believes this project has potential to be catalytic in anchoring the Canal shopping district. We will continue to work with Howard Hughes and the City to see this project and others like it to completion."

"This planned redevelopment proposes a new tenant mix that will restore Riverwalk as a favorite place to shop for tourists and locals alike and is another step in making New Orleans a regional shopping destination," said New Orleans Mayor Mitch Landrieu in a Times-Picayune article.

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