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REALM
Property Development
Overview | Strategic Planning and REALM | NORA Realm Properties
Overview
Several years ago, NORA initiated the Real Estate Acquisition and
Land-banking Mechanism, or REALM. The purpose of REALM is to expedite
the process of getting blighted properties into the hands of developers,
non-profits, and individuals that are willing to redevelop these
properties.
Prior to REALM, the only way that an individual could acquire and
redevelop a blighted property was to work through the legal system
and with NORA to get a property expropriated. This process is occasionally
cumbersome and often time-consuming as the expropriation process
can take as long as twelve to eighteen months. The length of time
and complexity inherent in the buyer-initiated expropriation process
occasionally discouraged potential buyers from acquiring and rehabilitating
blighted properties.
However under the REALM program, NORA—rather than an individual
prospective buyer—initiates the expropriation process and ultimately
acquires title to numerous blighted properties. Having already obtained
ownership of these properties, NORA is then able to simply donate
or sell the properties outright to qualified developers, non-profits,
or individuals. In this way, prospective purchasers do not have to
navigate the legal expropriation process; they only have to purchase
the property from NORA’s land bank of properties.
Strategic Planning and REALM
In addition to simplifying and expediting the process of redeveloping
blighted structures, REALM provides an additional benefit, in that
the acquisition of properties through REALM is not done in a haphazard
fashion. Rather, it is part of a coordinated effort to acquire and
redevelop a critical mass of properties in particular neighborhoods.
Consequently, REALM provides a sudden infusion of investment in a
particular area, thereby catalyzing further private and non-profit
investment in the immediate vicinity.
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NORA
New Orleans
Redevelopment Authority
1340 Poydras Street
Suite 600
New Orleans, Louisiana 70112
tel: 504-658-4400
fax: 504-658-4551
