Feasibility

ConsultEcon has prepared an evaluation of the market and economic opportunity of LMHE including the project proponent’s museum concept and review of the planned Parcel 3 site; a resident and tourist market profile; review of the competitive context; an overview of music museums from around the country; and nine case study evaluations of major music museums.  Starting with this research, ConsultEcon prepared analyses of the attendance, revenue generation and operating costs of LMHE and its potential to generate positive net operating income.  The operating potential analysis includes the total gross revenues for all LMHE components to support project financing calculations.  Pre-opening planning discussed in this report includes the pre-opening schedule and the timing of expenditures of planned capital funds to develop the building, exhibits and to establish the operating organization.  Finally, an analysis of the economic and fiscal benefits of LMHE for Orleans Parish and the State of Louisiana has been prepared. Based on this research and analysis, there is an outstanding opportunity to develop a music museum that celebrates and supports both the rich music heritage and the current music scene of both New Orleans and Louisiana as a whole.  The extent that this opportunity will be realized depends on the attractiveness and quality of the building and its visitor experiences as proposed; and on the effectiveness of the new LMHE organization in delivering the experiences to be offered as planned.

Some Highlights:

“there is an outstanding opportunity to develop a music museum that celebrates and supports both the rich music heritage and the current music scene of both New Orleans and Louisiana as a whole” and “based on the analysis in this report, the Louisiana Music and Heritage Experience will operate successfully over time.”

• 712,000 visitors per year
• $45,000,000 of sales
• 234 FTEs at average pay of $60,000 plus benefits
• 150MM of State indirect economic impact
• Fully sustainable after opening without any future governmental or private ongoing funds 

ConsultEcon, Inc. was established in 1991 to provide strategic business advisory and planning services to clients in the fields of visitor attractions and tourism, real estate, and community economic development.  ConsultEcon has completed more than 1000 assignments including:  

•Strategic Plans 

•Business and Master Plans 

•Market and Financial Feasibility Studies 

•Management and Operational Analysis 

•Project Implementation 

•Development Strategies 

•Socio-Economic Impact Evaluations

•Organization Strategies

In Louisiana, ConsultEcon, Inc. has conducted assignments with the Audubon Nature Institute, Louisiana State Museum and The Louisiana Sports Hall of Fame.