From Blue Light to Bright Future: $120M Redevelopment to Transform Former Kmart Site at Elmwood
Nearly a decade after Kmart rang up its final sales at the Elmwood Shopping Center, the long-vacant site is on the brink of a bold new chapter. Developer Louis Lauricella, whose family first launched the shopping center in 1975, has unveiled a $120 million plan to breathe new life into the property by building 251 apartments and 64,000 square feet of shops and restaurants.
The project, a joint venture with New Orleans-based Felicity Property, received preliminary approval this week for a property tax incentive from the Jefferson Parish Economic Development Commission — a key step toward making the ambitious redevelopment a reality.
Reinventing Elmwood for a New Generation
Dubbed The Francis, the apartment complex will be the centerpiece of Elmwood's transformation from a traditional strip mall into a dynamic, mixed-use destination. The development aims to attract young professionals and new residents drawn to Jefferson Parish's growing healthcare, corporate, and creative sectors.
"Our vision has always been to evolve Elmwood into a place where people can live, shop, dine, and gather," said Will Place, director of development at Lauricella Land. "Getting rid of Kmart was the catalyst that finally made this possible."
The new community will include amenities like a pool, fitness center, co-working space, and a residents' library. Architecturally, the complex will feature three buildings connected by landscaped walkways and a "Main Street" feel that blends residential living with retail convenience.
Years in the Making
The road to redevelopment hasn't been easy. After Kmart closed its doors in 2016, Lauricella faced years of delays, largely due to the lease-holding tactics of hedge fund manager Eddie Lampert, who had acquired the struggling retailer. Real estate sources say Lauricella paid roughly $12 million to buy out the lease three years ago.
Other hurdles included the economic impact of the COVID-19 pandemic and skyrocketing building material costs. Despite those setbacks, Lauricella has remained committed to revitalizing the aging retail complex.
The Francis is a scaled-back version of an earlier vision approved in 2018, which proposed 500 apartments and 85,000 square feet of retail space. However, the intent remains the same: create a vibrant, walkable destination that reflects modern consumer preferences.
A Wider Trend in Mall Redevelopment
Elmwood's transformation mirrors broader efforts across the region to reimagine aging retail spaces. At Clearview City Center, an Ochsner medical facility, a 270-unit apartment complex, and plans for a public plaza have replaced the traditional mall layout. In New Orleans, Riverwalk Outlets is undergoing its own revival, with $25 million in sales taxes earmarked for turning Spanish Plaza into a restaurant and entertainment hub.
As older anchors like Kmart and Michael's have exited Elmwood, new tenants such as Nike, Banana Republic, and J. Crew Factory have stepped in. Popular local eateries, including Boulevard American Bistro and Byblos Mediterranean Grill, have also opened locations, signaling a shift toward a more diverse and curated tenant mix.
Public-Private Partnership
The Jefferson Parish Economic Development Commission's initial approval of a PILOT (payment in lieu of taxes) agreement will help fund the project by offsetting property tax obligations. The full tax break still requires final approval from the Parish Council, but support appears strong.
"This is a project we really want to see move forward," said JEDCO Executive Director Jerry Bologna. "It brings housing, retail, and investment to an area that has traditionally been one of our most important economic engines."
Bologna noted that retail remains a vital part of Jefferson Parish's economy, second only to healthcare in employment. As shopping malls across the country struggle, developments like this one offer a chance to modernize and retain relevance.
A Community in Transition
If all goes according to plan, The Francis will mark a turning point for Elmwood — and perhaps for suburban shopping centers across the country. By combining housing, walkable retail, and vibrant public spaces, developers are responding to changing lifestyles and the growing demand for live-work-play environments.
"This is about creating spaces where people can connect, stay, and make memories," said Place.
And with a long-empty Kmart finally out of the picture, Elmwood is ready to do just that.
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Mortgage Rates Slip Again, Offering Relief to Homebuyers — But Affordability Challenges Remain
In a welcome shift for homebuyers, mortgage rates in the U.S. have declined for the third straight week, easing some of the financial strain in a housing market still grappling with high prices and affordability challenges.
According to mortgage giant Freddie Mac, the average rate on a 30-year fixed mortgage dipped to 6.6% this week, down from 6.69% last week and notably lower than the 6.95% average from a year ago. This marks the lowest level for the 30-year rate since late October, when it hovered around 6.54%.
Rates for 15-year fixed mortgages, a popular option for homeowners refinancing their loans, also saw a drop — falling to 5.84% from 5.96% the previous week. A year ago, that rate stood at 6.38%.
Encouraging Signs for a Sluggish Market
The recent dip in rates comes during a season that's typically less competitive for homebuyers, and it's breathing a bit of life into an otherwise sluggish housing market. According to Freddie Mac's chief economist, Sam Khater, a combination of lower mortgage rates, steady income growth, and a strong stock market has bolstered homebuyer demand.
Still, Khater cautioned that while these factors point to a more optimistic outlook, the gains are tempered by ongoing affordability hurdles. "The outlook for the housing market is improving," he said, "but the improvement is limited given that homebuyers continue to face stiff affordability headwinds."
Indeed, despite the downward trend in rates, U.S. home sales are on track for their worst year since 1995. Elevated borrowing costs and persistently high home prices have made it difficult for many would-be buyers to enter the market.
The Fed's Role and the Path Ahead
The drop in mortgage rates closely mirrors shifts in the 10-year Treasury yield, which helps set the pace for long-term mortgage rates. While the Federal Reserve doesn't directly control mortgage rates, its monetary policy decisions — particularly regarding interest rates — heavily influence bond yields and, in turn, mortgage rates.
In recent months, the Fed has signaled a more dovish stance, with many economists and Wall Street traders anticipating another rate cut in the upcoming policy meeting. That sentiment has helped pull Treasury yields down from highs seen earlier this year. The yield on the 10-year Treasury was at 4.3% midday Thursday, down from above 4.7% in October and under 3.7% as recently as September.
Borrowers Take Advantage
As rates edge downward, borrowers are jumping at the opportunity. Mortgage applications increased by 5.4% last week, according to the Mortgage Bankers Association (MBA), marking the fifth straight weekly gain. Applications for refinance loans surged even more, climbing 27% from the prior week.
MBA CEO Bob Broeksmit noted that purchase applications have posted year-over-year increases nearly every week for the past three months — a rare bright spot in a market still facing stiff headwinds.
Cautious Optimism for 2024
Despite the positive momentum, most housing economists remain cautious. With home prices near record highs and only slowly decelerating, many prospective buyers are holding out hope for even lower rates in the coming months. But experts warn that rates are unlikely to fall dramatically in the near future.
Forecasts suggest that average 30-year mortgage rates will stay above 6% through 2024, potentially keeping many sidelined from homeownership unless incomes rise or home prices soften more substantially.
For now, buyers and homeowners looking to refinance may find that this window of lower rates — however modest — offers the best opportunity in months. The question is how long the reprieve will last and whether it will be enough to thaw a housing market that's still feeling the chill.
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Granite vs. Quartz – Which Is Right for Your Kitchen?
Few home design choices ignite as much passion as the debate over granite vs. quartz countertops. It's a topic that's fueled countless arguments on renovation shows and sparked deep homeowner loyalty. But beneath the preferences and personal tastes lies a practical question: is one better than the other?
To help you cut through the noise and make an informed decision, let's explore the key differences between granite and quartz — from appearance and cost to maintenance and durability.
Understanding the Materials
Granite is a 100% natural stone formed from cooled and solidified molten rock. It's quarried, cut into slabs, polished, and shipped for installation. Each piece is unique, showcasing natural patterns and colors shaped by the earth over millions of years.
Quartz, on the other hand, is engineered. It's made from roughly 95% natural ground quartz and 5% polymer resins and pigments. This gives it the appearance of natural stone while allowing for more customization in color and texture.
Appearance: Natural vs. Custom
Granite is prized for its one-of-a-kind appearance. No two slabs are alike, making it a standout option if you're seeking a natural, unique look in your kitchen. It comes in a wide range of colors and patterns, often with dramatic veining or flecks of minerals that add character.
Quartz, while not naturally varied like granite, has its own appeal. It offers a clean, consistent look and is available in nearly any color or pattern you can imagine. If you have a specific color palette in mind, quartz can be easier to match and is generally more predictable in design.
Cost: A Range That Depends on Quality and Installation
Granite tends to cost between $2,000 and $4,500 for materials and installation, depending on the type of stone and complexity of the job. You may be able to save by sourcing the material directly, but fabrication and installation should be left to the pros.
Quartz usually falls on the higher end, averaging between $3,000 and $7,500. It's heavier than granite and requires careful installation to ensure your cabinetry can support it. Like granite, some prep work can be DIY, but expert installation is recommended.
Environmental Impact: Mining vs. Manufacturing
Granite's natural origins come with a trade-off — it must be quarried, which consumes a lot of energy. If you opt for imported slabs, transportation adds to the carbon footprint. Choosing locally sourced granite or salvaged stone can reduce the environmental impact.
Quartz, though man-made, can be more eco-conscious if it's manufactured and fabricated locally. Because it's engineered, manufacturers can control the sourcing and waste more efficiently than quarrying natural stone.
Maintenance: Daily Care and Long-Term Needs
Granite needs a bit more attention. It's porous, so it should be sealed once a year to prevent stains and bacteria from seeping into the surface. Daily cleaning with mild soap and water is usually enough, but spills should be wiped quickly.
Quartz is virtually maintenance-free. It doesn't require sealing, and its non-porous surface resists staining and bacteria buildup. Simple cleaning with soap and water keeps it looking sharp.
Durability: Strength Meets Practicality
Granite is tough and heat-resistant, making it a solid choice for busy kitchens. Still, it can chip or crack if hit hard enough, and unsealed granite is vulnerable to certain spills and acidic substances.
Quartz is even more durable. It resists chips, cracks, and stains better than granite, and because it's non-porous, it also offers better protection against bacteria. However, it's not invincible — direct exposure to high heat can damage quartz, so always use trivets or hot pads.
Final Thoughts: Which One Wins?
If you're looking for a countertop with timeless, natural beauty and don't mind a little extra upkeep, granite could be your ideal match. On the other hand, if low maintenance, long-term durability, and design flexibility top your list, quartz might be the better choice.
In reality, you can't go wrong with either. Both materials offer excellent performance and add value to your home. The best choice depends on your lifestyle, design goals, and how much upkeep you're willing to take on. So whether you're team granite or team quartz, know that your kitchen will benefit from a beautiful, lasting surface either way.
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